News

Restructuring of Rebest subsidiary – Reduce costs – Better value

22 December 2006

Mr Michael Cunningham OBE, Chief Executive Officer of SPDG Technologies Plc
(PLUS Markets: SPDG) announced today that, in line with its Corporate restructuring strategy, it is in the process of re-assigning and relocating assets within the wholly owned Australian subsidiary, Rebest Pty Limited (“Rebest”). Rebest’s hydroponic facility in South Australia has been leased on beneficial terms under which the lessee will carry out major refurbishment to the site. The lease also incorporates an option to buy after 3 years at market prices.

The land on which the Tamworth (NSW) hydroponic facility is located has increased greatly in value over recent years. Rebest has therefore decided to sell the current site as development land. The profits will be used to relocate the hydroponic facility to a new, green field site and pay for the construction of a Naturol extraction plant with which to process locally grown Artemesia for the production of anti-malarial medicines for the Asian market.

The planned changes will leave Rebest free of debt and in a position to take advantage of opportunities to develop Naturol and other Company technologies as they are introduced to Australian and Asian markets.

Michael Cunningham expressed his enthusiasm with the planned changes. SPDG is making strategic changes across the Company which will increase efficiencies, reduce costs and place the company on a more solid footing to achieve the rapid global expansion of its range of cutting edge sustainable technologies, to maximise profitability.

SPDG Technologies Plc is a leading developer of new and alternative technologies which are fully sustainable, environmentally sound and financially viable. With operations in the UK, Italy, Spain, South Africa and Australia, SPDG Technologies is currently focussed on developing solutions based on its portfolio of technologies that includes natural fibre composites, biodegradable plastics and the extraction of natural compounds from biomass.