Graphene NanoChem Plc To Float On Aim
Biofutures is the parent company of Zurex Corporation Sdn. Bhd. ("Zurex"), a company incorporated in Malaysia. Zurex owns and operates a 200,000 metric tones per annum palm oil refinery in Lahad Datu, Sabah, Malaysia and has a licence to manufacture biodiesel from palm oil. Zurex's refinery sits on a 14 acre plot of land in POIC Lahad Datu, Sabah, Malaysia. POIC is an entity set up and owned by the State Government of Sabah, Malaysia to spearhead palm oil downstream processing in order to add value to its growing oil palm industry and to create more jobs and business opportunities. Biofutures was admitted to trading on AIM in 2006.
On 10 December 2012, the Company announced that it had entered into a conditional agreement to acquire Platinum NanoChem Sdn. Bhd. ("Platinum NanoChem") which constitutes a reverse takeover under Rule 14 of the AIM Rules and is therefore conditional,inter alia, upon the approval of Shareholders at a General Meeting expected to be held on 25 March 2013. Following Admission, the merger of Biofutures and Platinum will result in an enlarged integrated business. The enlarged group is expected to be named Graphene NanoChem Plc.
Platinum is a privately held global nanotechnology company whose business model is to design, formulate, manufacture and market a range of speciality chemicals and advanced materials (including products enhanced by a range of graphitic nanomaterials ("Graphene") which Platinum produces) that demonstrate improved performance characteristics when compared to existing products within the chemicals and materials markets. It has a revenue-generating range of high quality chemical products derived from readily available low-cost wastes from the palm oil industry, alongside an active commercialisation strategy for niche opportunities within the global market for Graphene applications. Its existing portfolio and pipeline of products are based on two core nanotechnology platforms which are protected by a network of patent families, licences and specialist knowledge.