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Imperial Innovations to take stake in ParOS Plc

27 February 2006 -- Imperial Innovations Limited (“Imperial Innovations”), the technology commercialisation company of Imperial College London, is pleased to announce that spin-out company Parametric Optimization Solutions Limited ( ParOS) has entered into a conditional agreement to be acquired by Oak Prospects plc (“Oak”), an investment company currently admitted to trading on OFEX. The agreement is conditional on, inter alia, the Admission of Oak’s enlarged issued share capital following the acquisition being admitted to trading on the AIM market. As part of the transaction Oak will change its name to ParOS plc. Following completion of the transaction, Imperial Innovations will hold 9.07 per cent of the issued share capital of ParOS plc.

Imperial Innovations founded the business in collaboration with Professor Stratos Pistikopoulos in 2002 as a provider of energy-saving advanced control solutions to industry. Professor Pistikopoulos, based in the Centre for Process Systems Engineering will be taking a sabbatical from Imperial College to be the Chief Executive of the listed company.

ParOS ’s control solutions enable performance to be delivered “on-a-chip” rather than via existing bulky, slow and expensive computer based solutions. ParOS developed a model-based controller for the electronic regulation of the research Active Valve Train™ (AVT™) system at Lotus Engineering. The ParOS controller has been demonstrated running a Lotus AVT™ actuator at a constant speed, proving that it performs satisfactorily for smooth polynomial profiles and that its tuning does not require the effort and expertise of conventional proportional derivative controllers. The next stage of the work will be to demonstrate the applicability of the controller across a range of engine speeds and loads and to dynamically select the optimal valve profile under changing conditions.

Imperial Innovations has worked closely with ParOS since its formation. Initially it supported business planning leveraging its relationship with the Tanaka Business School. It maintained a board representation throughout, and latterly introduced further board members from its network to reflect the development of the company from start-up to public company.

In common with many companies spun-out from Imperial College, ParOS acquired its lead customer from the initial research carried out within the College. This demonstrates that early industrial involvement often results in a commercially viable technology. Imperial Innovations will continue to have a close relationship with ParOS after its admission to AIM. ParOS is a potential customer of new control technologies developed at the College. ParOS has entered into a pipeline agreement with Imperial Innovaitons which will enable ParOS to exploit technology from Professor Pistikpoulos’s research group at Imperial College. In addition, ParOS intends to seek potential applications for its technology from other Imperial spin-outs and industrial partners within the Imperial Innovations network.

Susan Searle, CEO of Imperial Innovations, said: “ Imperial Innovations has worked closely with ParOS since its inception supporting the development of its technologies, introducing it to industrial partners and assisting the business as it has grown. We are delighted that it has decided to take its commercial development a stage further through this transaction with Oak Prospects. We look forward to continuing our close relationship with the newly enlarged company.”

Patrick McHugh, Executive Chairman of ParOS, said: “Everyone at ParOS is delighted about the Oak Prospects acquisition. With ParOS technology and Imperial Innovation’s backing, together with the new investment, we hope to achieve significant returns for all of our stakeholders”.

About Imperial Innovations
Imperial Innovations is one of the UK's leading technology commercialisation companies with a strong value creation record having already generated r

Publisher Contact Information:

Imperial College Innovations Limited
+44 (0)20 7594 664

Company profile of Touchstone Innovations (formerly Imperial Innovations)
Past press releases of Touchstone Innovations (formerly Imperial Innovations).


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