21 October 2005
21 October 2005
Quickstep Holdings Limited made its debut on the Australian Stock Exchange earlier this week following a successful $6 million initial public offering.
Quickstep, the Australian-based advanced materials group, said that oversubscribed IPO issued 24,000,000 shares priced at 25 cents per share, which upon listing, the company has 114,306,108 ordinary shares on issue.
The Company intends to globally commercialise its patented 'Quickstep' technology in the rapidly growing composites sector. The Quickstep Process is a range of improved manufacturing processes used in the curing, joining and repairing of composite materials.
The funds raised will primarily be used to commercialise its technology, particularly in the automotive, aerospace, marine and industrial sectors.
Quickstep Managing Director, Mr Nick Noble, said this weeks listing represented a major milestone in the Company's progress to becoming a substantial commercial operation.
“We are offering a unique value proposition to investors,” Mr Noble said. “Investing in Quickstep provides the opportunity to participate in the commercialisation of an innovative Australian manufacturing technology with potential global applications in a rapidly growing sector. It is a proud achievement for both the founders of Quickstep's technology, who remain closely associated with the Company, as well as the investors who have greatly assisted in preparing us for the next phase of development. We are delighted with the considerable support received so far and look forward to growing the business and creating shareholder value in the future,” Mr Noble said.
Quickstep Holdings Limited has also accepted its first order for its contract manufacturing business, QuickPanel.
QuickPanel will apply Quickstep’s revolutionary composite manufacturing technology, the Quickstep Process, to the contract manufacture of glass fibre/foam and carbon fibre/balsa core panels for West Australian boat-builder, Monocat Marine Australia. The panels are used as bulkheads in the manufacture of boats.
Quickstep’s existing QS20 machine, which will produce the panels, is being tailored to meet order specifications and manufacture of the panels will start as soon as commissioning is complete. Delivery is expected to commence in early December.
Quickstep Managing Director Mr Nick Noble said the order was a significant achievement for Quickstep, especially coming so soon after its ASX listing earlier this week.
“With over $5.4 million of funds post-listing, the QuickPanel contract manufacturing business represents the start of our plans for commercial roll-out of the QuickstepProcess,” Mr Noble said. “We’re optimistic that this order will be the first of many –particularly from the marine and industrial sectors – and is indicative of the potential of this business,” he added.
Monocat Marine Australia Owner Andy Jensen paid tribute to quality and cost effectiveness of Quickstep’s products.
Mr Jensen commented, “These new panels from Quickstep have a very good surface finish that will substantially reduce finishing time. The aerospace quality delivered by the Quickstep Process and the ability to use vinyl ester or epoxy resins with customcore combinations is a big advantage to us.”
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