Pursuit Dynamics Now Sees Fiscal Year Revenue Down As P&G Ends Licensing Talks

Date : 05/21/2012 @ 3:18AM
Source : Dow Jones News
Stock : Procter & Gamble Company (The) (PG)
Quote : 88.18  0.0 (0.00%) @ 8:19AM

Pursuit Dynamics Now Sees Fiscal Year Revenue Down As P&G Ends Licensing Talks

Pursuit Dynamic (LSE:PDX)
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Pursuit Dynamics PLC (PDX.LN), said Monday that it has been informed by Procter & Gamble (P&G) that, following completion of their evaluation trials, P&G does not intend to pursue further evaluation or development at this stage or enter into exclusive licensing discussions with PDX as the company had envisaged under the Joint Development Agreement between PDX and P&G.

MAIN FACTS:

-As a result of this, the company's revenue for the year ending Sept. 30, will be materially below the company's earlier expectations.

-The company has been undertaking a strategic review of the business and in light of the P&G decision the review will be accelerated to allow an update to be provided by the end of June.

-The company will continue to pursue a range of commercialization opportunities while it conducts the strategic review.

-Pursuit Dynamics shares closed Friday at 71 pence, valuing the company at GBP61.3 million.

-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; razak.baba@dowjones.com

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