Waterlogic PLC Appointment of Group Chief Financial Officer (9220Q)

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RNS Number : 9220Q

Waterlogic PLC

21 October 2013

 
 Date:           21 October 2013 
 On behalf of:   Waterlogic Plc ("Waterlogic", the "Company" 
                  or the "Group") 
 Embargoed until: 07.00

Waterlogic Plc

Appointment of Group Chief Financial Officer

Waterlogic Plc (AIM: WTL.L), a leading designer, manufacturer, global distributor and operator of point-of-use ("POU") drinking water purification and dispensing systems, is pleased to announce the appointment of Robert Bell as Group Chief Financial Officer.

Mr Bell, age 45, joined Waterlogic in January 2012, as Director of Accounting, responsible for the Group's financial operations and reporting. He has previously acted as interim CFO for Waterlogic.

Prior to joining Waterlogic Mr Bell spent eight years with Fidessa, rising to Group Financial Controller, and two years as European Finance Director of Wall Street Systems. Mr Bell has also worked with a number of listed and private equity-focused organisations including Barclays Plc and Bank of America, and advised the debt-backed purchase of a major rolling stock company from RBS.

Mr Bell joins the Board of Waterlogic from Friday, 18 October 2013. He is currently a director of Waterlogic USA Holdings, Inc. There are no further disclosures required pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies in respect of Mr Bell's appointment.

Jeremy Ben-David, Waterlogic Group CEO, commented:

"Robert Bell brings extensive, high profile corporate experience. I have had the pleasure of working with him for some time and have been very impressed with his attention to detail and process oriented approach. These skills will be of immense value to the Company as we put in place the systems and reporting required to support our growth ambitions."

Enquiries:

 
 Waterlogic Plc                              Via Redleaf Polhill 
  Jeremy Ben-David, Group Chief Executive 
  Officer 
  Peter Cohen, CEO Waterlogic Commercial 
 
   Liberum Capital (Nominated Adviser          Tel: 020 3100 2000 
   and Broker) 
   Steve Pearce 
   Richard Bootle 
                                               Tel: 0207 382 4730 
   Redleaf Polhill                             waterlogic@redleafpr.com 
   Rebecca Sanders Hewett / Charlie Geller 
   / David Ison

Notes to editors:

Waterlogic Plc

Waterlogic Plc (AIM: WTL.L) is a leading designer, manufacturer, distributor and operator of mains attached point-of-use ("POU") drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants and other workplaces. Waterlogic is a Jersey registered company. Waterlogic's products and services are built on the simple vision of a three stage approach to purity:

1. Filtration to remove unwanted contaminants, chlorine and other water-borne tastes and odours.

2. Waterlogic's Firewall(TM) ultra-violet (UV) technology is one of the most effective water purification technologies for POU water dispenser applications currently on the market and its dispensers are certified by the Water Quality Association as being able to guarantee 99.9999% pure water 100% of the time, a fact which has been confirmed by over 5,000 physical tests in independent laboratories. The innovative Firewall(TM) technology incorporates a highly-specialised, compact UV system in the faucet/tap, which ensures that water passes through the UV system immediately before it is dispensed into a cup. This point of differentiation for Firewall(TM) is unique in the POU market.

3. BioCote silver antimicrobial protection. Plastic surfaces surrounding dispensing areas of Waterlogic units are infused with a silver additive called BioCote, a natural anti-microbial that inhibits the growth of microorganisms, giving yet another layer of hygienic defence.

Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to Europe and has been a leader in the POU market in terms of product design and quality, the application of new technologies and in sales and service. Waterlogic has an extensive and expanding independent global distribution network in place, reaching over 50 countries around the world.

Waterlogic products are currently being sold in North and South America, Europe, Asia, Australia and South Africa. Waterlogic's leading markets are the USA and Western Europe, in particular Germany, France, Scandinavia and the UK. Of the 2.1 million new POU and bottled water installations in the commercial market in the USA and Europe between 2005 and 2012, approximately 77% incorporated POU technology, of which approximately 29% were Waterlogic products.

The Directors believe that the movement away from bottled water coolers (BWC) to POU water dispensers is set to continue its current trend as a result of cost, convenience, health benefits and environmental considerations.

For the financial year ended 31 December 2012, the Group generated revenues and adjusted EBITDA (adjusted for share based incentives expense, capital reorganisation related costs and acquisition related costs) of USD 101.0 million and USD 14.7 million, respectively, and had approximately 715,000 machines installed as at 30 June 2013.

As part of Waterlogic's on-going commitment to providing safe water, the Group has pledged to donate USD 225,000 over the three years from 2012 to 2014 to WaterAid. WaterAid is a renowned international non-profit organisation that transforms lives by improving access to safe water, hygiene and sanitation in the world's poorest countries. Since 1981 WaterAid has reached 15.9 million people globally with safe water. Website: www.wateraidamerica.com

Website: www.waterlogic.com

This information is provided by RNS

The company news service from the London Stock Exchange

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