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Liverpool cleaning tech company steams ahead

Proventec, the Liverpool specialist steam cleaning technology firm, has raised to date over £750,000 for working capital purposes from both investors and directors.

The company, which is based in Rodney Street in the city centre, has also reached an agreement with the Loan Note Holders to convert the balance of the loan note debt of £1.4 million into equity by the issuance of 140 million shares.

Proventec rose to prominence with its steam cleaning technology to combat hospital infections and superbugs, including MRSA and C difficile. It has now developed a new range of products aime at the food manufacturing market.

It announced in July this year that it plans to change its name to OspreyFranck plc, to reflect its changing focus.

The proposed acquisition of the minority interest in Frank GmbH, the terms of which have been agreed, is anticipated to be completed by the end of September 2013. The move will be funded by a further share issue.

This was posted in Bdaily's Members' News section by Simon Malia .