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AnaeCo successfully closes IPO despite volatile markets
31 January 2008-AnaeCo is pleased to announce the successful closing of its initial public offer. Despite
the toughest market conditions for a number of years, AnaeCo has raised $5 million and
will commence trading on ASX shortly under the code ANQ.
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AnaeCo is to build the first full scale commercial application of its DiCOM® System for
Perth’s Western Metropolitan Regional Council (WMRC). The DiCOM® System is an
alternative waste technology (AWT) whose main application is the processing of organic
municipal solid waste in preference to landfilling, with the production of renewable
energy and compost as outputs.
The WMRC Project involves construction of a 55,000 tonnes per annum AWT facility as
a retro-fit of a waste transfer station currently operated by WMRC. The ability to retrofit
existing transfer stations with the “small footprint” DiCOM® System is one of AnaeCo’s
key competitive advantages. AnaeCo’s Alliance Partner in this, and future waste
treatment facilities, is Perpetual Limited.
Tom Rudas, Managing Director of AnaeCo says: “We’re delighted to have closed this
offer, fully subscribed, despite adverse circumstances. It’s a big vote of confidence in
our technology, our business strategy and the fact that we’re already building our first
facility. We’ve also found market support because of the climate change benefits in the
production of renewable energy. In addition, unlike some commodities which are subject
to price cycles, the production of waste is virtually recession-proof.”
Construction of WMRC Stage 1 commenced in September 2007 and regular updates
are posted on the Company’s website (www.anaeco.com). The facility is scheduled to
become operational in the second half of 2009.
In addition to the WMRC Project the Company, in conjunction with Perpetual Limited, is
currently working on a tender for a similar sized waste project in Victoria. This tender is
due to be submitted in April 2008.
Internationally AnaeCo is working on a number of leads for potential AWT facilities in
UK, Europe and USA where the drive to reduce the amount of biodegradable organic
waste sent to landfill, is strong.
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For more information, please contact:
Tom Rudas, Managing Director
Phone No: 618 9361 4777
David Lymburn, CFO
AnaeCo Limited
David Michie
Phone No: 0411 453 404
Mosaic Reputation Management
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