12 March 2011
Metal-Tech Ltd.
("Metal-Tech" or "the Company")
Metal-Tech, the producer and recycler of speciality metals
such as Tungsten and Molybdenum, provides the following
update on talks with Technoplus Ventures Ltd. ("Technoplus"),
an Israeli investment company listed on the Tel-Aviv Stock
Exchange, following the announcement on 4 October 2011
regarding the signing of a memorandum of understanding (MOU)
for the potential investment from Technoplus to
Metal-Tech.
The Board would like to advise that the MOU with Technoplus
and the "no-shop" period pursuant thereto, during which the
Company and anyone acting on its behalf refrained from
negotiating with third parties any transaction, which
involves issuance of shares and/or options in the
Company's equity, have expired.
Metal-Tech received a letter from Technoplus on 11 March,
which included an allegation with respect to the
Company's and other third parties liability for breach
of the MOU. The Company strongly rejects any allegation that
it has breached any of the conditions of the MOU and will
rigorously defend itself against any such claims.
Metal-Tech continues to hold discussions with other potential
investors and will inform the market of any further
developments as required. The Board maintains that any future
fundraising will be utilised to support the growth of the
Company, both through investments in the Company's
production facilities, and facilitating working capital as
required.
Ariel (Aik) Rosenberg
Panmure Gordon +44 20 7459 3600Fred Walsh
Luther Pendragon +44 20 7618 9100Harry Chathli, Alexis Gore