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Oxford Mail (10th July 2002) Printers firm set to double in size A computer printer firm is set to double in size after agreeing to take over another hi-tech company. Blazepoint, which is based in Chalgrove and specialises in providing rugged printers capable of withstanding tough conditions for the armed forces and transport operators, will take an initial one-third share of information technology firm Montal with an option to buy the rest, subject to shareholder approval. Montal, which is based in Dorking, Surrey, supplies a full range of computer products to small businesses. Blazepoint managing director Paul Cooper said: "There is very good fit between the firms and, as a small public company, it gives us more bulk to get a better quality of earnings." The move comes exactly a year after Blazepoint, which employs 46 staff at its headquarters, floated on the Alternative Investment Market. Mr Cooper said that Blazepoint's existing business was uneven because it relied on large contracts at different times, but the Montal acquisition would smooth it out. The existing firms will continue to act a separate divisions, with Mr Cooper joining the Montal board. The announcement follows a £2m deal announced in April, which saw Blazepoint win orders from computer giant ICL and technology specialist Ultra Electronics.
Press release (3rd July 2002) Acquisition of Montal Group Limited Blazepoint, the specialist computer hardware manufacturer, today announced it has entered into an agreement to acquire an initial 33.33 per cent interest in Montal Group Limited ("Montal"), an IT services company, and has been granted an option to acquire the remaining 66.67 per cent interest in Montal ("Montal Option"). The maximum additional consideration payable by Blazepoint for the entire issued share capital of Montal is £1.5 million, to be satisfied by a mixture of cash, loan notes and ordinary shares. Blazepoint manufactures rugged printers and computer hardware for defence and transport applications and has been seeking to expand their 'mission critical' service division, which provides maintenance for printers in harsh environments. Montal provides a complete IT and communications infrastructure solution to the SME marketplace; in particular, housing associations and other public sector bodies. Its business includes maintenance and provision of hardware, software support and professional consultancy services with sales support service coverage throughout the UK. Peter Alexander and Andrew Monteith founded the company in 1985. Turnover for the year ended 30 April 2002 was £5.6 million. Initially, Blazepoint will take a one third stake in Montal, financed by the issue of 20,000.000 Blazepoint ordinary shares. The deal will be concluded later in the year by the issue of further Blazepoint ordinary shares, cash and loan notes, on the exercise by Blazepoint of the Montal Option. The existing Montal management will remain with the company. Paul Cooper, Managing Director of Blazepoint, will join the Montal board. Roger Wadsworth, Executive Chairman commented: 'We have been seeking a partner for some time with expertise in the provision and maintenance of critical IT systems to augment our range of rugged equipment. Montal has an excellent established client base in the Local Authority and Housing Association areas. Montal's excellent team will bring added value to our existing service division by applying its technical expertise to our established client base in the defence and transport industries. The two companies complement each other perfectly.'
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Investor's Week (18th of April 2002) PLAN WILL ENABLE FIRM TO ACQUIRE STAFF WITH UP-TO-DATE
SKILLS Aim-listed Blazepoint [BLA], which makes ruggedised computer printers, information kiosks and other equipment for defence and commercial customers, will use share to acquire privately held firms possibly larger than its own current market value of £3.2m, according to chairman Roger Wadsworth. Acquiring growth has been a fundamental goal for the company, and it has already made two acquisitions this year. Wadsworth said that using shares would enable Blazepoint to retain newly acquired skilled staff through a remuneration model built on low cash payments but high profit-sharing agreements. He said the issue affecting share-based agreements that left dot.com employees without earnings would not apply as the products being sold by Blazepoint were making a profit and the company was committed to reaching net profitability. "I want to boost our software and services capabilities," Wadsworth said. "Our reliance on others to provide significant amounts of software for our products means we are missing out on revenue opportunities." Wadsworth and Blazepoint managing director Paul Cooper said they admired the model currently followed by Torex [TOX], a company that specialises in supplying healthcare IT needs and supplies computers and IT services to the UK retail sector. Blazepoint raised £0.7m when it listed on Aim in July, and a further £0.6m through a placing of 50 million shares in October. The share price is down 23% this year so far to 2.5p but Wadsworth and Cooper said this was partly because investors still needed to understand the issue of balancing sales cycles related to the company's defence industry contracts versus the shorter cycles associated with commercial deals. The latter was intended to smooth out the large but sudden revenue boosts from defence contracts, the timing of which was not always easy to predict from financial year to financial year. We say ... The ride has not been easy for shareholders but getting out now would be folly. Blazepoint has contracts in place that will provide future revenues. Upside will come from making good on its promises to reach profitability in the next 6 to 12 months.
Press release (8th of April 2002) BLAZEPOINT WIN CONTRACTS WORTH £2 MILLION Ruggedised printer and robust kiosk supplier Blazepoint Group plc ("Blazepoint") announces that it has won two contracts that are expected to bring in over £2 million in sales. Revenues from the deals will begin to feed into the Blazepoint balance sheet in the second half of the 2001/2002 financial year. ICL - £1.6 million The first contract is to supply ICL with high specification printers. The printers will be used as part of the ICL Government outsourcing contract with the Ministry of Defence. The contract is valued at around £1.6 million in projected sales to Blazepoint. and runs until the end of October 2003. It renews a contract that Blazepoint and ICL have had since 1992, when ICL first won the contract to supply the Ministry of Defence. Ultra Electronics - £400,000 The second contract is to produce rugged printers for use with a secure communication system being developed by Ultra Electronics, the UK-based aerospace and defence electronics group. The contract runs for two years and sees Blazepoint designing, manufacturing and supplying highly specialised ‘TEMPEST certified’ thermal printers on behalf of Ultra Electronics to accompany high-grade encryption systems for use by the UK Army, Navy and Air Force. Paul Cooper, Managing Director of Blazepoint commented: “Blazepoint continues to win contracts with some of the world’s most important companies in the information technology and defence markets. The defence side of our business goes from strength to strength as we continue to retain existing clients and win new contracts."
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Press release (26th of March 2002) BLAZEPOINT ACQUIRED NEW PRINTER IP RIGHTS Ruggedised printer and robust kiosk supplier Blazepoint Group plc ("Blazepoint") today announces that it has acquired the intellectual property rights to a number of thermal printers developed and supplied by Matrix Developments Limited, based in Wales. The consideration for the acquisition will be satisfied by the issue of 2,000,000 Blazepoint ordinary shares at completion, the assumption of £50,000 debt, the payment of £80,000 for stock and the payment of 10% of the value of sales of the printers sold in the three year period from completion. This is to be discharged by the allotment of Blazepoint ordinary shares at the mid-market price at the end of each of the three years. Paul Cooper, Managing Director of Blazepoint, commented: "This acquisition further enhances the group's ability to design and manufacture printers for specialist application. The printer side of our business continues to grow as we focus upon our existing clients and winning new contracts."
Press release (4th of February 2002) BLAZEPOINT NON-EXEC CHAIRMAN STEPS UP TO
EXECUTIVE CHAIRMAN ROLE Roger Wadsworth, non-executive Chairman of Blazepoint Group plc (“Blazepoint”), the ruggedised printer and robust kiosk supplier, has stepped up from his non-executive position to become executive Chairman of Blazepoint. The move follows last year’s flotation, which has seen Roger Wadsworth becoming more closely involved with management in moving the business forward. Commercial Director, Roger Price has resigned from his executive directorship position in order to give more time to other business interests. He will retain a non-executive directorship and continue to play an active role within Blazepoint. The sales function of Roger Price’s role will pass to Trevor Cooper, the current Blazepoint Ltd Director of Sales. Paul Cooper, Managing Director of Blazepoint, commented: “Roger Wadsworth’s move from a non-executive to an executive role will add strength, depth and invaluable experience to the existing management team. The news is only soured by Roger Price’s decision to step down as a full time member of the team. He has spent seven highly successful years at Blazepoint, most recently playing an integral part in securing the Company’s flotation last year. I wish him well in his new venture, and look forward to working with him in his new capacity as a non-executive director”.
Press release (22nd of January 2002) RESOLUTIONS PASSED AT THE ANNUAL GENERAL MEETING Blazepoint has agreed to purchase the entire issued share capital of Printer Systems Limited ("PSL"). PSL has the benefit of a contract for the supply of a portable ticket issuing system. PSL's ticketing system is capable of producing tickets with magnetic stripes, which will make the system compatible with automated barriers, and the system is also capable of storing current ticketing information for the entire UK rail network. The consideration for PSL is the allotment of an aggregate of 21,500,000 ordinary shares of Blazepoint, treated as fully paid up, and £ 105,000 to be satisfied by the payment of cash and the issue of loan notes. Further consideration is payable, equivalent to 7.5 per cent of any additional sales over and above the existing order book, as at todays date, by PSL during the period expiring on 31 December 2002, to be satisfied by the allotment of Blazepoint shares at their market value at the time of their allotment, treated as fully paid up. The vendors have agreed to provide consultancy services to PSL through their service companies for a minimum period expiring on 31 August 2002, and shall remain as directors of PSL. They have also given extensive warranties in favour of Blazepoint, inter alia, regarding the status of the above contract for the supply of a portable ticketing system and have entered into restrictive covenants not to compete with PSL's business.
Press release (18th of January 2002) At today's Annual General Meeting of ruggedised printer and robust kiosk supplier Blazepoint Group plc all resolutions were passed. The resolutions were as follows: To receive the audited accounted for the year ended 31 August 2001. To re-appoint Roger Wadsworth as a Director, who retired in accordance with the Articles of Associations of the Company. To re-appoint Paul Cooper as a Director, who retired in accordance with the Articles of Associations of the Company. To re-appoint Roger Price as a Director, who retired in accordance with the Articles of Associations of the Company. To re-appoint BDO Stoy Hayward as Auditors of the Company, and to authorise the directors to determine their remuneration. To authorise the directors to pay £20,000 to Roger Wadsworth as remuneration as non-executive chairman for the year to 31 August 2001.
Oxford Mail (5th of December 2001) Chalgrove-based Blazepoint, which makes 'rugged' printers for military use, has announced increased exports. Since its float in July, it has reduced operating losses from £ 1.2m to £ 105,000.
Nothing-Ventured.com LONDON (AFX) - Blazepoint Group plc said it made a significant move toward profitability in the year to Aug 31. The group reported a small operating loss of 105,000 stg compared with a 1.2 mln stg loss on turnover of 4.6 mln. up from 4.3 mln. Operating margins in the year improved from 27 pct to 43 pct, reflecting aggressive action taken to bring an overall improvement of the traditional Blazepoint business. Blazepoint said its investment last year has positioned the group to capitalise on the opportunities being presented in a period of heightened security and increasing world tension. Based on the groups success and reputation in the UK defence market, it is now actively in discussion with USA prime contractors to this industry. Recent success in the kiosk area confirms the group's market strategy, with kiosks for custom applications being designed and developed in-house, said chairman Roger Wadsworth. He said a number of contracts in both the defence and kiosk divisions are currently in the development phase. "We anticipate that production will start towards the second half of this financial year.
Press release (5th of October 2001) Blazepoint reports that its defence based turnover has grown over the last years and it is also in discussions with defence prime contractors. Other business activities such as kiosks are also progressing. One or more acquisitions are expected as a result of current discussions. They will be financed by new ordinary shares or a combination of cash and shares/ Authority is being sought to issue 95 million ordinary shares.
Techinvest (August 2001) Blazepoint to float Dealings in Blazepoint Group started July 13 on AIM following a placing of 74.7 million shares at 4p valuing the Company at £2.98m and raising £450,000. The shares closed the first day at 4 1/2p having been as high as 4 3/4p. Latest is 5p. Blazepoint supplies specialist heavy-duty, rugged printers to the military as well as providing computer peripheral repairs. It has recently won a four year contract to supply IT equipment to the Royal Navy. It is branching out into commercial areas such as supplying and servicing multi-media kiosks in banks and other retail sites. According to house broker Seymour Pierce Ellis (020 7648 8700), Blazepoint has contracts signed for kiosks with a high street bank and an airline. In the six months to February 2001 Blazepoint made pre-tax profit of £135,000 on turnover of £2.8m. For the full year to August 31, turnover is expected to be around £5.0m.
Growth Company Investor (1st of August 2001) Software developer and computer peripheral distributor Blazepoint has joined Aim bringing with it £250,000 from a Seymour Pierce-advised private placing. At present Blazepoint, which reported a £1.3m (£396,000) pre-tax loss for the eleven months to Ausust on £3.5m (£4.4m) of sales, is split into three divisions. Specialist distribution provides ticket and plastic card printers to the leisure industry, while product engineering and customer services supply and maintain 'ruggedised' peripherals, like printers, for use in harsh environments. As the majority of its current client base falls within the volatile defence sector - major clients include BAE Systems, Nortel and Electronic Data Systems - Blazepoint is now also turning its attention towards the growing 'interactive kiosk' market. A deal with leading US kiosk supplier KIS has already been secured, affording Blazepoint exclusive distribution rights throughout much of Europe. The plan is to take advantage of the market, which is expected to be valued at $1.1bn, with Blazepoint offering software to its customers as well as delivery, installation and assembly services. To date a £40,000 contract from IBM has already been won and negotiations are under way with a telecoms network to provide 'e-top up' kiosks for mobile phone users. This deal is expected to be worth up to £3m.
Financial Times (16th of July 2001) Blazepoint, which supplies strengthened and specialist printers, has floated on Aim in a bid to develop its fledgling multimedia kiosk business, writes Andrea Felsted. The company floated at 4p and the shares closed at 43/4p, valuing it at £5.3m. Blazepoint, which made a loss of £1.3m in the 11 months to August 31, is seeking to reinvent itself as a provider of internet-enabled kiosks for ticketing, gambling, e-mailing, music downloading and financial transactions. It has signed a distribution agreement with KIS, a supplier of kiosks in the US. It has also won a £40,000 contract from IBM UK, and is currently in negotiations with a telephone operating company and a payment services company to provide "e-top up" kiosks for pre-paid mobile phones. The company, which also supplies strengthened printers for use in harsh environments, and specialised printers for cinemas, theatres and travel applications, wants to reduce its dependence on the defence sector.
Investors Chronicle (13th of July 2001) Computer equipment supplier Blazepoint is floating on Aim to help boost its kiosk business. To date, it has focused on products, manufacturing rugged computer peripherals, such as printers, largely for military applications. But its over-dependence on the volatile defence sector has prompted the decision to utilise its current infrastructure to develop its internet-enabled kiosk offerings. It has raised £ 500,000 at 4p a share - valuing the group at £ 4m - and plans to build on the growing use of kiosks, which are increasingly being used for ticketing, gambling, e-mailing and information services facilities. Blazepoint will provide software and a turnkey solution to its customers, to include the assembly, configuration, delivery and installation of kiosks, and is likely to return to the market to boost its coffers with the next few months. Once a kiosk has been installed, it will provide ongoing customer support, upgrades and maintenance throughout the lifetime of the kiosk. Blazepoint has already secured a contract from IBM UK, with a total sales value of approximately £ 40,000 and is currently in negotiations with a telephone operating company and a payment services firm for the provision of 'e' top-up kiosks for pre-paid mobile phones. Having made losses to the tune of £ 1.3m last year, in the six month to 28 February 2001 it made a small profit of £ 135,000. Trading is expected to commence today (13 July).
The Times (13th of July 2001) Dealers expect a modest premium today from debut AIM dealings in Blazepoint, a maker of Internet-enabled kiosks. The shares, placed by Seymour Pierce Ellis at 4p, are expected to open at 41/4p to 41/2p.
The Sunday Times (8th of July 2001) This previously struggling printer supplier is re-inventing itself as an internet-kiosk company and hopes to raise £ 500,000 by floating on AIM. Rescued last year by Roger Wadsworth, of Wadsworth Electronics, Blazepoint has the rights to distribute the kiosks - essentially consisting of a personal computer in a rugged box - on behalf of a leading American manufacturer. The firm, valued at £ 4m to £ 5m, already has a pilot project with Barclays bank, and other big customers are in the wings. Investors impressed by the bold timing of the float should contact Seymour pierce, the broker. |