LONDON, May 3, 2011 /PRNewswire/ -- Revolymer Limited ("Revolymer(R)" or the "Company"), the UK-based revolutionary polymer company, is pleased to announce that it has successfully completed a subscription of ordinary shares and A ordinary shares, supported and managed by XCAP Securities plc, raising funds over GBP5.8million (before expenses). This total is made up of approximately GBP2.0m of ordinary shares issued to Enterprise Incentive Scheme eligible investors and approximately GBP3.8m of A ordinary shares issued to a mixture of existing and new investors.
The Company has also received a positive opinion from the European Food Safety Authority ("EFSA") on the use its Rev7(R) polymer in chewing gum. The gum, already on sale in close to 500 stores in the United States, is a revolutionary product that uses Revolymer(R)'s patented polymer technology to produce a great tasting gum which can be removed readily from clothes using soap and water. Tests have shown that more than 50% of REV7TM gum can be removed by conventional street cleaning; with the gum that is washed into the drains degrading into minerals, biodegradable products and inert materials.
In the UK alone, over 25 billion pieces of conventional gum are sold every year, which either end up on the streets or in landfill. In terms of environmental pollution, this is equivalent to at least 2 billion plastic bags. Considering management estimates of attempted removal costs from the UK streets of over GBP150million per year for local councils, Revolymer(R)'s technology can solve a very costly and challenging problem and the consumer can help the environment without sacrificing quality.
Roger Pettman, CEO of Revolymer(R) said:
"Revolymer(R) is going from strength to strength and is rapidly expanding in the US, with REV7TM already available in nearly 500 stores. With this funding in place we are now well placed for our European roll-out starting in 2011. While it will be approximately 6 months before the product is first available on the shelves, the EFSA ruling was crucial in ensuring European consumers can be part of the gum revolution. This funding is also a positive step towards the IPO of the Company in the near future."
For more information on Revolymer(R) and REV7TM please visit:
Notes to Editors:
1) In testing using mild agitation in water, Revolymer(R) found that its confectionery gum removes readily from a range of surfaces (including paved sidewalks, carpets, textiles, transport fabrics and clothing materials), and disintegrates into a fine powder within 6 months. See www.revolymer.com for more details.
2) Revolymer(R) is a rapidly growing technology development company which has developed a unique portfolio of products and formulations for the FMCG industry. Using commercially available and inexpensive polymers, Revolymer(R) applies its innovative proprietary approach to formulate novel polymers to revolutionise existing consumer products.