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Press releases — 21st July 2003

SUPER FAST MOULDING PROCESS ATTRACTS £450,000 FOR PRODUCT LAUNCH

A new high speed injection moulding process that could transform the manufacture of plastic packaging has raised funding of £450,000 with the help of The Oxfordshire Investment Opportunity Network (OION), the UK's most successful business angel network, and Oxford Technology Venture Capital Trust. Developed by Im-Pak Technologies Ltd, the process uses a slam-shut mechanism to produce plastic packaging for margarine tubs, ice cream buckets, yoghurt pots, vending cups and bottles. The slam-shut process cuts production times by 50% and creates plastic containers that are up to 35% lighter than existing products.

Richard Vessey, Managing Director of Im-Pak Technologies, said:

"Our patented Im-Pak process represents a fundamental rethink of conventional injection moulding processes, which restrict the flow of plastic into the mould extremities of thin wall articles like plastic packaging. Using the Im-Pak process molten plastic is injected into a mould that is immediately slammed shut, forcing the plastic through the mould. The speed and force of the slam-shut mechanism makes the plastic flow further, resulting in thinner-walled, lighter containers that are just as strong as conventional ones. Cooling time is also reduced so we can double production rates, resulting in cost savings of 35 to 50%."

Mr Vessey praised the role played by Oxford's business angel investors:

"The fund raising process was fast and efficient because of the help we received from The Oxfordshire Investment Opportunity Network (OION). We presented our business proposal at an OION investment meeting, and demonstrated our slam-shut process on a cup mould to interested investors. I was delighted when fundraising was completed within 14 days of the OION presentation."

Alastair Cavanagh, Manager of OION, said:

"OION's investors felt that Im-Pak's technology has obvious market potential and they were also attracted by the company's experienced management team, which brings a range of expertise from the plastics industry. OION specialises in raising crucial early stage finance for innovative companies like Im-Pak. On this occasion we worked closely with the Oxford Technology VCT to create the momentum within Oxford's business angel community that enabled Im-Pak to secure the vital capital needed to grow its business."

The £450,000 funding will allow Im-Pak to further develop and license its technology. Im-Pak has trialled two moulds for a major multinational food producer and recently launched the technology at Chicago's National Plastics Exhibition where the company received strong interest from moulding machinery manufacturers, packaging producers and users of thin wall packaging.

Mr Vessey concluded:

"The potential market in which Im-Pak's process technology can be used is huge. One major multinational food producer buys $1.3 billion of thin wall rigid packaging, most or all of which can be made more economically using the Im-Pak process. Following production trials of the new technology, savings of $250 million pa have been projected by this producer alone."

Im-Pak thin wall cup mould.

"Thin wall cup mould. On the left, complete filling using the Im-Pak technology. On the right, conventional processing cannot fill the mould."

Press Release Ends

NOTES FOR EDITORS

Press enquiries to: Margaret Henry, OION PR Manager.
Tel: +44 (0)1865 811199  E-mail: Margaret Henry

  1. ABOUT OXFORDSHIRE INVESTMENT OPPORTUNITY NETWORK (OION) www.oion.co.uk

    Oxfordshire Investment Opportunity Network is Europe’s most successful technology business angel network that links investors with entrepreneurs seeking business development funds from £150,000 to £2m. OION holds monthly meetings where selected companies can pitch their proposals to OION’s members, which include over 150 active business angels, VCTs and venture capitalists.

    Many of these companies are university spin-outs and OION is uniquely positioned to help them. OION holds regular joint presentation meetings, and has strong links with, universities with a reputation for spinning out quality technology companies such as, Warwick, Oxford, Bristol, University College London and Imperial College London.

    OION is managed by Oxford Innovation Ltd (www.oxin.co.uk), the UK’s leading operator of innovation centre premises for start-up companies, and sponsored by HSBC, Grant Thornton, Laytons, Frank B Dehn & Co, NESTA and Business Link.

  2. IM-PAK TECHNOLOGIES LTD

    Press enquiries to: Richard Vessey, Managing Director
    Tel: +44 (0)1202 880609 Mob: +44 (0)7960 035976 Email: rvessey@im-pak.com