Airopack Technology Group Takes Action to End Joint Venture with Resilux
following the issuance of a Deadlock Notice as announced on 7th January 2016. ATG is the inventor and exclusive owner of the globally patented Airopack technology, which offers a revolutionary all-plastic pressurized dispenser used by leading global brands. ATG will terminate its joint venture with Resilux in order to unlock the unique growth potential of innovative Airopack technology. Under the terms of the joint venture agreement, ATG has offered to acquire Resilux's 50% stake in Airolux for a cash consideration of EUR 18.9 million. Resilux's outstanding shareholder loans and financial debts to Airolux of around EUR 37 million will have to be repaid as required by the relevant agreements. Resilux will not be entitled to any long erm supply agreement with ATG for PET preforms and container parts, which ATG would look to source from alternative suppliers at market competitive rates.
Resilux has until 25th April 2016 to either unconditionally commit to selling its shares in Airolux to ATG, or to acquire ATG's shares in Airolux under the
same terms as proposed by ATG. In the event that Resilux would opt to acquire ATG's shares in Airolux, a 100% Resilux-owned Airolux would not have access to
ATG's patented Airopack technology. ATG has terminated the license agreement with Airolux and would independently commercialize the product to continue
meeting robust customer demand.