Nanoco Group Plc (NNOCF)

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http://www.manchestereveningnews.co.uk/business/business-news/nanoco-boss-relocate-3567507


Nanoco boss to relocate to US
9 May 2013 17:58

Nanoco boss to relocate to US
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Nanoco chief executive Michael Edelman Nanoco chief executive Michael Edelman

The chief executive of technology firm Nanoco is relocating to America after cashing-in £2.1m of shares.

The
University
of Manchester spinout company, which has 78 staff, specialises in developing and manufacturing cadmium-free quantum dots, which are tipped to be components in the next generation of TV screens, solar panels and LED lights.

In a trading update, Nanoco boss Michael Edelman said the relocation to Boston will allow the company to be close to its key US strategic partners and potential customers. It will also give the company the opportunity to develop its US investor base.

To fund the relocation Mr Edelman has cashed in 1,300,000 ordinary shares at 163 pence per share.

He said: "Nanoco has reached a stage in its development where I am spending an increasing amount of time in the US, particularly since signing our key manufacturing and marketing relationship there.

“We have strategic relationships, customers, potential customers and investors in the US. By relocating, I will have the opportunity to serve and develop these relationships more effectively.

"Nanoco's head office will remain in Manchester, UK, and I will continue to divide my time between Manchester, London, Asia and the US."