Member Article

CBS Blasts Off with Refinancing Deal

Technology company Controlled Blasting Solutions (CBS) has secured £180,000 investment from the Finance for Business North East Angel Fund and a syndicate of high net worth individuals.

The investment will enable the company to develop its patented Gasblaster product and market it to key countries, particularly China and South Africa. The funders are providing £180,000 of working capital for CBS.

Gasblaster is a patented low energy explosive device which is ideal for breaking rock in sensitive areas such as city centres, and undersea.

It is much safer than higher energy, traditional explosives. CBS is currently investigating opportunities in the demolition sector in Shanghai and other cities, and in specialist over ground locations.

Law firm Watson Burton advised on the deal with the fund, which is managed by Rivers Capital Partners and a syndicate of high net worth individuals.

Corporate finance advice was provided by Roland Tate of Tiger Corporate Finance.

David Proctor, chief executive of CBS said: “The investment is a major milestone for the company. It means 2013 begins in the best possible way for CBS, offering opportunities with our technology in challenging and exciting regions of the world.

“We are already making arrangements to demonstrate our prototype Gasblaster to companies in China this month, and we have signed an agreement with a company in South Africa to put Gasblaster into production. We aim to have the devices on the market later this year.

Jonathan Gold, director of River Capital Partners, said: “is leading the way with its low energy technology, which is good news for the sector and the UK. In addition the investment into CBS highlights the fact that the fund can act as an angel co-investment fund with existing high net worth individual investors and syndicates.”

This was posted in Bdaily's Members' News section by Rivers Capital Partners .