Hargreaves Lansdown

Sabien Technology establishes US subsidiary

Wed 10 March 2021 16:13 | A A A

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(Sharecast News) - Heating, cooling and transportation technology company Sabien has incorporated a wholly-owned United States subsidiary Sabien, Inc in the state of Delaware, it announced on Wednesday.

The AIM-traded firm said US investor and technology company operator Danny Mills was appointed as president and Richard Parris as chairman and company secretary of the subsidiary, with the company to operate from San Antonio, Texas.

It said Sabien, Inc would be used to source merger and acquisition opportunities in the US, and build and operate distribution channels in the country for Sabien's current and future European businesses.

"As a US Green Card holder, I have worked with Danny Mills for more than 10 years on a number of North American projects," said Sabien chairman Richard Parris.

"In my last company and under my leadership, Intercede Group generated 71% of sales revenues in 2018 from the US.

"Danny and I are a strong, experienced team, and investors can be confident in our combined abilities to deliver similar levels of performance at Sabien, Inc."

Danny Mills, president of the new subsidiary said that, with a number of US opportunities already identified, he believed Sabien, Inc would make an early contribution to Sabien Technology Group's success.

"I have enjoyed a very productive working relationship with Richard, and respect his creative and strategic thought processes.

"Having worked in many industries throughout my career, including the oil and gas industry in Texas, and the technology industry across many verticals, I believe Texas to be the ideal centre for growing Sabien, Inc, given its technology friendly business climate coupled with its energy industry focus."

At 1547 GMT, shares in Sabien Technology Group were up 6% at 0.12p.

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