PVAXX Limited, the materials technology company with operations in Bahrain, has announced its intention to list on the London Alternative Investment Market (AIM), London's junior market which is operated by the London Stock Exchange plc.

PVAXX, which is headquartered in Bermuda and listed on the Bermuda Stock Exchange (BSX), manufactures pallet production equipment in the Kingdom of Bahrain, shipping pallets in the Sultanate of Oman and has research facilities in the UK.

Up to $100m is being raised from institutional investors to complete a pallet factory in Oman's Sohar Industrial Port, to manufacture production lines in Bahrain and to meet other existing financial obligations, with PVAXX expected to have a market value of approximately $500m when it is listed on AIM.

PVAXX intends to capture a significant share of the fragmented and rapidly expanding global pallet market, which is estimated to be worth $30bn annually, through its revolutionary recyclable pallets. The global pallet market is moving from wood for environmental and other reasons including those related to the need for enhanced safety, hygiene and trackability.

PVAXX's pallets are made from polyethylene, mixed approximately 50:50 with sand, and use a foam sandwich structure to ensure the pallet suffers no loss of strength or durability. The replacement of an expensive plastic with cheap sand reduces the cost substantially when compared to 100% plastic pallets currently available on the market. The pallets are produced using pallet production equipment which is manufactured for PVAXX by engineering companies in Bahrain. This equipment is exported worldwide for use in PVAXX's own factories and by its USA franchisee.

There is already strong customer demand across the Middle East and from around the world for the PVAXX pallets. Machines produced in Bahrain have been used by PVAXX at a pilot production plant established in Dubai in 2005, where PVAXX was engaged in refining the manufacturing process, development and training for the production of pallets for field trials.