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Privateers take on ShearExpress
11 Feb 2004
Australian Wool Innovation has dissolved the ShearExpress partnership, selling its 70 per cent stake to minority shareholder Wool Harvesters. AWI CEO Dr Len Stephens said the deal involved a swap of equity for the intellectual property rights to the mobile wool harvester for up to seven years.
AWI invested $6.5 million over two years in ShearExpress but opted to discontinue funding of the prototype in December when it became clear the technology could not handle a commercial target of 1,200 sheep a day.
The major problem was restraining the sheep. Wool Harvesters' Phillip Panizza acknowledged the difficulty but said it was not insurmountable. The company is seeking a capital injection of between $150,000 and $500,000.
Weekly Times, 11/2/04, page 8.
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