Nova Magnetics Acquired by the Burgmann Group

InNOVAcorp announced today Nova Magnetics Ltd., a wholly owned subsidiary of InNOVAcorp, has been acquired by a German firm that is a leader in sealing technology.

The new owner is Burgmann Dichtungswerke GmbH & Co.

Nova Magnetics will continue operating from Dartmouth. The Nova Scotia company is a recognized world leader in the design and manufacture of magnetic coupling systems, as well as magnetically coupled products for the oil and gas sector and the refining, chemical processing, nuclear and diving-support industries.

Magnetic coupling systems are typically used to allow for seal- less operation of pumps, valves, mixers, blowers and other fluid- handling equipment.

After extensive product development in magnetic-drive technology, coupled with a successful distribution relationship with Burgmann since 1997, Nova Magnetics Ltd. has joined the Burgmann Group, a leading supplier of sealing technology, to form Nova Magnetics-Burgmann Ltd.

"Nova Magnetics Ltd. will benefit from Burgmann's worldwide sales network and the opportunity for more product research and development," said Ross McCurdy chief executive officer at InNOVAcorp. "Nova Magnetics-Burgmann Ltd. will also play a strategic role in Burgmann's growth in North America from its location in Dartmouth."

InNOVAcorp was established in 1995 with a mandate to help commercialize promising technology in Nova Scotia through incubation, investment and mentoring. The sale of Nova Magnetics Ltd. is another example of InNOVAcorp fulfilling this mandate. The next step in Nova Magnetics Ltd.'s development is best accomplished within the private sector.

Burgmann Dichtungswerke GmbH & Co. has over 2,900 employees and more than 45 subsidiaries, joint ventures and associate companies worldwide. The company's headquarters are in Wolfratshausen, Germany, near Munich. This acquisition represents an important addition to Burgmann's product line of magnetic couplings and its mechanical sealing technology in general.