A PUBLICLY-quoted American company, SCAC Holdings has reached agreement in principle with the Galway company, Solplax to acquire the patent rights to a new plastic replacement product. Payment will be in new SCAC shares which are quoted on NASDAQ. According to a statement from Portcullis Capital Group, advisers to SCAC, an independent audit of the product values the patent rights of Solplax at $50 million (£30 million).

Solplax's product is a biodegradable replacement for a variety of plastics and plastic-related products, is non-toxic and is approved by the US Food and Drugs Administration for food use. Manufacturing concessions and licensing agreements agreements for the Middle East and Asia are currently being negotiated with business and finance groups in Saudi Arabia and Kuwait.