Galileo Innovation, is a Cheshire-based business accelerator fund.
The company currently has one major business Fluid Conditioning Systems, Magnom: is a magnetic oil filter that will filter tiny harmful particles, thus making the lubricant more efficient and prolonging the life of an engine.

The second business is Scientific Detectors, which has developed high performance chromatography equipment for monitoring substances in the pharmaceutical, food manufacturing and environmental monitoring sectors.

Collins Stewart said a few month back that GAI have paid almost nothing for a 60% share of two unnamed businesses who are expected to float for 10m each .

GAI has currently selected 5 companies for further development and will receive cash-backed overdraft guarantees of between 0.5 and 1.0 mln stg. Galileo's cash at bank stood at 4.3 mln stg as at September 30 2002.

It is intended that all three companies to be floated will list on the same day in the first quarter of 2003, that is pretty soon.

The market cap is 2.52M, and considering that cash of 4.3M is worth 5p plus the rest of the portfolio, with the shares @ 2.875p, sure one should take a punt looking forward to better times in the market when the float takes place

I think we may see some news on the flotations this week - I own far too many of these already,but I may top up with a few more this week.