First Day of Dealings (3145J)
29 Giugno 2011 - 8:00AM
UK Regulatory
TIDMPHE
RNS Number : 3145J
Powerhouse Energy Group PLC
29 June 2011
29 June 2011
PowerHouse Energy Group plc
("PowerHouse", the "Group" or the "Company")
FIRST DAY OF DEALINGS FOR POWERHOUSE ENERGY GROUP PLC
FOLLOWING ITS REVERSE TAKEOVER OF BIDTIMES PLC
PowerHouse Energy Group plc, (AIM: PHE) an alternative energy
business specialising in the sale of waste to energy systems, is
pleased to announce the admission of its share capital to trading
on the AIM Market of the London Stock Exchange and the first day of
dealings in its ordinary shares under ticker symbol "PHE" at 8am
today ("Admission"), following the completion of the reverse
takeover announced on 1 April 2011. Bidtimes plc ("Bidtimes") has
now been renamed PowerHouse Energy Group plc.
The Company has also completed a capital reorganisation under
which shareholders of Bidtimes received one new ordinary share of
1p each ("Ordinary Share") and one new deferred share of 4p each
for every 10 ordinary shares of 0.5p each held in Bidtimes.
At Admission, the Company will have 283,670,473 Ordinary Shares
admitted to trading on AIM. Merchant Securities Limited is the
nominated adviser and broker to the Company. The admission follows
an GBP11 million pre-reverse takeover capital raise.
In 2010, PowerHouse secured a manufacturing and marketing
licence with Pyromex AG ("Pyromex") of Switzerland for a patent
pending, zero emission, waste-to-energy, ultra-high temperature
gasification ("UHTG") system. The UHTG system which is modular,
scalable and highly efficient facilitates the conversion of a broad
range of waste materials and sub-viable coal deposits into various
forms of energy including synthesized gas, hydrogen and
electricity. The UHTG system operates without the consumption of
high volumes of water or power and has a very small physical plant
footprint.
The licence with Pyromex is exclusive in North and Central
America, Australia, New Zealand and non-exclusive throughout the
MENA region, Gulf Cooperation Council countries, French Polynesia,
South Pacific, Asia and certain United States Territories. It is
also exclusive (worldwide) for all coal, waste coal and lignite
applications. In August 2010, PowerHouse also acquired a 30 per
cent. interest in Pyromex and holds an option to acquire a further
21 per cent. controlling interest.
PowerHouse has already secured five contracts including the sale
of several 5 ton per day ("tpd") waste to energy pilot systems and
two 25 tpd Pyromex UHTG commercial scale reactors. The Company
expects that its Pyromex technology and its power generating
systems will satisfy a potentially substantial and growing market
for efficient, emission free conversion of a broad range of waste
materials and coal into useful clean energy. In the near future,
PowerHouse plans to implement gas to liquid technologies for the
production of cleaner, commercially-viable diesel and jet fuel.
PowerHouse is combining its power generating products and
expertise with Pyromex technology to deliver fully integrated waste
and coal to energy solutions, thereby enabling it to execute a
significant existing pipeline of new business opportunities.
PowerHouse's strategy is to:
-- Commercialise its alternative energy equipment business based
on the zero emission conversion of waste materials and coal
deposits into a range of clean energy products
-- Address the growing market need for the production of
sustainable energy products and the elimination of harmful waste
materials
-- Market, its product range through its expanding network of
distributors and through special purpose build-own-operate joint
ventures
-- Exploit the opportunity for the large scale conversion of
stranded coal into liquid transportation fuel products via the
Company's investment from, and partnership with Linc Energy
Ross Lyndon-James, Executive Chairman of PowerHouse Energy Group
plc, commented:
"PowerHouse is pleased to be taking this next step in the
development of its exciting alternative energy business. The
corporate restructuring of the Group over the last two years
combined with the unique technology gained through our interests in
Pyromex and its technology and Linc Energy provide a strong and
substantial platform for PowerHouse to commercialise significant
opportunities in the fast growing global alternative energy
markets."
<ends>
For additional information please contact:
PowerHouse Energy Group plc
Ross Lyndon-James 2nd Floor, Berkeley Square House Berkeley
Square London W1J 6BD, UK Ph: +44 (0) 20 7887 1362 Email:
inquire@powerhousegroup.co.uk
Merchant Securities Limited (NOMAD and Broker)
David Worlidge/Simon Clements
+44 (0) 20 7628 2200
Pelham Bell Pottinger
Nick Lambert / Jenny Renton
+44 (0) 20 7861 3232
Notes to Editors:
-- PowerHouse Energy Group plc is a leading provider of
economically proven, on-site, clean energy systems that use
traditional and renewable forms of fuel to generate electric and
thermal energy in an environmentally responsible way
-- PowerHouse offers a complete turnkey waste/biomass to energy
equipment solution either by: direct sale or energy supply under
long term power purchase agreements
-- PowerHouse's historical co-gen customer base has included
Fortune 500 companies as well as government authorities (US)
-- PowerHouse's shares trade on the Alternative Investment
Market under the ticker (PHE)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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