2 April 2014
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
Deed of Settlement with Aspermont Ltd, Dilato Holdings Pty Ltd and Tesla
Nominees Pty Ltd and further issues of shares to satisfy amounts due to
creditors of the Group
The Company has a loan outstanding to Aspermont Ltd, Dilato Holdings Pty Ltd
and Tesla Nominees Pty Ltd 2011 ("the Lenders") which at 31 March 2014 amounted
to approximately £405,000. In addition, in 2012, PowerHouse Energy Australia
Pty Ltd ("PHEA"), which is owned by third parties, paid a deposit of $100,000
for the purchase of a 5 tpd Ultra-High Temperature gasification system which
has not been completed.
On 2 April 2014, the Company entered into a Deed of Settlement under which the
Company has agreed to issue 11,500,000 new Ordinary Shares ("the Settlement
Shares") in full and final settlement of all amounts due to the Lenders and
PHEA. The Lenders have agreed to procure that none of the Settlement Shares are
sold until after 26 June 2014.
In addition, the Company has agreed to issue an aggregate of 7,956,678 new
Ordinary Shares to certain creditors of Pyromex AG, a wholly owned subsidiary
of the Company, who are due, in aggregate, £263,120.
Furthermore, the Company has issued a further 400,000 new Ordinary Shares in
settlement of a legal dispute in the USA.
Application will be made for 19,856,678 new Ordinary Shares to be admitted to
trading on AIM and dealings are expected to commence on 8 April 2014.
Keith Allaun, the Executive Chairman of PowerHouse, stated "I'm pleased that we
have resolved these matters that have faced the Company since we began its
restructuring in June 2012. This positions us to complete the integration of
Pyromex and PowerHouse without distraction and allows us to focus on the
future, not on the challenges of the past."
For additional information please contact:
PowerHouse Energy Group plc
Keith Allaun - Executive Chairman
Phone: +44 (0)20 7079 4407
Email: inquire@powerhousegroup.co.uk
Sanlam Securities UK Limited (NOMAD and Broker)
David Worlidge/Simon Clements
+44 (0) 20 7628 2200
About PowerHouse Energy Group plc
PowerHouse Energy Group plc is an alternative energy company specialising in
the sale of waste to energy systems. PowerHouse's key advantages centre on its
implementation of proprietary technology and a wealth of industry knowledge.
The Company's technologies enable energy recovery from municipal waste streams
that would otherwise be directed to landfills and incinerators; or from
renewable and alternative fuels such as biomass, lignite (brown coal), tires,
and plastics to create syngas for power generation or reformed into liquid
fuels for transportation. For more information, visit our website at
www.powerhouseenergy.net.