PHE Powerhouse Energy Group Plc

 
TIDMPHE 
 
PowerHouse Energy Group plc 
 
                        ("PowerHouse" or the "Company") 
 
                       Corporate and Operational Update 
 
The Company is pleased to announce that further to its announcement of 6 April 
2016 it has now entered into an agreement with Renewme Limited ('Renewme') in 
full and final settlement of amounts asserted by Renewme. The Company will, 
subject to the Company's shares being readmitted to trading, issue Renewme 
90,932,961 ordinary shares in the Company amounting to approximately 16 per 
cent of the to be enlarged share capital of the Company.  This full and final 
settlement will not result in a change to the Company's cash position, which 
remains positive, and will release the Company from any and all previously 
disputed issues with RenewMe. 
 
The Company is further pleased to announce that it has entered into an 
agreement with Hillgrove Investments Pty Limited whereby the repayment dates 
for all loans and debt due to Hillgrove amounting to approximately GBP2,999,704 
as of 31 December, 2015 are to be extended to, at the earliest, 12 months after 
the publication of its Financial Statements for the year ended 31 December 
2015. 
 
Further to the Company announcement of 30 March 2016 relating to the 
finalization of the testing program for the PHE G3 UHt system , the Company 
announces that this process continues. However, the engineering team has 
identified a significant opportunity to increase the efficiency of the 
gasification reactor and is making modifications to the design before final 
testing can be completed. The Company will update the market upon completion of 
final testing. 
 
 "I recognize that we have not achieved the milestones we had anticipated by 
this date.  However, one must keep in mind that we have designed, engineered, 
and built the entire G3-UHt system from first principles in less than one year. 
The fact that our team has been able to make such an improvement to the 
process, incorporate the latest breakthroughs in materials science, improve the 
overall system efficiency, and be on the cusp of delivering a commercial 
technology, gives us great satisfaction," said Keith Allaun, Executive Chairman 
of the Company. 
 
As previously announced in 2015, the Company has sought the closing, and the 
winding up, of its subsidiary companies in Switzerland, Germany and the United 
States. PowerHouse, Inc. in the US was closed in 2013 with no outstanding 
debts. Upon determination that the technology platform associated with the 
Pyromex acquisition was not commercially viable, the three associated companies 
Pyromex Holding AG, Pyromex AG, and Pyromex GmbH were allowed to go into 
administration. The Pyromex companies are currently in administration and the 
processes are yet to complete.  Keith Allaun, by virtue of his role as 
Executive Chairman of the Company is also a director of these companies. The 
estimated deficit to creditors is, in aggregate, approximately GBP1,553,252.00. 
  In compliance with AIM rule 17, Schedule Two, paragragh (g) as a 
supplementary disclosure in relation to Mr. Allaun, he had previously filed for 
a personal bankruptcy in the United States of America in 1991 that was 
completely discharged in 1993. 
 
For additional information please contact: 
 
PowerHouse Energy Group plc 
Keith Allaun 
+1 352 359 0911 
 
Vicarage Capital Limited (Joint Broker) 
Jeremy Woodgate 
+44 (0) 20 3651 2910 
 
 
 
END 
 

(END) Dow Jones Newswires

April 28, 2016 10:53 ET (14:53 GMT)

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