Powerhouse Enrgy Grp Corporate and Operational Update
28 Aprile 2016 - 4:53PM
UK Regulatory
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)
Grafico Azioni Powerhouse Energy (LSE:PHE)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Powerhouse Energy (LSE:PHE)
Storico
Da Lug 2023 a Lug 2024