Further re: licence discussions (4641G)
12 Maggio 2011 - 10:46AM
UK Regulatory
TIDMBDT
RNS Number : 4641G
Bidtimes PLC
12 May 2011
12 May 2011
Bidtimes PLC
("Bidtimes" or "the Company")
Further re: licence discussions
On 20 April 2011, the Company announced that it had received
notice that a third party had also been granted exclusive rights by
Pyromex Holding AG ("Pyromex") to use, own, assemble and install
and operate Pyromex UHTG systems in Australia and also in certain
other territories, contrary to information previously supplied by
Pyromex to PowerHouse Energy, Inc. ("PowerHouse") and inconsistent
with the disclosure contained in the Admission Document published
by the Company on 31 March 2011. In order to reach a resolution to
this matter, the Directors of Bidtimes adjourned the General
Meeting of the Company from 26 April 2011 to 12 May 2011.
The Company is pleased to announce that it has been advised that
PowerHouse, Pyromex and the third party have entered into a
non-binding memorandum of understanding the terms of which, once
formally documented, are expected to result in Powerhouse being
granted licenses consistent with the disclosures previously set out
in the Admission Document.
To allow the parties to finalise the necessary legal
documentation Bidtimes has decided that the General Meeting to be
held today will be adjourned until further notice.
A further announcement will be made in due course.
Contact:
Bidtimes plc T: +44 (0) 20 7887
Julian Moore, Non-Executive Director 1362
Merchant Securities Limited (Nomad/Broker) T: +44 (0) 20 7628
David Worlidge / Simon Clements 2200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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