1 May 2024
EQTEC plc
("EQTEC",
the "Company" or the "Group")
Update on Settlement
Agreement with Logik Developments
EQTEC plc (AIM: EQT), a global
technology innovator powering distributed, decarbonised, new energy
infrastructure through its waste-to-value solutions for hydrogen,
biofuels, and energy generation is pleased to update on positive
progress on the settlement agreement that it has reached with Logik
Developments Limited and its wholly-owned subsidiary Logik WTE
Limited (collectively, "Logik"). As announced by the Company on
03 April 2024, the timing of the payment of the settlement sum is
subject to and conditional on the sale of a site at
Weighbridge Road in Deeside Industrial Park (the
"Land"), with payment
expected following completion of a sale.
The Company has received written
confirmation from Logik that exchange for the sale of the Land to a
proposed purchaser, who is funded by a global investment company,
has taken place. Completion of the purchase of the Land and
receipt of funds by EQTEC remains conditional only upon the the
final legal execution of certain documents pertaining to the
project.
The long stop date for completion
has been set for 28 June 2024, with completion expected by the end
of May 2024.
While there are still certain
conditions to be satisfied for completion, on the basis
completion does occur in accordance with the anticipated
timetable, the Company would be due to receivce £2,000,000 under
the settlement agreement.
A further update will be provided in
due course.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation
No 596/2014, as it forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended, and
has been announced in accordance with the Company's obligations
under Article 17 of that Regulation.
ENQUIRIES
EQTEC plc
David Palumbo / Jeffrey Vander
Linden
|
+44 20 3883 7009
|
Strand Hanson - Nomad & Financial
Adviser
James Harris / Richard
Johnson
|
+44 20 7409 3494
|
Fortified Securities - Broker
Guy Wheatley
|
+44 20 3411 7773
|
Global Investment Strategy UK Ltd -
Broker
Samantha Esqulant
|
+44 20 7048 9045
|
About EQTEC
As one of the world's most
experienced thermochemical conversion technology and engineering
companies, EQTEC delivers waste management and new energy solutions
through best-in-class innovation and infrastructure engineering and
value-added services to owner-operators. EQTEC is one of only a few
technology providers directly addressing the challenge of replacing
fossil fuels for reliable, baseload energy. EQTEC's proven,
proprietary and patented technology is at the centre of clean
energy projects, sourcing local waste, championing local
businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.
EQTEC designs, specifies and
delivers clean, syngas production solutions in the USA, EU and UK,
with highly efficient equipment that is modular and scalable from
1MW to 30MW. EQTEC's versatile solutions process 60 varieties of
feedstock, including forestry waste, agricultural waste, industrial
waste and municipal waste, all with no hazardous or toxic
emissions. EQTEC's solutions produce a pure, high-quality synthesis
gas ("syngas") that can be
used for the widest range of applications, including the generation
of electricity and heat, production of renewable natural gas
(through methanation) or biofuels (through Fischer-Tropsch,
gas-to-liquid processing) and reforming of hydrogen.
EQTEC's technology integration
capabilities enable the Group to lead collaborative ecosystems of
qualified partners and to build sustainable waste reduction and
green energy infrastructure around the world.
The Company is quoted on the London
Stock Exchange's Alternative Investment Market (AIM) (ticker: EQT)
and the London Stock Exchange has awarded EQTEC the Green Economy
Mark, which recognises listed companies with 50% or more of
revenues from environmental/green solutions.
Further information on the Company
can be found at www.eqtec.com.