QED Quadrise Plc

TIDMQFI

RNS Number : 6985J

Quadrise Fuels International PLC

15 April 2020

15 April 2020

Quadrise Fuels International plc

("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")

Directorate Change

Quadrise announced in its interim results on 30 March 2020 that, in the context of current macroeconomic circumstances, it has been in the process of implementing cost saving measures. The cost saving measures being implemented will not impact on the Company's ability to continue to operate effectively and the Company remains confident that it can continue to progress key business development activities.

As part of this process the Board has reviewed its own size and composition and, in support of the cost reduction programme, Bryan Sanderson has offered his resignation as a Non-Executive Director of the Company. The Board has accepted his resignation and he will therefore leave after serving his three-month notice period on 14 July 2020. The Company does not intend to appoint an additional Non-Executive Director until it has progressed to commercial revenues.

Commenting on this development Mike Kirk, Chairman of QFI, said:

"We have enjoyed working with Bryan over the past year and thank him for his contribution. The Board felt that it was important to demonstrate a real focus on cost reduction throughout the Group at this time and we thank Bryan for his role in assisting Quadrise with its cost reduction initiatives.

Our long-standing independent Non-Executive Directors, Laurie Mutch and Phil Snaith, have in-depth knowledge of the business and will continue to play a vital role in assisting in the ongoing development of the business."

For further information, please refer to the Company's website at www.quadrisefuels.com , or contact ir@quadrisefuels.com or phone:

 
Quadrise Fuels International Plc 
Mike Kirk, Chairman                    +44 (0)20 7031 7321 
Jason Miles, Chief Executive Officer 
 
Nominated Adviser 
Cenkos Securities plc 
Ben Jeynes 
 Katy Birkin                           +44 (0)20 7397 8900 
 
Joint Brokers 
Peel Hunt LLP 
Richard Crichton                       +44 (0)20 7418 8900 
David McKeown 
 
Shore Capital Stockbrokers Limited 
Toby Gibbs 
 Fiona Conroy                          +44 (0)20 7408 4090 
 
  Public & Investor Relations 
FTI Consulting 
Ben Brewerton                          +44 (0)20 3727 1000 
Ntobeko Chidavaenzi                    Quadrise@fticonsulting.com 
 

Notes to Editors

QFI is the supplier of MSAR(R) emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, industrial and refining industries.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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April 15, 2020 02:00 ET (06:00 GMT)

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