Biofutures International plc Resolution of Dispute (5318I)

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RNS Number : 5318I

Biofutures International plc

26 July 2012

26 July 2012

Biofutures International plc

("Biofutures" or the "Group")

Resolution of Dispute

Further to the Company's announcement of 13 February 2012, Biofutures is today pleased to announce that, in resolution of the dispute between its subsidiary Zurex Corporation Sdn Bhd ("Zurex") and JJ Lurgi Engineering Sdn Bhd ("Lurgi"), Zurex has signed an agreement with Lurgi to terminate the contract entered into on 26 January 2007, for the supply by Lurgi of components for the construction of a biodiesel plant (the "Contract") through the payment from Zurex to Lurgi of 800,000 Malaysian Ringgit ("RM"). The money is to be paid in 12 monthly instalments of RM 50,000, with a final payment of RM 200,000. Lurgi will hand over to Zurex the high pressure boiler and four pumps which it currently holds in storage. The aggregate value of the equipment is believed to be similar to the value of the settlement payments.

Chief Executive Officer Joe Wong commented: "I am delighted that we have now been able to conclude this matter and that the Group can look forward to growing the business further."

For further information, please contact:

 
 Biofutures International plc        Tel: + 603 6203 5136 
 Joe Wong, Chief Executive Officer 
 www.biofuturesplc.com 
 
 Daniel Stewart & Company plc        Tel: + 44 (0) 20 7776 6550 
 Antony Legge / James Thomas 
  (Nomad) 
  Colin Rowbury (Broker) 
 www.danielstewart.co.uk 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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