Environmental Recycling Tech. PLC Chairman's AGM Statement and Result of Meeting (0095E)

TIDMENRT

RNS Number : 0095E

Environmental Recycling Tech. PLC

30 October 2015

Environmental Recycling Technologies plc

Chairman's AGM Statement and Result of Meeting

At the Company's Annual General Meeting held at 12 noon today, the Chairman Michael Rowan made the following statement:

"As recent Government initiatives have demonstrated, the need to address the issue of waste plastic is as important as ever and the costs of alternative waste disposal methods, notably landfill, continue to be increased as an additional disincentive to traditional disposal methods. Yet the world of recycling continues to face difficulties in the weakened economic and commodity environment and a number of large recyclers have encountered financial difficulties with their existing operations. The macro imperatives remain and need to be addressed - urgently.

"ERT and its proprietary PIM process continue to address the challenges of dealing with un-separated polymers and recycling processes. ERT has continued to progress its intellectual property and more importantly its own recycling know how over the last 12 months. The challenge for ERT has been to achieve commercial progress in the context of a weak market background.

"The joint venture agreement with Axion Polymers has continued to provide valuable information to ERT and has become an important component in addressing the technical support required for existing licencees and in assessing new commercial opportunities. Meanwhile our licencee, Contour Showers, has proved that in spite of modest volumes, it has been able to consistently deliver high value product using the PIM process.

"ERT's immediate focus is on the new North American PIM production line being installed at Waste Not Recycling in Colorado. It is expected that the new line will be operational before the calendar year-end and this will represent a further advancement in the commercialization of PIM. Other commercial enquiries continue to develop both in the UK and internationally.

"Clearly marketing and servicing on a worldwide scale require greater resource and that was one of the reasons for our search for a partner who could be more than just a joint venture partner. Having reached advanced discussions, we decided for commercial reasons not to proceed with an acquisition , and an alternative business model has now been identified and, subject to completion of due diligence approved by the board and is in the process of being further developed.

"In the meantime, ERT has taken the opportunity to restructure with the announced recent board changes and my appointment as Chairman. Accordingly, I would like to express my thanks to all my former colleagues for all they have done to support ERT in recent years and to thank Ken Brooks for his years of endeavor.

"I believe that there are some exciting opportunities before ERT and I look forward to updating shareholders in due course."

At the meeting all resolutions were duly passed.

For further information:

 
 Environmental Recycling Technologies 
  plc                                    01993 779 468 
 Michael Rowan (Executive Chairman) 
 Lee Clayton (Managing Director) 
 
 W H Ireland                             01179 453 470 
 John Wakefield 
 
 Kreab                                   020 7074 1800 
 Robert Speed 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 30, 2015 08:14 ET (12:14 GMT)