Quadrise Fuels International PLC Directorate Change (7112N)

TIDMQFI

RNS Number : 7112N

Quadrise Fuels International PLC

02 February 2016

2 February 2016

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Directorate Change: Retirement of Chairman

and Appointment of Successor

Quadrise Fuels International plc (AIM: QFI) is the emerging manufacturer and supplier of MSAR emulsion fuels, a low cost alternative to heavy fuel oil (one of the world's largest fuel markets consuming over 450 million tons per annum) in the global shipping, refining and steam and power generation markets.

Quadrise announces that its Executive Chairman Ian Williams will be retiring from the Company on 31 March 2016 after 10 years of service. Mr Williams will also resign from the board of directors of the Company (the "Board") and will be relocating during April 2016 to join his family in Australia.

Mr Mike Kirk, who joined the Quadrise board as a non-executive director on 1 December 2015, has been appointed by the Board to succeed Ian Williams in the position of Executive Chairman with effect from 1 April 2016.

The appointment of Mr Kirk to the Board was the result of a wide ranging executive search which took into account the particular nature of the Company. The Board is delighted to have the benefit of Mike Kirk's qualifications, experience and proven capabilities as the Company's new Executive Chairman as Quadrise progresses towards commercial operations. The Company intends to enter a consultancy contract with Mr Williams to provide ongoing strategic advice to the Company for a period of 3 months from 1 April 2016 to aid the transition.

Ian Williams, Executive Chairman of Quadrise said:

"The past 10 years with Quadrise have been consistently challenging and stimulating. I believe that two conditions needed to be met before I could stand down as Chairman: substantial traction in our lead projects; and an enthusiastic and capable successor who complements the talents on the board.

I'm pleased to say that over the past year we have made substantial progress in our lead programmes and Quadrise is poised to enter a new phase in its development. Mike is well equipped to lead the Company through this next stage of its evolution, with the assured support of a very experienced and capable Board. The Board's deep knowledge in oil and energy will be complemented by Mike's technical and financial background and his executive management experience across a number of business sectors. I trust that this will ultimately bring maximum value to all shareholders."

Mike Kirk said:

"I am delighted to have been appointed Executive Chairman, to lead the business into the commercial development phase. The focus will be on extending the marketing of QFI's proprietary MSAR technology with our industry partners, and accessing the very large global market opportunities in power generation, marine and refining. The strong technology and servicing platform and partner relationships built by Ian and the team ensures the Company is very well positioned to deliver on its potential"

Senior Independent Director, Laurie Mutch said:

"Ian's total commitment and valuable contribution to the Company, both as a founder and as Chairman since inception, have been exceptional and deeply appreciated by the Board. We very much look forward to working closely with Mike in the Company's exciting next phase, and we all wish Ian a wonderful and well deserved retirement with his family in Australia."

 
Quadrise Fuels International Plc 
Ian Williams, Executive Chairman               [phone] 
Hemant Thanawala, Finance Director 
Jason Miles, Chief Operating Officer 
Nominated Adviser 
Smith & Williamson Corporate Finance Limited 
Dr Azhic Basirov                               [phone] 
Ben Jeynes 
 
Broker 
Peel Hunt LLP 
Richard Crichton                               [phone] 
Ross Allister 
Alastair Rae 
 
 
Public & Investor Relations 
Bell Pottinger 
Rollo Crichton-Stuart         [phone] 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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February 02, 2016 02:00 ET (07:00 GMT)