Clean Invest Africa Plc Trading Update

 
TIDMCIA 
 
6 December 2022 
 
                            CLEAN INVEST AFRICA PLC 
 
                    ("CIA" or the "Company" or the "Group") 
 
                                Trading update 
 
The Company is pleased to provide the market with a further update regarding 
its wholly owned subsidiary, Coaltech Limited. 
 
Coaltech continues to seek out commercial terms for the supply of its coal 
agglomeration plant technology, notwithstanding limited funds available to 
Coatltech. Lead times on sales are proving extremely long and despite 
significant investment over a number of years no sales have been achieved thus 
far. The pipeline nevertheless remains strong, but the Company's success 
depends upon an eventual conversion of commercial discussions into a commercial 
contract. 
 
In addition, Coaltech has been seeking to commercialise production on its own 
account at its Bulpan site in South Africa as announced in July 2022. 
Commercialisation has not yet occurred and the project has been slower than 
anticipated due to a number of factors including cashflow, increase in market 
demand and increase in pricing for coal fines. The project requires certainty 
of both supply of fines at reasonable prices and secure offtake for its end 
product. These issues are gradually being addressed and an initial test run of 
production for a specific client is now imminent. 
 
The Company remains conscious of its financial resources. It has reviewed its 
strained balance sheet and has agreed in writing with its major creditors, 
totalling approximately £2.5m, of which, Contax Partners Inc., wholly-owned by 
Filippo Fantechi, Chief Executive Officer, and certain creditors connected with 
Contax Partners Inc., account for approximately £1,350,000, that they all will 
fully subordinate their debt in favour of all other trade creditors, in order 
to ensure continuing development of the business. 
 
In addition, the Company has agreed to continue to only incur such costs that 
are absolutely necessary to sustain the business whilst it either generates 
cashflow from its own production or finally achieves a material commercial 
contract. The Company is also discussing investment opportunity with potential 
industrial partners. 
 
Further updates will be provided in due course. 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
ENQUIRIES: 
 
Company 
 
Clean Invest Africa PLC 
 
Filippo Fantechi - Chief Executive Officer 
 
Telephone: [phone] 
 
Corporate Adviser 
 
Peterhouse Capital Limited 
 
Guy Miller 
 
Telephone: [phone] 
 
 
 
END 
 
 

(END) Dow Jones Newswires

December 06, 2022 04:54 ET (09:54 GMT)