Pressure Technologies PLC Update on the proposed sale of Greenlane Biogas (6253U)

TIDMPRES

RNS Number : 6253U

Pressure Technologies PLC

01 April 2019

1 April 2019

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Pressure Technologies plc

("Pressure Technologies" or "the Group")

Update on the proposed sale of Greenlane Biogas

Conditional Sale and Purchase Agreement signed

Further to the update on 1 February 2019, on the proposed sale of the Group's wholly-owned subsidiary, PT Biogas Holdings Limited, trading as Greenlane Biogas ("Proposed Sale"), to Creation Capital Corp (TSX-V: CRN.P), a capital pool company listed on the TSX Venture Exchange ("TSX-V"), we are pleased to report that the conditional Sale and Purchase Agreement ("SPA") was signed today and the process to spin-out Greenlane Biogas and list the business on TSX-V, via the sale to Creation Capital is moving towards completion.

Completion of the Proposed Sale is conditional upon Creation Capital executing a successful Private Placement and securing approvals from TSX-V, both of which it is in the process of finalising.

For further information, please contact:

 
 Pressure Technologies plc                     Tel: [phone] 
  Chris Walters, Chief Executive                www.pressuretechnologies.com 
  Joanna Allen, Chief Financial 
  Officer 
 Cantor Fitzgerald Europe (Nominated           Tel: [phone] 
  Adviser and Broker) 
 Philip Davies / Will Goode 
 Belvedere Communications 
  Keeley Clarke ([e-mail])        Tel: [phone] 
  Cat Valentine ([e-mail])     Tel: [phone] 
 

COMPANY DESCRIPTION

Company description - www.pressuretechnologies.com

With its head office in Sheffield, Pressure Technologies was founded on its leading market position as a designer and manufacturer of high-pressure components and systems serving the global energy, defence and industrial gases markets.

Precision Machined Components - www.pt-pmc.com

   --     Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk 
   --     Roota Engineering, Rotherham, acquired in March 2014 www.roota.co.uk 
   --     Quadscot, Glasgow, acquired in October 2014 www.quadscot.co.uk 
   --     Martract Limited, Barton-on-Humber, acquired in December 2016 www.martract.co.uk 

Cylinders

-- Chesterfield Special Cylinders, Sheffield, IPO cornerstone in 2007 and includes, CSC Deutschland Gmbh, which is based in Dorsten, Germany and Chesterfield Special Cylinders Inc. which is based in Houston, USA www.chesterfieldcylinders.com

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April 01, 2019 02:25 ET (06:25 GMT)