Pressure Technologies PLC Update on the proposed sale of Greenlane Biogas (2223A)

TIDMPRES

RNS Number : 2223A

Pressure Technologies PLC

28 May 2019

28 May 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

Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce that further to the update on 13 May 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"), Creation Capital has announced that it has received sufficient orders to achieve the $6 million minimum amount and the subscription receipt offering is expected to complete this week. Final details of the total amount raised, and terms of the Proposed Sale will be announced at Completion, which is expected to be before the end of May 2019.

A copy of Creation Capital's news release is available under its SEDAR profile and can be accessed via this link. Link to Creation Capital's news release

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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May 28, 2019 02:01 ET (06:01 GMT)