EQTEC PLC Update on Settlement Agreement with Logik

RNS Number : 3205W

EQTEC PLC

15 July 2024

 

15 July 2024

 

EQTEC plc

("EQTEC", the "Company" or the "Group") 

 

Update on Settlement Agreement with Logik Developments

 

EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation is pleased to update on positive progress on the settlement agreement with Logik Developments Limited and its wholly-owned subsidiary Logik WTE Limited (collectively, "Logik"). As announced by the Company on 3 April 2024 and 28 June 2024, the timing of the payment of the settlement sum is subject to and conditional on the sale of a site at Weighbridge Road in Deeside Industrial Park (the "Land"), with payment expected following completion of a sale.

 

The Company has been informed by Logik and the buyer (the "Parties"), that legal execution of final funding documents relating to the sale of the Land  is ongoing yet requiring some additional time to complete.     

 

To accommodate finalising legal execution of the funding documents in connection with the sale of the Land, the Parties are in discussion to extend the completion long stop date of 12 July 2024.  A new long stop date is expected to be agreed in the coming days and anticipated to be in the first half of August 2024. Completion funds are expected to be transferred on or around the completion date.

 

While there are still certain conditions to be satisfied for completion, on the basis completion does occur in accordance with the anticipated timetable, the Company would be due to receive £2,000,000 under the settlement agreement.

 

A further update will be provided in due course, including once a new long stop date has been agreed.

 

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

 

ENQUIRIES 

 

EQTEC plc David Palumbo / Jeffrey Vander Linden	[phone]
Strand Hanson - Nomad & Financial Adviser James Harris / Richard Johnson	[phone]
Fortified Securities - Broker  Guy Wheatley	[phone]
Global Investment Strategy UK Ltd - Broker  Samantha Esqulant	[phone]

  

 

About EQTEC

 

As one of the world's most experienced thermochemical conversion technology and engineering companies, EQTEC delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators. EQTEC is one of only a few technology providers directly addressing the challenge of replacing fossil fuels for reliable, baseload energy. EQTEC's proven, proprietary and patented technology is at the centre of clean energy projects, sourcing local waste, championing local businesses, creating local jobs and supporting the transition to localised, decentralised and resilient energy systems.

 

EQTEC designs, specifies and delivers clean, syngas production solutions in the USA, EU and UK, with highly efficient equipment that is modular and scalable from 1MW to 30MW. EQTEC's versatile solutions process 60 varieties of feedstock, including forestry waste, agricultural waste, industrial waste and municipal waste, all with no hazardous or toxic emissions. EQTEC's solutions produce a pure, high-quality synthesis gas ("syngas") that can be used for the widest range of applications, including the generation of electricity and heat, production of renewable natural gas (through methanation) or biofuels (through Fischer-Tropsch, gas-to-liquid processing) and reforming of hydrogen.

 

EQTEC's technology integration capabilities enable the Group to lead collaborative ecosystems of qualified partners and to build sustainable waste reduction and green energy infrastructure around the world.

 

The Company is quoted on the London Stock Exchange's Alternative Investment Market (AIM) (ticker: EQT) and the London Stock Exchange has awarded EQTEC the Green Economy Mark, which recognises listed companies with 50% or more of revenues from environmental/green solutions.

 

Further information on the Company can be found at www.eqtec.com.

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