Pressure Technologies PLC Further re: Proposed Offering by Greenlane (0622E)

TIDMPRES

RNS Number : 0622E

Pressure Technologies PLC

25 February 2020

25 February 2020

Pressure Technologies plc

("Pressure Technologies", the "Company" or the "Group")

Further re: Proposed Offering by Greenlane Renewables Inc.

Further to its announcements of 11 and 12 February 2020, the Board of Pressure Technologies notes the subsequent announcement by Greenlane Renewables Inc. ("Greenlane") regarding the closing of its underwritten public offering (the "Offering") on 19 February 2020.

The Company confirms that it has now received a payment on the Promissory Note of GBP2.0m in respect of principal and an interest payment of GBP0.1m. Following receipt of these funds the outstanding principal of the Promissory Note has been reduced to GBP4.1m.

The remaining balance of the Promissory Note (i) is denominated 50 per cent. in Pounds Sterling and 50 percent in Canadian Dollars; (ii) matures 3 June 2023; (iii) bears interest at the rate of 7% per annum and (iv) is secured by a pledge of all of the issued and outstanding Greenlane Ordinary Shares and all of the assets of Greenlane.

The announcements and documents published in connection with the Offering and any associated regulatory filings can be found via the following link:

https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00045658 . The Company accepts no responsibility for any of the documents or associated regulatory filings published via this link, or any information contained therein.

This announcement is for information purposes only and does not constitute or contain any invitation, solicitation, recommendation, offer or advice to any person to subscribe for, otherwise acquire or dispose of any securities in Greenlane or any other entity in any jurisdiction.

For further information, please contact:

 
 Pressure Technologies plc 
 Chris Walters, Chief Executive    Tel: [phone] 
 Joanna Allen, Chief Financial     [e-mail] 
  Officer 
 
   N+1 Singer (Nomad and Broker)     Tel: [phone] 
 Mark Taylor / Lauren Kettle 
 IFC Advisory Ltd (Financial PR    Tel: [phone] 
  and IR) 
 Graham Herring / Tim Metcalfe 
  / Zach Cohen 
 

COMPANY DESCRIPTION

Company description - www.pressuretechnologies.com

With its head office in Sheffield, the Pressure Technologies Group was founded on its leading market position as a designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial gases and hydrogen energy markets.

The Group has two divisions, Precision Machined Components and Chesterfield Special Cylinders.

Precision Machined Components (PMC) - www.pt-pmc.com

-- Precision Machined Components includes the Al-Met, Roota Engineering, Quadscot and Martract brands.

Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com

-- Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland Gmbh, which is based in Dorsten, Germany.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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February 25, 2020 06:15 ET (11:15 GMT)