23rd Jun 2015 14:54
LONDON (Alliance News) - Clean Air Power Ltd on Tuesday said it is appointing financial advisers to assist with a review of its short-term funding options.
The company, which develops technology for heavy duty diesel engines to operate on a combination of natural gas and diesel, has previously cautioned of uncertainty about its ability to continue as a going concern.
"In order to address this uncertainty, the group has identified options for alternative funding which would provide headroom in the business and finance growth in 2015," Clean Air Power said in a statement.
"Having reviewed these alternative funding options in light of the delay in moving to the full production phase of the South East Asia project and the current trading position in the US and Russia, the board has decided to undertake a more comprehensive review of the group's short-term options and is in the process of appointing financial advisers to assist with this process," the company said.
Chief Executive John Pettitt said the company has the potential to deliver "significant value" to shareholders.
Clean Air Power shares were down 21% at 1.56 pence on Tuesday afternoon following the announcement.
By Samuel Agini; [email protected]; @samuelagini
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