6th Apr 2009 07:00
6 April 2009
CERAMIC FUEL CELLS LIMITED
CERAMIC FUEL CELLS ENTERS AGREEMENT WITH IMF (AUSTRALIA) LIMITED TO RECOVER FUNDS
Melbourne-based clean energy company Ceramic Fuel Cells Limited [ASX/AIM: CFU], a global leader in fuel cell development, today announced it has entered into an agreement with ASX-listed litigation funding company IMF (Australia) Limited to recover lost investment funds.
Ceramic Fuel Cells is taking legal action against various parties to recover losses suffered when Ceramic Fuel Cells' funds were invested in a range of structured financial products.
Under the funding agreement, IMF (Australia) Limited will pay the costs of Ceramic Fuel Cells' legal action, including all legal fees, in return for a success fee. Ceramic Fuel Cells is being advised by the law firm DLA Phillips Fox.
The claim is expected to be for about $25 million.
For further information please contact:
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Ceramic Fuel Cells |
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Andrew Neilson |
Tel: +61 419 950 771 |
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Email: [email protected] |
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Nomura Code Securities |
Tel: +44 (0) 207 776 1200 |
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Juliet Thompson, Chris Golden |
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About CFCL
Ceramic Fuel Cells Limited is a world leader in developing solid oxide fuel cell (SOFC) technology to provide highly efficient and low-emission electricity from widely available natural gas and renewable fuels. CFCL is developing SOFC products for micro combined heat and power (mCHP) and distributed generation units that generate electricity and heat for homes.
CFCL is developing mCHP products with leading appliance partners and utility customers in Germany, France, the United Kingdom, Holland and Japan. CFCL is listed on the London Stock Exchange AIM market and the Australian Securities Exchange (code CFU). www.cfcl.com.au
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