28th Jul 2006 14:43
Biofutures International plc28 July 2006 For Immediate Release 28 July 2006 Biofutures International plc signs conditional agreement to acquire Zurex Corporation Biofutures International plc ("Biofutures") has today entered into a conditionalagreement to acquire Zurex Corporation Sdn Bhd ("Zurex"), a private limitedcompany incorporated in Malaysia. Zurex was formed in November 2005 to establish a 200,000 metric tonnes per annumbiodiesel refinery and has been active in establishing the feasibility of theproject, including obtaining a manufacturing licence from the MalaysianIndustrial Development Authority. Under the terms of the agreement, Biofutures has conditionally agreed to acquireall of the share capital of Zurex in consideration for 66,670,000 shares inBiofutures representing 64.4 per cent. of the enlarged issued share capital. Theagreement to acquire Zurex is conditional among other things on the shareholdersof Biofutures approving the acquisition and Biofutures obtaining the necessaryfinance for the project. Biofutures has also unconditionally agreed to make an unsecured, interest freeloan to Zurex of Ringgit Malaysia 2,613,600 (approximately £382,100) in respectof a deposit to acquire the land on which the plant is expected to be built andto loan to Zurex further amounts which Biofutures considers necessary toprogress the project prior to completion of the acquisition. The balance sheet of Zurex at 30 June 2006 shows negligible net assets. Biofutures is currently reviewing all aspects of the project and potentialfinancing arrangements. Enquiries: Mark Edwards, Buchanan Communications 0207 466 5000 Joseph Marffy, Ruegg & Co Limited 020 75843663 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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