31st Aug 2007 07:01
Environmental Recycling Tech. PLC31 August 2007 Environmental Recycling Technologies plc ("ENRT" or the "Company") Issue of 10,668,767 shares The Company announces that it has agreed to issue 10,668,767 shares at a priceof 5.05 pence per share in settlement of amounts due to certain creditors asfollows: * £464,000 due to Environmental Polymer Technologies Limited ("EPT") comprising additional liabilities in connection with the transfer of the Bedwas House lease amounting to £124,000, for which a provision was made in the 2006 accounts; financial obligations of £180,000 which were assumed by EPT in relation to the sale of fixed assets to Medical Waste Solutions Ltd (a provision was made in the 2006 accounts); £117,500 being the minimum annual royalties for 2007 relating to the X-ray plate recycling and Agricultural film recycling technologies licensed from EPT; and £64,500 relating to various invoices for work completed in providing samples and product development by EPT on behalf of 3DM Worldwide plc. These amounts have been satisfied by the issue of 9,623,762 shares to EPT. * £35,147 due to Cargill & Associates PLLC as payment for works completed relating to patent applications, satisfied by the issue of 695,995 shares. * £17,625 due to Battlebridge Group Ltd relating to administrative and company secretarial work, satisfied by the issue of 349,010 shares. The issue of these 10,668,767 new shares brings the issued share capital to246,698,889 shares. Application for the shares to be admitted to trading on AIMhas been made and this is expected to commence on 5th September 2007. Enquiries: Niall Mackay, CEO, Environmental Recycling Technologies plc Tel: 020 7692 7002 Tim Worlledge/Fergus Marcroft, Evolution Securities Tel: 020 7071 4300 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ENRT.L