12th Jan 2009 15:45
Environmental Recycling Technologies plc
Key Licencee secures funding
Environmental Recycling Technologies plc ("ERT") (AIM: ENRT), which has developed and is exploiting the patented rights to the Powder Impression Moulding ("PIM") process capable of converting mixed waste plastics into commercially viable products, today notes the announcement by 2K Manufacturing Limited ("2K") that it has entered into a multistage funding agreement with Foresight Group, a leading environmental investor, which includes a £5milion funding package to open a production facility during 2009.
2K has a license to use ERT's PIM technology. While the funds secured by 2K have no direct additional benefit financially or operationally to ERT, they do provide the directors of ERT with confidence that 2K will be able to meet the minimum contractual payments due to ERT under the previously announced licences. In addition, the funds will help 2K to lead the commercialisation of the PIM process in the future.
12 January 2009
ENQUIRIES:
Environmental Recycling Technologies Plc Tel: 0845 071 1394
Roger Baynham (MD)
Ken Brooks (Chairman)
Evolution Securities Tel: 020 7071 4300
Tim Worlledge
Bobbie Hilliam
Related Shares:
ENRT.L