1st Oct 2008 07:00
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Press release |
1 October 2008
Nviro Cleantech plc
("Nviro" or "the Company")
Trading Update
The Company has had a busy and productive six months since it reported its interim results. In addition to the successful raising of £10m (before expenses) from a placing in July 2008, there were a number of other notable events which are highlighted below :
Vertus
The construction phase for the Company's first commercial contract with Cincinnati Bulk Terminals (CBT) is now well underway. The core of the equipment, the rotary kiln, is being fitted out at a sub-contractor's facility and engineering works are currently taking place at CBT's site, where the Nviro plant will be located. The Directors believe that the installation of the unit will be completed by January 2009, with revenue from the coal pre-treatment process following on shortly after commissioning. Power generation industry veteran, Dave Supon, was recently appointed by Nviro as General Manager of the CBT site.
Details are now being finalised for the first Vertus project from its Shenyang Coal Trading group agreement in China, involving the removal of sulphur from high value coking coal. (The agreement provides for two further Vertus projects in China.)
In addition, the Company is holding substantive talks with a number of suppliers of biomass in different territories since the Vertus technology can be applied to convert biomass into a more efficient fuel used to generate electricity. The Directors believethat these smaller scale power projects, which are relatively light in capital requirements, could be generating revenue in 2009.
Microrelease
Successful trials were conducted with one of Europe's largest MDF producers during the period, where 3 tonnes of MDF board, incorporating up to 20% of Microrelease's recycled wood fibre, were manufactured. The resulting board met the performance criteria of this leading MDF board producer and the product is now being trialled within a sustainable fit-out and refurbishment programme for a major UK high street retailer.
In order to conserve capital for the lead technology, Vertus, and because of the enthusiastic response to Microrelease, Nviro is currently exploring the possibility of entering into a partnership arrangement with industry players to build its first commercial, industrial scale Microrelease unit.
Organotect & Laseair ("Follow-on Projects")
The Directors are pleased with the development of the Follow-on Projects and are seeking to create further value for Nviro shareholders from these projects without diverting significant management time or cash resources from Vertus.
Financial
The net cash position as at September 30th 2008 was approximately £11m demonstrating tight cost control. The Board views the future with confidence.
- Ends -
For further information:
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Nviro Cleantech plc |
Tel: +44 (0) 20 7451 2473 www.nvirocleantech.com |
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Chris Every, Chief Executive Officer |
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Grant Thornton Corporate Finance - Nominated Adviser |
Tel: +44 (0) 20 7383 5100 |
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Fiona Owen |
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Troy MacDonald |
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Fairfax I.S. PLC Broker |
Tel: +44 (0) 20 7598 5368 www.fairfaxplc.com |
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Ewan Leggat |
Media enquiries:
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Abchurch Communications Limited |
www.abchurch-group.com |
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Justin Heath / Monique Tsang |
Tel: +44 (0) 20 7398 7700 |
Notes to Editors
Nviro Cleantech plc is a leader in commercialising clean technologies, such as renewable energy, waste recycling, emissions control and air quality monitoring, that benefit the global environment. The Company operates by acquiring a strong, balanced portfolio of near-to-market technologies that address large demand needs in a breadth of markets, and which are viable and cost-effective.
The Company is developing a portfolio currently comprising five clean technologies. These include:
Nviro Cleantech focuses on solutions that can be brought to market quickly, and with maximised financial potential, using proven technologies and management teams. It systematically targets environmental innovations that do not require radical shifts in consumer behaviour nor large capital investments to adopt.
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