RCS - FreCycle Ltd - Corporate Update

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12/12/2022 08:15

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RNS Number : 2122J  FreCycle Ltd  12 December 2022

Frecycle Ltd

12th December 2022

 

Frecycle Ltd ("Frecycle" or the "Company")

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Corporate Update:

The Board of Frecycle, a UK based green tech recycling company, provides the
market today with an update on a series of key developments that progress
Frecycle closer towards its vision of becoming one of the world's leading
app-based recycling companies in the green tech space.

 

-     The Frecycle App is fully operational. It had a successful launch on
31st October 2022 in London. We are seeing more and more 'Frecycle riders'
added to the programme all the time.

 

-     Download figures show that the App is commercially viable, which
will allow the company to scale this success.

 

-     The Frecycle marketplace will be upgraded over the Christmas and New
Year period to include many Blue-chip names. This marketplace represents a
huge unique selling point to our Company and the wider Frecycle community. As
it expands, we expect to see strong revenue generation from it.

 

-     Our first children's book 'This is my home' is now available to
order through Amazon. The book features Tommy the Sea Turtle, along with other
characters that can be expanded upon. Our board will be doing book readings
and free book signings at many charity organisations over Christmas.

 

-     We have strengthened our board with the appointment of three new
directors, two of whom fill NED roles.

 

 

Mr Carl Davids joins the board as a Director. He will bring his experience in
education and governance to the Company. Carl will provide valuable input into
the launch of Frecycle's first children's book and the Company's focus on Net
Zero. Carl will strengthen the corporate governance of the Company with the
appointment of committees to review the progress of Frecycle's 2023 and 2024
vision. Carl is well placed to ensure a strong team-focused dynamic between
management and employees to deliver on the core objectives.

Mr Jonathan Olliff-Cooper joins the board as a non-executive technical
Director bringing his decades of experience in the technology space to
Frecycle. John is an expert in search engine optimisation and will drive
organic traffic to the Frecycle web and app platforms. He has extensive
knowledge of app-based businesses having built one of the most widely used
covid-19 tracking apps used by HGV drivers across Europe and the UK.

-     Mr David Harrold joins the board as a non-executive director with
over a decade of experience in financial services. Working for many of the
major high-street banks, David has experience across credit risk, transaction
finance, financial software development and Agile delivery. He will strengthen
the app-based Frecycle economy and the expansion of this marketplace to
international territories.'

 

-     Following its successful UK release earlier this year, our App will
launch in New York in Q1 2023. This will sit within a wider strategy for the
first half of 2023, and will see many key announcements.

 

-     We have set a stock exchange listing date of 24th April 2023. Work
on this is already at an advanced stage.

 

-     Our target share price will be substantially increased from previous
funding rounds.

 

-     All rounds of funding are completed and are now closed.

 

Richard Chapple said today 'I started Frecycle less than 3 years ago and to
see such growth in such a short period of time is fantastic. I believe we are
the fastest growing green tech company in the UK and Europe in 2022. As we
grow it feels amazing to see that we are helping to deliver a valuable message
whilst combining that message with strong returns for the venture capitalists
and private equity backing we have received. It is a message that goes far
beyond our increasing valuation, a message that is at the heart of humankind.
Our company will grow and help our planet simultaneously. Our message is
simple; your business can grow, and it can be good for our planet all at the
same time.'

Enquiries:

Frecycle

Richard Chapple, CEO

+44 (0)207 205 2344

investorrelations@frecycle.uk

 

 

 

Disclaimer: This announcement is for information purposes only and does not
constitute or form part of an offer or invitation to acquire or dispose of any
securities of Frecycle Ltd or constitute a solicitation of any offer to
purchase or subscribe for securities in any jurisdiction.

All subscription dates are subject to change without notice.

 

 

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