REG - EQTEC PLC - Update on Settlement Agreement with Logik

EQTECAnnouncement

01/05/2024 11:00

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RNS Number : 8245M  EQTEC PLC  01 May 2024

1 May 2024

 

EQTEC plc

("EQTEC", the "Company" or the "Group")

 

Update on Settlement Agreement with Logik Developments

 

EQTEC plc (AIM: EQT), a global technology innovator powering distributed,
decarbonised, new energy infrastructure through its waste-to-value solutions
for hydrogen, biofuels, and energy generation is pleased to update on positive
progress on the settlement agreement that it has reached with Logik
Developments Limited and its wholly-owned subsidiary Logik WTE Limited
(collectively, "Logik"). As announced by the Company on 03 April 2024, the
timing of the payment of the settlement sum is subject to and conditional on
the sale of a site at Weighbridge Road in Deeside Industrial Park (the
"Land"), with payment expected following completion of a sale.

 

The Company has received written confirmation from Logik that exchange for the
sale of the Land to a proposed purchaser, who is funded by a global investment
company, has taken place. Completion of the purchase of the Land  and receipt
of funds by EQTEC remains conditional only upon the the final legal execution
of certain documents pertaining to the project.

 

The long stop date for completion has been set for 28 June 2024, with
completion expected by the end of May 2024.

 

While there are still certain conditions to be satisfied for completion, on
the basis  completion does occur in accordance with the anticipated
timetable, the Company would be due to receivce £2,000,000 under the
settlement agreement.

 

A further update will be provided in due course.

 

This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018, as
amended, and has been announced in accordance with the Company's obligations
under Article 17 of that Regulation.

 

ENQUIRIES

 

 EQTEC plc                                      +44 20 3883 7009

 David Palumbo / Jeffrey Vander Linden

 Strand Hanson - Nomad & Financial Adviser      +44 20 7409 3494

 James Harris / Richard Johnson

 Fortified Securities - Broker                  +44 20 3411 7773

 Guy Wheatley

 Global Investment Strategy UK Ltd - Broker     +44 20 7048 9045

 Samantha Esqulant

 

 

About EQTEC

 

As one of the world's most experienced thermochemical conversion technology
and engineering companies, EQTEC delivers waste management and new energy
solutions through best-in-class innovation and infrastructure engineering and
value-added services to owner-operators. EQTEC is one of only a few technology
providers directly addressing the challenge of replacing fossil fuels for
reliable, baseload energy. EQTEC's proven, proprietary and patented technology
is at the centre of clean energy projects, sourcing local waste, championing
local businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.

 

EQTEC designs, specifies and delivers clean, syngas production solutions in
the USA, EU and UK, with highly efficient equipment that is modular and
scalable from 1MW to 30MW. EQTEC's versatile solutions process 60 varieties of
feedstock, including forestry waste, agricultural waste, industrial waste and
municipal waste, all with no hazardous or toxic emissions. EQTEC's solutions
produce a pure, high-quality synthesis gas ("syngas") that can be used for the
widest range of applications, including the generation of electricity and
heat, production of renewable natural gas (through methanation) or biofuels
(through Fischer-Tropsch, gas-to-liquid processing) and reforming of hydrogen.

 

EQTEC's technology integration capabilities enable the Group to lead
collaborative ecosystems of qualified partners and to build sustainable waste
reduction and green energy infrastructure around the world.

 

The Company is quoted on the London Stock Exchange's Alternative Investment
Market (AIM) (ticker: EQT) and the London Stock Exchange has awarded EQTEC the
Green Economy Mark, which recognises listed companies with 50% or more of
revenues from environmental/green solutions.

 

Further information on the Company can be found at www.eqtec.com
(http://www.eqtec.com/) .

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