Brief: Inno Gene To Expand Operations Into Renewable Energy

Hyenergy SA

04/09/2024 07:20

Sept 4 (Reuters) - Inno Gene SA  IGNP.WA :
    * SAID ON TUESDAY IT HAS COMPLETED REVIEW OF STRATEGIC
OPTIONS 
    * IT HAS DECIDED TO CONTINUE AND DEVELOP THE OPERATIONS
RELATED TO
DIAGNOSTIC SERVICES, BUT  IT WILL DIVEST UNITS OR AFFILIATED
COMPANIES WHICH DO NOT MEET EXPECTED FINANCIAL RESULTS
    * UNDER REVIEW THE COMPANY DECIDED TO EXPAND OPERATIONS INTO
RENEWABLE ENERGY CONSISTING IN THE DEVELOPMENT AND
COMMERCIALIZATION OF TECHNOLOGIES FOR CONVERTING BIOMASS INTO
SYNTHESIS GAS, WHICH CAN BE USED TO PRODUCE GREEN HYDROGEN OR
E-METHANOL
    * THE NEW OPERATIONS WILL BE STARTED VIA ACQUISITION OF 76%
STAKE
IN HYDROGENIUM PROSTA (HYDROGENIUM)
    * HYDROGENIUM IS A TECHNOLOGY COMPANY, THE OWNER OF THE IP
OF
BIOMASS GASIFICATION TECHNOLOGY IN A PLASMA ENVIRONMENT
    * THE COMPANY SIGNED INVESTMENT DEAL WITH MACIEJ GANCZARSKI
AND
HYDROGENIUM PROSTA
    * UNDER DEAL MACIEJ GANCZARSKI WILL CONTRIBUTE 155,800
SHARES OF
HYDROGENIUM TO THE COMPANY, CONSTITUTING 76% STAKE IN
HYDROGENIUM, IN EXCHANGE FOR 28.5 MILLION NEWLY ISSUED BY INNO
GENE H SERIES SHARES, WHICH AFTER THE REGISTRATION WILL
CONSTITUTE FOR 82.13% STAKE IN INNO GENE
    * HYDROGENIUM IS VALUED AT 18.7 MLN ZLOTYS
    * AS A CONSEQUENCE OF THE TRANSACTION, MACIEJ GANCZARSKI
WILL
BECOME THE DOMINANT ENTITY OF THE COMPANY, AND INNO GENE WILL
BECOME THE DOMINANT ENTITY OF HYDROGENIUM
    * THE MANAGEMENT BOARD WILL CONVENE AN EXTRAORDINARY GENERAL
MEETING, WHICH WILL VOTE ON INCREASING COMPANY'S SHARE CAPITAL
BY 2.8 MILLION ZLOTYS VIA ISSUE OF NEW SHARES
    * THE ISSUE PRICE OF NEWLY ISSUED SHARES WILL AMOUNT TO 0.50
ZLOTY
PER SHARE
    * THE COMPANY WILL CHANGE ITS NAME TO HYENERGY

        
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