REG - PressureTechnologies - Update on the proposed sale of Greenlane Biogas

Pressure TechnologiesAnnouncement

01/04/2019 07:30

RNS Number : 6253U
Pressure Technologies PLC
01 April 2019
 


 
 
1 April 2019
 
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
 
Pressure Technologies plc
("Pressure Technologies" or "the Group")
 
Update on the proposed sale of Greenlane Biogas
 
Conditional Sale and Purchase Agreement signed
 
Further to the update on 1 February 2019, on the proposed sale of the Group's wholly-owned subsidiary, PT Biogas Holdings Limited, trading as Greenlane Biogas ("Proposed Sale"), to Creation Capital Corp (TSX-V: CRN.P), a capital pool company listed on the TSX Venture Exchange ("TSX-V"), we are pleased to report that the conditional Sale and Purchase Agreement ("SPA") was signed today and the process to spin-out Greenlane Biogas and list the business on TSX-V, via the sale to Creation Capital is moving towards completion.
 
Completion of the Proposed Sale is conditional upon Creation Capital executing a successful Private Placement and securing approvals from TSX-V, both of which it is in the process of finalising.
 
For further information, please contact:
 



Pressure Technologies plc
Chris Walters, Chief Executive
Joanna Allen, Chief Financial Officer
 


Tel: 0114 257 3616
www.pressuretechnologies.com




Cantor Fitzgerald Europe (Nominated Adviser and Broker)


Tel: 020 7894 7000




Philip Davies / Will Goode
 








Belvedere Communications
Keeley Clarke (kclarke@belvederepr.com)
Cat Valentine (cvalentine@belvederepr.com)
 


 
Tel: 07967 816 525
Tel: 07715 769 078



 
COMPANY DESCRIPTION
 
Company description - www.pressuretechnologies.com  
With its head office in Sheffield, Pressure Technologies was founded on its leading market position as a designer and manufacturer of high-pressure components and systems serving the global energy, defence and industrial gases markets.
Precision Machined Components - www.pt-pmc.com
●     Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk 
●     Roota Engineering, Rotherham, acquired in March 2014 www.roota.co.uk 
●     Quadscot, Glasgow, acquired in October 2014 www.quadscot.co.uk 
●     Martract Limited, Barton-on-Humber, acquired in December 2016 www.martract.co.uk 
 
Cylinders
●     Chesterfield Special Cylinders, Sheffield, IPO cornerstone in 2007 and includes,  CSC Deutschland Gmbh, which is based in Dorsten, Germany and Chesterfield Special Cylinders Inc. which is based in Houston, USA www.chesterfieldcylinders.com 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCZMGGDVMZGLZG