EQT22 Jan 2019 09:57
22 January 2019
EQTEC plc
("EQTEC" or the "Company")
Altair Loan Facility - Update
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that it has entered into an agreement with Altair Group Investment Limited ("Altair") to increase the loan facility available for drawdown by £0.879 million to £3.5 million. Altair will also consolidate two loans between Altair and EQTEC, for which Altair has the ultimate benefit, into one facility. This increases the amount of loan facility available, consolidates and simplifies the Company's funding arrangements, and represents Altair's continued support for the Company.
Ian Price, CEO of EQTEC plc, commented:
"As demonstrated by the recently announced equipment purchase contract with Phoenix Energy, the Company is focusing its efforts on executing projects in its pipeline with blue chip clients. We believe we now have greater control on the key workstreams required for a successful sales execution. EQTEC currently finds itself presented with significant near-term contract opportunities ranging from €10-€100 million, which we wish to capitalise on in the near future.
"Increasing the available Altair facility by £0.879 million is significant for EQTEC as part of its previously announced growth optimisation plan as it ensures that the Company is in a sound financial position to capitalise on delivering projects within its pipeline in the near term.
"Altair's team has been working with EQTEC since 2014 and they are encouraged by the Company's potential. We are grateful for their continued and long-standing support.
"EQTEC is looking forward to providing shareholders with further updates on contracts and projects as appropriate."