18 Apr 2012 11:28
18 April 2012
Zenergy Power PLC
("Zenergy" or "the Company")
AGM Statement
Further to the announcement of the results for the year ended 31 December 2011, made on 10 February, Zenergy is providing a further update on progress in conjunction with today's AGM.
The Zenergy management team have worked hard to market the Company's non-superconducting FCL product and have made good progress. As a result, there are continuing discussions with over a dozen global utility businesses of which Zenergy currently consider that the most likely short term prospects lie with two of the major electricity utilities in the USA and one in Russia. However, the Board had targeted a firm order by this Easter and whilst the specific prospects referred to above are progressing, there are currently no firm orders in place which would secure the future of the trading business.
Accordingly, while management will continue to work to secure a substantial FCL order, the Board believe that shareholders' interests will be best served by the Board considering in parallel other potential strategic options. The board expects to make further announcements about these strategic options in the near future.
Ends
For further information please contact:
Simon Cleaver | Zenergy Power plc | +44 1344 667 347 |
Adam Pollock/Katherine Roe | Panmure Gordon | +44 207 459 3600 |
David Bick/Mark Longson | Square1 Consulting | +44 207 929 5599 |