15 Jul 2015 07:00
15 July 2015
Clean Air Power Limited
("Clean Air Power" or the "Group")
Update on the Review of Strategic Options
Clean Air Power (AIM: CAP), the global leader in the development and delivery of compression-ignited natural gas systems and software for heavy duty vehicles, today provides an update on the review of the Group's strategic options announced on 23rd June 2015 that is being led by KPMG Corporate Finance, as announced on 26th June 2015.
In response to KPMG's work to secure the long term financial stability of the Group, a number of parties have expressed an interest in acquiring all or a part of the Group. Such interest may or may not lead to an offer being made for all or a part of the Group. The Board, as advised by KPMG, are in the process of evaluating these expressions of interest as a way to provide long term financial stability and maximise the value of the Group within the constraints of the Group's current financial position.
John Pettitt, Chief Executive of Clean Air Power, said: "As we explained in our announcement on 23rd June, the decision by our partner on the South East Asian MicroPilot program to extend the first phase rather than proceed to the second and full production phase, as we had expected, has put pressure on the Group's short term cash flows; a position which has been exacerbated by falling oil prices impacting sales of our Genesis-EDGE products in the US and Russia. KPMG have been extensive in their work to secure the long term financial stability of the Group and we will continue to work with KPMG over the next few weeks to deliver the best solution for all stakeholders, recognising that the Group's short term financial position may act as a constraint on our ability to maximise the value of the Group."
For further information, please contact:
Clean Air Power John Pettitt, Chief Executive Neill Skinner, Chief Financial Officer
| Tel: +44 (0)1772 624 499 |
Citigate Dewe Rogerson Malcolm Robertson
KPMG Corporate Finance Jonathan Boyers Pinesh Mehta
Panmure Gordon Corporate Finance Freddy Crossley / Atholl Tweedie Corporate Broking Tom Salvesen
Peat & Co Charlie Peat John Beaumont | Tel: +44 (0)20 7282 2867
Tel: +44 (0)20 7311 1000
Tel: +44 (0)20 7886 2500
Tel: +44 (0)20 3540 1721
|
Notes to Editors
About Clean Air Power
Clean Air Power designs, develops and delivers diesel ignited natural gas engines for heavy duty transport applications. Clean Air Power's technology substantially cuts fuel costs and carbon emissions without sacrificing the original engine's characteristic efficiency or reliability. Clean Air Power is well positioned to assist corporations and governments to deliver on their environmental commitments while at the same time reducing transport operators overheads.
Initially founded in the USA in 1991, around £50m has been invested in developing the technology with the result that 59 patents are currently held or pending. The holding company of the Group is based in Bermuda with operational subsidiaries in the UK, the USA and Australia. The Group was admitted to the AIM market of the London Stock Exchange in February 2006.
Further information on Clean Air Power is available at www.cleanairpower.com