Last checked at 24 Aug 2018 07:00
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. With the publication of this announcement, this information is now considered to be in the public domain.
24 August 2018
EQTEC plc
("EQTEC" or the "Company" or the "Group")
Strategic Review
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that following the appointment of Ian Price as CEO on 6 August 2018, the Company has concluded a review of its strategic business unit Eqtec Iberia SL ("Eqtec Iberia"), which is a wholly owned, and the principal operating, subsidiary of EQTEC plc. Eqtec Iberia's business portfolio includes engineering and design services and selling EQTEC Gasifier Technology ("EGT"), the Company's patented gasification technology, to waste-to-energy operators and enterprise partners.
The strategic review has concluded the following so far:
· The Company to exert greater direct control over its strategic business unit and will restructure it to shift the near-term focus from business development to pipeline execution to ensure delivery on customer requirements for immediate pipeline opportunities;
· Eqtec Iberia to continue to respond to Requests for Tender in order to identify core opportunities in energy recovery from waste for the Group;
· A new strategic alliance with CT3 Ingeniería is being entered into to provide further technical and engineering support to facilitate the Growth Optimisation Plan;
· Headcount of skilled engineering staff to be increased over the coming weeks and months;
· Yoel Aleman, currently Chief Technology Officer, to separately head up the new engineering function and report directly to the Board of EQTEC plc; and,
· The appointment of Ian Price and Gerry Madden, currently executive directors of EQTEC plc, as executive directors of Eqtec Iberia SL.
Ian Price, CEO of EQTEC plc, commented: "My review of the needs of the business has highlighted an immediate requirement for more engineering resource to support our current deal flow. This, coupled with cost reductions in other areas of the business are key elements of the Company's Growth Optimisation Plan in the near term. We intend to change what EQTEC does and how we do it and we have set out clear commitments against which our progress can be measured. Our goal is to make EQTEC the preferred supplier of energy recovery from waste technology and the plan that we set out today is pivotal to delivering that goal and executing on our extensive pipeline of projects. We will announce further updates as the business review proceeds."
Ian Pearson, Non-Executive Chairman of EQTEC plc, commented: "Following the recent appointment of Ian Price as our new CEO, I fully support the business review being undertaken. I believe that the fundamentals for the waste-to-energy sector have seldom been so good and that the existing pipeline of projects presents a significant opportunity for shareholders."
Enquiries
EQTEC plc | +353 (0)21 2409 056 |
Ian Price - Chief Executive Officer Gerry Madden - Finance Director | |
Northland Capital Partners Limited - Nomad and Joint Broker | +44 (0)20 3861 6625 |
Tom Price / Dugald J. Carlean | |
VSA Capital Limited - Joint Broker | +44 (0)20 3005 5000 |
Andrew Monk / Andrew Raca | |
Luther Pendragon - Financial PR | +44 (0)20 7618 9100 |
Harry Chathli / Alexis Gore / Ana Ribeiro |
More on CT3 Ingeniería
CT3 Ingeniería is an independent, private company founded in Spain in 1989. The company specialises in technical assistance and engineering services supporting large corporations and projects in the Oil & Gas and energy industries. CT3 has an international presence and has extensive experience in the calculation and design of engineering and civil work on projects for large industrial plants and power stations.