Last checked at 4 Dec 2008 07:00
Pursuit Dynamics PLC ("the Company" or "Pursuit")
4 December 2008
New contract signed
Pursuit Dynamics PLC (AIM: PDX), the developer and exploiter of PDX, the process improvement technology, is pleased to announce that it has signed a contract for the installation of a PDX Ethanol Reactor Tower (ERT) with Iroquois Bio-Energy Company LLC (IBEC) of Rensselaer, Indiana. The IBEC plant is a 40 million gallon per year corn-to-ethanol facility that commenced operations in 2007 and represents one of the four plants previously reported by the Company as being under Letter of Intent for the installation of the ERT system.
The business model is for Pursuit to share in the commercial benefits achieved by IBEC through its use of the ERT system. These benefits will be gauged against previously achieved yields of ethanol per bushel of corn.
The ERT system destined for IBEC is currently under construction and we anticipate delivery to site and installation to be completed during February, 2009, with the system becoming fully operational in March.
By way of background, Pursuit's ERT technology has, during external trials, consistently proved capable of delivering ethanol yield uplifts in the region of 8-12%, with no additional energy requirements.
John Heathcote, Pursuit's CEO, commented: "IBEC is a well run, modern plant with a first rate operations team and we congratulate them on being the first commercial user of our system. We have set ourselves a target of installing a base of 610 million gallons per year in the US ethanol industry by the end of September 2009 and our cash resources of around £7 million will be more than adequate to achieve this."
Pursuit will announce its preliminary results for the period ended September, 2008 on 11 December 2008.
-Ends-
For Further Information, please contact:
Pursuit Dynamics PLC
John Heathcote - CEO Tel: +44 (0)1480 422050
Donald Bell - CFO
Financial Dynamics
Ben Foster/Marc Cohen Tel: +44 (0)20 7831 6038
Cenkos Securities plc
Julian Morse Tel: +44 (0)20 7397 8900
Notes to Editors:
1. Pursuit Dynamics PLC (AIM: PDX) owns and commercialises the PDX® fluid processing reactor whose benefits include significant reductions in energy usage, process acceleration and result enhancement for industries such as Bioethanol production, Food & Drink, Brewing, Fire Suppression and Decontamination.
2. Pursuit Dynamics is headquartered in Huntingdon, UK and has an office in Norwalk, Connecticut, USA and in Fallbrook, California, USA. Pursuit Processing Equipment Limited, the processing equipment division of Pursuit Dynamics, operates from its own facility in Brooklands, Surrey, UK.
3. Further information is available at the Company's website: www.pursuitdynamics.com