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25 Nov 2015 08:06
For Immediate Release | 25 November 2015 |
Graphene NanoChem PLC
("Graphene NanoChem" or the "Group")
Contract win and financial update
Contract win
Graphene NanoChem (AIM:GRPH) is pleased to announce that the Group has entered into a 3-year leasing and tolling agreement with Temasek Growth Sdn Bhd ("Temasek ") for the production of refined bleached deodorized palm oil at its Lahad Datu Plant in Sabah, Malaysia.
The tolling arrangement will commence in Q1 2016 and is expected to generate revenues of approximately £500,000 during its first year of operation, with planned production ramp up in the second and third year of operations. This arrangement with Temasek provides the Group with a predictable revenue stream for its Lahad Datu Plant.
Financial Update
The Group has been progressing discussions with its financiers on the terms of the restructuring of its debt facilities and anticipates that it will be in a position to provide a further update shortly. Prudent measures continue to be implemented in order to conserve Graphene NanoChem's cash position and management continue to evaluation all options with a view to raising additional funds through a corporate exercise to further enhance the Group's financial platform.
Jespal Deol, Chief Executive Officer of Graphene NanoChem, commented: "We are pleased to be able to leverage on the capacity of our Lahad Datu Plant to generate a new revenue stream for the Group. We are also grateful for the commitment of our financiers to working with the Group to achieve an acceptable terms of the restructuring of our bank debt and we are confident that the successful completion of the same will position the Group well for future growth."
For further information:
Graphene NanoChem | Tel: +603 2282 3080 |
Jespal Deol, Chief Executive Officer | |
Panmure Gordon (NOMAD and Broker) | |
Fred Walsh / Adam James / Tom Salvesen | Tel: +44 (0) 20 7886 2500 |
Tom Nicholson | Tel: +65 68248204 |
About Graphene NanoChem
Graphene Nanochem plc is a technology commercialisation company that operates two commercial platforms, the Advanced Chemicals platform that manufactures renewable chemical products for high growth sectors and the Advanced Materials platform that focuses on graphene nanomaterials applications for selected industries targeting high performance use.
Headquartered in Malaysia, Graphene Nanochem was admitted to the AIM of the London Stock Exchange on 26 March 2013, following the reverse acquisition of Biofutures International plc, and trades under the symbol GRPH.L. To find out more, please visit www.graphenenanochem.com.
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