1 May 2013 15:02
1 May 2013
Hydrodec Group plc
("Hydrodec" or "the Company")
Completion of US strategic partnership
Hydrodec Group plc, the cleantech industrial oil re-refining group (AIM: HYR), is pleased to announce completion of the strategic partnership with G&S Technologies (G&S) announced on 17 April 2013.
Lord Moynihan, Hydrodec's Chairman, Ian Smale, Chief Executive, and Chris Ellis, Chief Financial Officer were in Canton, Ohio with G&S Vice Presidents George Newmark and Jeffrey Lefkovits to complete formalities and initiate planning for the major expansion of capacity in the US which will create the leading US re-refiner of used transformer oils.
Ian Smale commented: "This partnership will be a catalyst for growth in our core US market, and a blueprint for how we develop the Company going forward."
For further information please contact:
Hydrodec Group plc | 020 7907 9220 |
Ian Smale, Chief Executive Officer | |
Chris Ellis, Chief Financial Officer | |
Mike Preen, Head of Corporate and Legal Affairs | |
| |
Peel Hunt LLP (Nominated adviser and broker) | 020 7418 8900 |
Richard Kauffer, Daniel Harris | |
| |
Luther Pendragon (PR adviser to Hydrodec) | 020 7618 9100 |
Neil Thapar, Alexis Gore, Sarah Davis |
Notes to Editors:
Hydrodec
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs, a toxic additive banned under international regulations.
Hydrodec's plants are located at Canton, Ohio, US and Young, New South Wales, Australia and its shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.
G&S
G&S is a privately owned conglomerate based in New Jersey with a 50 year track record in the recovery and disposal of decommissioned transformers, treatment and handling of waste and/or contaminated transformer oils as well as associated asset recovery services. The group, which includes G&S Technologies and affiliation with TCI Alabama, Transformer Technologies (Oregon) and TCI of New York, serves the industrial and utility industries throughout the entire US offering its clients a wide range of services including: PCB sampling and testing, on-site dielectric fluid disposal and on-site, field dismantling for larger power transformers through its partnership with Northeast Transformer Services (Preble, NY). G&S also offers replacement and rebuilding services to meet its customers' specific needs.