HYR.L Regulatory News (HYR)

29 Jan 2008 07:00

HydroDec Group plc29 January 2008 29 January 2008 HYDRODEC GROUP PLC UPDATE ON CURRENT ACTIVITY Hydrodec Group plc ("Hydrodec" or the "Company") is providing the market with anupdate on current activity. Overall, the Company is making good progress in its development as a costeffective global provider of sustainable transformer oil. US Market The Company's progress in the US reflects strong interest in the Superfinetransformer oil product and the Company is now in advanced discussions with anumber of utility companies and transformer manufacturers in respect of possibleoff-take agreements. The Company hopes to be able to announce the first suchagreement in respect of the Canton, Ohio plant in the near future. Meanwhile,construction of the Canton plant, which commenced in June 2007, is proceedingahead of its projected schedule. Also, in light of current US commercial discussions, the Board has now taken thedecision to accelerate the planning and construction of the Laurel Mississippifacility and expect it to be fully operational by Q3 2009. Turkish Contract Following the recent announcement of the first shipment of its Superfinetransformer oil to Ceyhan Petrokimya Sanayi ve Ticaret Ltd Sti in Turkey, thefirst 144,000 litre order has left the Young, Australia plant for Turkey and asecond order of a further 144,000 litres is expected in the following weeks. Chairman John Gunn commented: "Progress has been more than satisfactory and theexecutive team and their staff have delivered excellent performance to date. Wecan look forward to the accelerated expansion of the US activities during 2008.This will, of course, result in an enhanced financial performance. On behalf ofthe shareholders, I have expressed to the executive team our thanks for theirwork to date." John Gunn, ChairmanHydrodec Group plcTel: 020 7621 5774 Anthony Richardson / Nick WestlakeNumis Securities LimitedTel: 020 7260 1000 Emma DavisCurve PRTel: 07764 197 003 This information is provided by RNS The company news service from the London Stock Exchange