Nature Group Regulatory News (NGR)

20 Mar 2008 16:25

Nature Technology Solutions Limited20 March 2008 Nature Technology Solutions Limited Termination of sale discussions involving the Group interests in Gibraltar Possible expansion of oil waste reception locations The Directors of Nature Technology Solutions Limited ("Nature" or the "Company")have agreed to terminate negotiations for the sale of its 50% interest in SlopOil Reception and Treatment Ltd ("SORT"), a successful joint venture inGibraltar built up over the last 5 years. This termination has been caused bythe proposed ongoing shareholders being unable to agree future operatingprocedures rather than any failure in the due diligence process relating to theproposed $6m transaction. Meanwhile, SORT continues to trade according to management's expectations. Inparticular SORT is seeking to expand operations outside the immediate environsof Gibraltar to take advantage of the significant increase in the company'streatment capabilities and tank storage (from 1000 tonnes to over 6000 tonnes inthe last two years). To this end, SORT is exploring opportunities to establishsatellite operations linked to the facilities in Gibraltar. With its internalinvestment programme almost complete, SORT paid its maiden dividends toshareholders in 2007 and it is expected that the joint venture will continue tobe a significant contributor to Group cash flow. After some years of considerable endeavour to establish other Nature treatmentlocations in Europe, the Middle East and elsewhere, the Directors believe that2008 will create opportunities for at least one new potential operating base bythe end of the year. The deployment of equipment in Norway to commence treatment offshore alsocontinues to be a priority for the Group. As announced on 5th February 2008, the results of the Company for the year ended31st December 2007 will reflect its increased activity in 2007 and are expectedto show an improvement in profitability over last year.For further information, please contact: Nature Technology Solutions LimitedRichard Eldridge, CEO Tel: 01841 533 611Nigel Sandy, Director Tel: 01373 473995 Seymour Pierce LimitedJonathan Wright, Director Tel: 020 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange