Last checked at 13 Mar 2015 07:00
13 March 2015
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
Company Update
Further to our announcement of 6 February 2015, the Company is pleased to report that progress continues on the assembly of its new PHE G3-Uht Gasification System in Brisbane, Australia. Due to several delays in component acquisition from specialist manufacturers, the commissioning of the unit is not expected to begin until early in April, rather than late in March as previously discussed.
The transition of the management of the Company to Australia is continuing as planned with activities in Switzerland and Germany being wound-up. The winding-up process will require an unknown amount of time by the Swiss Authorities, however, it will not encumber, nor slow the commercial activities of the Company. The European Operations are held through a wholly owned subsidiary, Pyromex Holding AG, which is no longer considered necessary to the future of the Company, and it is intended that Pyromex Holding AG will be liquidated, along with its wholly owned subsidiaries, Pyromex AG and Pyromex GmbH. PowerHouse Energy Group plc will continue to maintain a reduced presence in the region to support sales and business development.
"We made a reasoned decision to abandon the Pyromex technology; a decision that the board of the Company believes to be in the best interest of its shareholders," stated Keith Allaun, Executive Chairman of PowerHouse. "The previous technology was inadequate to the rigors of commercial operation and it became clear that it would not meet our customers' needs. Our complete redesign which has taken a new approach to the process has dramatically improved the efficiency, the yield, and the throughput of the end-to-end system, and incorporates patented technology from our design partners. We're looking forward to introducing the PHE G3-Uht to the world in the near future, and significant interest from the ASEAN region continues to grow. I am confident this next step will position us as a leader in the Waste-to-Energy space."
For additional information please contact:
PowerHouse Energy Group plc
Keith Allaun +44 (0) 20 7079 4407
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Harriss/David Hart +44 (0) 20 3328 5656