Last checked at 8 May 2012 09:59
8 May 2012
PowerHouse Energy Group plc
("The Company" or "PowerHouse")
Expiry of Option
Further to the announcement made on 12 April 2012, the Company announces that it was unable to complete the financing necessary to enable it to exercise the option to acquire the remaining 70 per cent. interest in Pyromex Holding, AG before its expiry on 4 May 2012.
The Company is conducting a strategic review of its options which include bridge financing, the sale of PowerHouse Energy Inc and/or its 30 per cent. interest in Pyromex Holding AG. In the event that the Company is not able to conclude one of these options in the short term, it is likely that an administrator to the Company will be appointed.
A further announcement will be made in due course.
For additional information please contact:
PowerHouse Energy Group plc
Ross Lyndon-James+44 (0) 20 7887 1362
Merchant Securities Limited (NOMAD and Broker)
David Worlidge/Simon Clements
+44 (0) 20 7628 2200