Last checked at 12 May 2011 09:46
12 May 2011
Bidtimes PLC
("Bidtimes" or "the Company")
Further re: licence discussions
On 20 April 2011, the Company announced that it had received notice that a third party had also been granted exclusive rights by Pyromex Holding AG ("Pyromex") to use, own, assemble and install and operate Pyromex UHTG systems in Australia and also in certain other territories, contrary to information previously supplied by Pyromex to PowerHouse Energy, Inc. ("PowerHouse") and inconsistent with the disclosure contained in the Admission Document published by the Company on 31 March 2011. In order to reach a resolution to this matter, the Directors of Bidtimes adjourned the General Meeting of the Company from 26 April 2011 to 12 May 2011.
The Company is pleased to announce that it has been advised that PowerHouse, Pyromex and the third party have entered into a non-binding memorandum of understanding the terms of which, once formally documented, are expected to result in Powerhouse being granted licenses consistent with the disclosures previously set out in the Admission Document.
To allow the parties to finalise the necessary legal documentation Bidtimes has decided that the General Meeting to be held today will be adjourned until further notice.
A further announcement will be made in due course.
Contact:
Bidtimes plc Julian Moore, Non-Executive Director | T: +44 (0) 20 7887 1362 |
Merchant Securities Limited (Nomad/Broker) David Worlidge / Simon Clements | T: +44 (0) 20 7628 2200 |