Last checked at 19 Apr 2012 15:56
19 April 2012
PowerHouse Energy Group plc
("The Company" or "PowerHouse")
Further Re. Suspension - Extension of Option
Further to the announcement made on 12 April 2012, the Company announces that by mutual agreement the option period to acquire the remaining 70 per cent. interest in Pyromex Holding, AG has been extended to 4 May 2012.
The Company also announces that by mutual agreement the date by which the restructuring of the US operations, which was announced on 20 February 2012, must be completed has also been extended to 4 May 2012. It has been agreed that the Company will pay an additional US$30,000 to the Founders as directed, making US$380,000 in total, in satisfaction of all liabilities owed by PowerHouse Energy, Inc to its employees, including the loans and historical amounts repayable to the Founders.
The Company also announces the resignation of David Moard as an executive director of the Company with immediate effect. David Moard will remain a director of PowerHouse Energy, Inc until the completion of the US restructuring.
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
Pelham Bell Pottinger
Nick Lambert / Charles Stewart
+44 (0) 20 7861 3232