Last checked at 20 Apr 2011 12:53
20 April 2011
Bidtimes PLC
("Bidtimes" or "the Company")
Licence discussions
In the Admission Document published by the Company on 31 March 2011, the Company included details relating to the ownership by PowerHouse Energy Inc ("PowerHouse") of, inter alia, an exclusive licence in Australia and the granting of an exclusive licence to use, own, assemble and install and operate Pyromex UHTG systems for above ground coal to syngas production of 1,000 barrels per day and greater per site in all locations other than Italy.
Contrary to information previously supplied by Pyromex Holding AG ("Pyromex") and notwithstanding the rights granted to PowerHouse by Pyromex, the Company and PowerHouse have received notice that a third party has also been granted exclusive rights by Pyromex in Australia and also in certain other territories. PowerHouse has entered into substantive discussions with Pyromex and the third party and the Directors and the proposed Directors of the Company are confident that an outcome can be reached which will result in PowerHouse retaining its exclusive licence for Australia and maintaining the full validity of the grant of the above exclusive licence. However, until such discussions are concluded, there can be no certainty that such an outcome will be achieved.
The Directors of Bidtimes have decided that, in the circumstances, the General Meeting of the Company to be held on 26 April 2011 will be adjourned until 12 May 2011.
A further announcement will be made prior to the General Meeting.
Contact:
Bidtimes plc T:+44 (0) 20 7887 1362
Julian Moore, Non-Executive Director
Merchant Securities Limited T: +44 (0) 20 7628 2200
David Worlidge
Simon Clements