15 Jan 2020 07:00
15 January 2020
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")
Directorate Changes
The Board of Quadrise Fuels International plc (AIM: QFI) is pleased to announce the planned enhancement of the Company's senior management team, to position the Company as it transitions towards material project delivery and commercialisation during 2020.
Effective 1 February 2020, Jason Miles (Chief Operating Officer since 2014) is appointed to the position of Chief Executive Officer. Mark Whittle (currently Head of Projects) succeeds Jason as Chief Operating Officer and becomes a director of the Company. Mike Kirk continues as the Company's Chairman.
Mike joined Quadrise in December 2015 and became Executive Chairman in April 2016. Since then, Mike and Jason have worked closely together to develop Quadrise and implement a strategy to both broaden and deepen the range of opportunities that Quadrise is pursuing. This new strategy has delivered promising results, evidenced by the number and range of new relationships announced by the Company over the past year.
The successful fundraising programme completed in 2019 provides Quadrise with funds through to 31 December 2020, and therefore the ability to convert the opportunities developed by the new strategy into substantive commercial ventures throughout 2020.
This progress provides a firm foundation for the Company's future growth making it the right time to enhance the executive team at Quadrise through the changes announced today. Mike will continue to be actively involved with supporting Jason, Mark and the management team on corporate matters and business development initiatives.
Mark David Whittle, aged 47, has held the position of Head of Projects since 2018, having joined the Company in 2015 as General Manager - Refining. Prior to this Mark, a Chemical Engineer, had over 20 years' experience in oil refining and related business activities for Esso, Criterion, Louis Dreyfus and ConocoPhillips. Mark does not currently hold, and has not held in the last five years, any directorships and/or partnerships nor does he hold any ordinary shares in the Company. There are no further disclosures to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.
Mike Kirk, Executive Chairman of QFI, said:
"At the recent AGM we provided shareholders with an update which demonstrated the success of our strategy to broaden and deepen our business development pipeline. Along with the secured funding now in place we have a firm foundation for growth and the Board took the view that this was the right time to further develop the senior management team through the promotion of Jason to CEO and Mark to COO.
I have worked closely with Jason since joining Quadrise and during the last two years have also worked increasingly closely with Mark, both of whom have been integral to the recent business development initiatives which culminated in the recently announced trial in Morocco.
"I congratulate Jason and Mark on their new roles and look forward to working closely with them at an extremely exciting time for Quadrise.".
For additional information, please contact:
Quadrise Fuels International plc +44 (0)20 7031 7321
Mike Kirk, Executive Chairman
Jason Miles, Chief Operating Officer
Cenkos Securities plc +44 (0)20 7397 8900
Nominated Adviser
Dr Azhic Basirov
Ben Jeynes
Katy Birkin
Peel Hunt LLP +44 (0)20 7418 8900
Joint Broker
Richard Crichton
David McKeown
Shore Capital Stockbrokers Limited +44 (0)20 7408 4090
Joint Broker
Toby Gibbs
Fiona Conroy
FTI Consulting +44 (0)20 3727 1000
Public and Investor Relations
Ben Brewerton
Ntobeko Chidavaenzi
The information communicated within this announcement was deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 prior to the release of this announcement. Upon the publication of this announcement, this inside information is now considered to be in the public domain.