20 Nov 2008 10:03
20 November 2008
Quadrise Fuels International plc ("QFI" or "the Company")
(AIM: QFI)
Grant of Options by International Energy Group AG
QFI has been advised that on 19 November 2008, International Energy Group AG (IEG) has approved the grant of options (the Options) over 5.5 million ordinary shares of 1p each of Quadrise (Ordinary Shares) at an exercise price of 1p per share, from its own shareholding in Quadrise, to 2 (two) members of the Quadrise board. If all the options so far granted are exercised, the IEG shareholding in Quadrise would be reduced from 272,474,515 Ordinary Shares to 250,974,515 Ordinary Shares and the percentage interest from 59.01% to 54.36%.
The granting of the Options will complement the Quadrise board compensation and, specifically, incentivise continuity of service of the expert specialists which IEG believes is in the interests of all shareholders.
Of the Options granted on 19 November 2008 3 million have been granted to Bill Howe, Chief Executive and 2.5 million have been granted to Jason Miles, Commercial Director.
As a result, Mr Howe's interest in the Company is 2,079,827 Ordinary Shares and 10,000,000 options over Ordinary Shares, representing 0.45% and 2.17 % of the Company's issued share capital, respectively. Mr. Miles has options over 5,750,000 ordinary shares, representing 1.25%.
For further information, please contact:
| Quadrise Fuels International plc Bill Howe Chief Executive T: +44 (0)20 7550 4930 |
| Smith & Williamson Corporate Finance Limited Azhic Basirov / Siobhan Sergeant +44 (0)20 7131 4000 Capital MS&L Penny Freer James Madsen +44 (0) 20 7307 5330 |
Notes to editors:
Quadrise Fuels International plc ("Quadrise") has rights to produce an emulsion fuel as a low cost substitute for conventional heavy fuel oil ("HFO") for use in power generation plants and industrial diesel engines. It recently successfully completed the manufacture and burn of a 20,000 tonne batch of MSAR® in Lithuania.
The manufacturing process of these fuels uses the least valuable elements of the oil barrel, thus providing a very cost effective product whilst simultaneously facilitating a means to market for the least desirable heavy crudes and refinery derived residues.
The emulsion fuel product, termed MSAR® (Multiphase Superfine Atomised Residue), has superior combustion characteristics to conventional heavy fuel oil, achieving complete carbon burn-out and producing lower NOx emissions.
Oil refiners applying the technology enjoy enhanced value realisation for their least valuable residues and the potential to avoid very heavy capital expenditure on heavy oil upgrading facilities.