18 Jul 2018 07:00
18 July 2018
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Memorandum of Understanding with Freepoint Commodities LLC
The Company is pleased to announce it has signed a Memorandum of Understanding ("MOU") with Freepoint Commodities LLC ("Freepoint").
Freepoint, which is based in Stamford, Connecticut, is both an established global merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets. Freepoint also provides physical supply services and related structured solutions for counterparties located throughout the world.
Pursuant to the MOU, Quadrise and Freepoint intend to work together to pursue commercial arrangements involving the production and supply of MSAR® fuel to producers and consumers by utilising Quadrise MSAR® technology, additives and services coupled with Freepoint's marketing, trading, logistics and financial services capabilities.
Under the MOU, during the next 24 months the parties plan to jointly investigate and pursue selected MSAR® project opportunities in the Americas, with a number of identified counterparties, and in Asia on an exclusive basis with the goal of entering into commercial agreements for MSAR® production and supply arrangements with fuel producers and consumers.
Commenting on this development, Mike Kirk, Executive Chairman of QFI, said:
"We are delighted to sign this MOU with Freepoint and are confident that with the combination of Quadrise's MSAR® technology and fuel experience, and Freepoint's world-leading oil products trading and financing capabilities, we will be able to progress and accelerate selected MSAR® projects globally."
For further information on QFI, please refer to the Company's website at www.quadrisefuels.com, or contact ir@quadrisefuels.com or phone:
Quadrise Fuels International Plc | |
Mike Kirk, Executive Chairman | +44 (0)20 7031 7321 |
Jason Miles, Chief Operating Officer | |
Nominated Adviser | |
Smith & Williamson Corporate Finance Limited | |
Dr Azhic Basirov | +44 (0)20 7131 4000 |
Ben Jeynes Katy Birkin | |
Broker | |
Peel Hunt LLP | |
Richard Crichton | +44 (0)20 7418 8900 |
Ross Allister | |
Public & Investor Relations | |
FTI Consulting | |
Ben Brewerton | +44 (0)20 3727 1000 |
Sara Powell | |
For further information about Freepoint, please refer to Freepoint's website at www.freepoint.com.
Notes to Editors
QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, steam and refining industries.
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014