18 Jul 2018 07:00
18 July 2018
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Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
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Memorandum of Understanding with Freepoint Commodities LLC
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The Company is pleased to announce it has signed a Memorandum of Understanding ("MOU") with Freepoint Commodities LLC ("Freepoint").
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Freepoint, which is based in Stamford, Connecticut,Ā 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.
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Pursuant to the MOU, Quadrise and Freepoint intend to work together to pursue commercial arrangements involving the production and supply of MSARĀ® fuel to producers and consumers by utilising Quadrise MSARĀ® technology, additives and services coupled with Freepoint's marketing, trading, logistics and financial services capabilities.
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Under the MOU, during the next 24 months the parties plan to jointly investigate and pursue selected MSARĀ® 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 MSARĀ® production and supply arrangements with fuel producers and consumers.
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Commenting on this development, Mike Kirk, Executive Chairman of QFI, said:
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"We are delighted to sign this MOU with Freepoint and are confident that with the combination of Quadrise's MSARĀ® technology and fuel experience, and Freepoint's world-leading oil products trading and financing capabilities, we will be able to progress and accelerate selected MSARĀ® projects globally."
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For further information on QFI, please refer to the Company's website at www.quadrisefuels.com, or contact ir@quadrisefuels.com or phone:
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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 AllisterĀ | |
Public & Investor Relations | |
FTI Consulting | |
Ben Brewerton | +44 (0)20 3727 1000 |
Sara Powell | |
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For further information about Freepoint, please refer to Freepoint's website at www.freepoint.com.
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Notes to Editors
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QFI is the supplier of MSARĀ® 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.
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This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014
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