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20 Jul 2009 07:00
Quadrise Fuels International plc
("QFI")
Operational Update
Since our interim results statement issued in March 2009, QFI's principal focus has continued to be our Lithuanian project. This project represents the first commercialisation of our MSAR® technology, and will be the first large scale refinery based residue emulsion fuel production plant in the world.
Whilst the project has been subject to schedule slippage arising from a realignment of competing fuel prices and oil price volatility during 2009, a definitive proposition for our technology has now been submitted to AB Mazeikiu Nafta who, in turn, are in negotiation with counter-parties regarding long term fuel supply contracts for power generation. We anticipate that a contract will be concluded prior to end of calendar 2009 which should produce revenues for QFI in the second half of the current financial year to 30 June 2010.
Elsewhere we are pleased to be able to report progress in other areas, particularly in Saudi Arabia where positive discussions continue to develop. We expect to be able to provide more definitive information on this important development towards end 2009.
Our 30th June 2009 cash balance was £2.8 million.
A further update will be provided at the time of the QFI's full year results which are expected to be announced on 26th October 2009.
Enquiries:
Quadrise Fuels International PLC
Tel: +44 (0)20 7550 4930
Ian, Williams, Chairman
Bill Howe, Chief Executive
Hemant Thanawala, Finance Director
Fairfax I.S. PLC
Tel: +44 (0)20 7598 5368
Adam Hart
Capital MS&L
Tel: +44 (0)20 7307 5330
Penny Freer
James Madsen
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