QFI.L Regulatory News (QFI)

The following amendment has been made to the Appointment of Non-Executive Chairman announcement released on 01 February 2022 at 07:00 under RNS No. 0325A

When outlining Andy Morrison's current directorships, the previous announcement read that Spinnaker Acquisitions PLC has completed the purchase of Homeserve Labs Ltd. by way of reverse takeover, this purchase has been announced but not completed. This has been reflected below.

The remainder of the announcement is unchanged. The full amended text is shown below.

1 February 2022

Quadrise Fuels International plc

("Quadrise", or "Company")

Appointment of Non-Executive Chairman

Quadrise (AIM:QFI), the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels, is pleased to announce the appointment of Andy Morrison as Non-Executive Chairman with immediate effect.

Andy is a director of growth businesses with almost forty years of experience encompassing major multi-national corporations and junior public companies. Andy began his career at Royal Dutch Shell, where he spent 17 years in their oil products (including bunker fuel), lubricants and speciality chemicals divisions. His roles there included VP positions in sales, marketing, trading and strategy, spanning several continents.

After leaving Shell, Andy held senior positions at BG Group plc and BOC Group plc in Corporate Strategy and New Business Development respectively. Since 2007, Andy has led a number of junior listed companies in both the energy and ESG sectors, where he has significant experience covering restructuring, turnarounds, new listings and acquisitions. His directorships have included roles as Chief Executive Officer of Xtract Energy plc and Silvermere Energy plc, non-executive director of Kanabo Group plc and Chairman of Spinnaker Acquisitions plc which has recently listed on the London Stock Exchange and announced the purchase of Homeserve Labs Ltd by way of a reverse takeover.

Andy holds a first-class bachelor's degree in chemical engineering and fuel technology from the University of Sheffield.

Philip Snaith, Chairman of the Nominations Committee, said:

"Andy was the leading candidate following a rigorous recruitment process, and we are delighted to have appointed him as Chairman. He has extensive and highly relevant experience in the energy sector as well as with listed companies across a range of industries including several ESG-focused entities."

"Andy has demonstrated strong leadership skills and a strategic and entrepreneurial approach throughout his career and has a track record of commercial delivery. Andy joins Quadrise at the start of an exciting year ahead for the Company as we progress our projects towards commercialisation."

Andy Morrison, incoming Non-Executive Chairman, said:

"I am very much looking forward to joining the board at Quadrise and working with the executive team; this is clearly a time of huge potential for the business with so many of the industry dynamics providing real opportunity for our products and technology. The increasing importance of ESG credentials to the investor community presents both challenges and opportunities. Our task will be to deliver on our projects and at the same time build a sustainable future for the Company that can inspire us all."

The following information regarding the appointment of Andrew John Gowdy Morrison (aged 61) is required to be disclosed under Schedule 2(g) of the AIM Rules for Companies:

Between 31 August 2011 and 16 August 2013, Mr Morrison was a director of Silvermere Energy plc ("Silvermere"), which entered into a company voluntary arrangement ("CVA") with its creditors on 16 August 2013. The CVA completed on 20 December 2013, pursuant to which creditors were issued shares in Silvermere, which was then renamed Tern plc.

For further information, please refer to the Company's website at www.quadrisefuels.com or contact:

QFI is the supplier of MSAR® and bioMSARTM emulsion technology and fuels, low-cost alternatives to heavy fuel oil (one of the world's largest fuel markets, comprising over 340 million tonnes per annum) and biofuels in the global power generation, shipping, industrial and refining industries.