2 Dec 2016 15:19
2 December 2016
Quadrise Fuels International plc
("Quadrise", "QFI'' or the "Company")
Result of AGM and Other Matters
Quadrise Fuels International plc (AIM: QFI), the emerging supplier of MSAR® emulsion technology and fuel, enabling a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tonnes per annum) in the global shipping, refining and power generation markets, announces that at its Annual General Meeting held earlier today, all resolutions proposed to the meeting were duly passed.
Following the meeting, a presentation was made on progress during 2016. A copy of the presentation will be available on the Company's website at www.quadrisefuels.com.
The Company also confirms that it is in discussions with a large Japanese engineering contractor with a view to seeking to undertake a study with the contractor to identify prospective producers and consumers of MSAR® in Japan.
As had been announced by the Company on 21 July 2016, Dr. Ian Duckels, a Non-Executive Director of the Company, retired as a director of the Company immediately following the Annual General Meeting held earlier today. Dr. Duckels had been a director of the Company since September 2008 and, prior to joining the board of QFI, Dr. Duckels had served as a director of Quadrise Limited from 1998 until its acquisition by QFI in 2006, following which he provided consultancy services to QFI.
Philip Snaith, who was appointed as a Non-Executive Director in 2014, succeeds Dr. Duckels as Chairman of the Remuneration Committee.
Mike Kirk, Executive Chairman of Quadrise, said:
"The Quadrise Board would like to thank Ian for the significant contribution he has made to the development of Quadrise over many years. We would like to wish Ian the very best in the future and with his well-deserved retirement."
For additional information, please contact:
Quadrise Fuels International plc +44 (0)20 7031 7321
Mike Kirk
Hemant Thanawala
Jason Miles
Smith & Williamson Corporate Finance Limited +44 (0)20 7131 4000
Dr Azhic Basirov
Ben Jeynes
Katy Birkin
Peel Hunt LLP +44 (0)20 7418 8900
Richard Crichton
Ross Allister
Chris Burrows
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
Sara Powell
Notes to Editors
QFI has developed MSAR® as a less expensive, cleaner synthetic HFO. Produced using QFI's proprietary technologies and services, MSAR® offers both producers and consumers of the fuel significant economic and environmental advantages. MSAR®, an oil in water emulsion, is made by mixing the residue stream from an oil refinery with water and specialised chemicals in a proprietary production process, instead of diluting the residuals with high value distillate products as in the production of HFO.
QFI acts as the technology and service partner to both the producer and the consumer and aims to create value both through licence revenues from the production of fuel and the sale of the chemicals and MSAR® manufacturing systems. The core technology has been developed jointly with AkzoNobel - one of the world's leading surface chemistry companies.
The two largest markets for the use of MSAR® as a low cost, efficient and environmentally friendly synthetic HFO are marine bunkering and power generation. Significant work has been carried out to demonstrate the proof of concept in both end-user markets and current work is focused on commercial scale trials the successful conclusion of which will be a significant milestone towards QFI developing sustainable commercial revenues.