30 Sep 2013 10:56
30 September 2013
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Statement re Share Price Movement
The Directors of Quadrise Fuels International plc (AIM: QFI), the emerging manufacturer and supplier of MSAR® emulsion fuels, a low cost alternative to heavy fuel oil (one of the world's largest fuel markets utilising over 600 million tonnes per annum) in the global shipping, refining and steam and power generation markets, note the recent increase in the Company's share price and confirm that they are not aware of any specific reason for such a movement.
The Company expects to announce its results for the year ended 30 June 2013 on Monday, 7 October 2013 and will at the same time convene the Company's Annual General Meeting ("AGM"). Ahead of that announcement, the Company provides the following operational highlights:
· Quadrise MSAR® Marine Fuels: 'Proof of concept' seaborne trials to start before year end 2013 in two Maersk ships using Wartsilla and MAN engines, Progressing on review to Letters Of No Objection certifications and early commercial operations by mid 2014
· AkzoNobel Relationship: The Alliance Agreement will be replaced by a Commercial Agreement and a Research and Technology Agreement
The Company will become the licensor of the Quadrise MSAR® Technology
Akzo and Quadrise will share future IP ownership
Quadrise will have worldwide rights for Akzo technology in emulsion fuels applications
· Saudi Arabia: Aramco has designated a Saudi refinery directly linked to an integrated steam and power utility serving a major petrochemical complex as the preferred first application of MSAR technology
· Central & South America: A programme is proceeding with Ecopetrol to review the feasibility of a joint venture for manufacturing and marketing of MSAR fuels in the region
· Global Oil Major: Positive results on trials to emulsify a heavy residue stream produced in a proprietary petrochem/refining process with potential multi-site availability
For additional information, please contact:
Quadrise Fuels International plc
Ian Williams
Hemant Thanawala
+44 (0)20 7031 7321
Smith & Williamson Corporate Finance Limited
Dr Azhic Basirov
Siobhan Sergeant
+44 (0)20 7131 4000