Last checked at 14 Oct 2021 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
14 October 2021
Sabien Technology Group plc
("Sabien" or the "Company")
Subscription and possible Co-operation Agreement with Proton Technologies Canada Inc.
The Board of Sabien Technology Group plc (AIM:SNT), a Company focused on building a portfolio of solutions in the heating, cooling, and transportation sectors, announces today that it is in exploratory discussions with Proton Technologies Canada Inc., ("Proton") with the purpose of examining the scope for co-operation between the two companies during October 2021 related to the potential synergies between their respective technologies and projects.
Specifically, Sabien is keen to understand the potential for its waste-to-fuel process being deployed in conjunction with Proton's hydrogen production technology. In this regard, Sabien refers to the Sales Agency Agreement (announced 15 September 2021) into which it entered with City Oil Field Incorporated of South Korea ("COF") which provides that Sabien acts as sales agent for COF's proprietary technology that focuses on the production of light and ultra-pure fuel products from low temperature processing of end-of-life plastics.
In advance of more detailed discussions with Proton, Sabien has entered into a subscription agreement with Proton for the investment of £100,000 in Proton's voting equity shares, giving Sabien a 0.08% shareholding in the business. Sabien has taken this step to demonstrate its confidence in Proton's technology and strategy. The Board believes that the investment represents a strong opportunity to gain economic access to an exciting emerging marketplace.
The wider discussions with Proton are at an early stage and the Board commits to updating shareholders on progress as information becomes available.
Further Information:
Sabien Technology Group plc Richard Parris, Executive Chairman
| +44 20 7993 3700
|
Allenby Capital Limited (Nominated Adviser) John Depasquale / Nick Harriss / Vivek Bhardwaj
| +44 203 328 5656 |
Peterhouse Capital Limited (Broker) Duncan Vasey / Lucy Williams | +44 207 469 0930 |
The person who arranged for the release of this announcement on behalf of the Company was Richard Parris, Executive Chairman.
A copy of this announcement will be available from the Company's website at www.sabien-tech.com
Further information on Proton Technologies Canada Inc., can be viewed at Lowest cost Hydrogen with Zero Emissions. (proton.energy)