TEG.L Regulatory News (TEG)

12 Jul 2005 12:05

TEG Environmental Plc12 July 2005 For Release 12 July 2005 TEG ENVIRONMENTAL PLC Chairman's AGM Statement TEG Environmental plc ("TEG" or "the Company"), the leading edge greentechnology company which converts organic wastes into natural organicfertilizer, held its AGM in London today at 11:00am. At the meeting where all resolutions were passed, Nigel Moore, Chairman, madethe following statement to shareholders: "We have achieved a number of goals inthe last 12 months. We have further strengthened our management team with theappointment of Mick Fishwick as Chief Executive and Tanja Willis as FinanceDirector, along with key middle management appointments. "In March we had our first UK sale, a £925k contract with The City and Councilof Swansea. We have also been granted positive release status from the StateVeterinary Service at Sherdley Farm, the major hurdle in achieving full AnimalBy-Products accreditation. TEG is one of the first companies to have met thesedifficult requirements and is the first to offer the ability to efficientlycompost significant volumes of organic waste. "I'm delighted to announce that this morning we signed a contract with BanhamCompost Ltd for the provision of 56 Silo-Cages, worth £2 million. Our projectpipeline is strong, with several "Build Own and Operate" projects at varyingstages of development as well as a number of direct sales appearing close tocompletion. Several pieces of important legislation are being implemented thisyear ensuring that 2005 is a key year in the general recycling sector andparticularly in the organic waste sector." "Finally, Dick Bilborough, one of TEG's original founders, resigned from theBoard of Directors on Monday 11th July, although he will continue to work withthe Company in the consultancy capacity. I would like to thank him for his hardwork, tremendous energy and commitment to TEG over the last 10 years. He playeda significant role in the Company's flotation on Ofex and its move to AIM. Wewish him the best of luck for the future." ENDS For further information please contact: TEG Environmental Plc:Michael Fishwick 01772 422220 Binns & Co PR Ltd:Hannah Sloane 020 7153 1480Tarquin Edwards 020 7153 1483 This information is provided by RNS The company news service from the London Stock Exchange