TEG.L Regulatory News (TEG)

20 Jan 2005 07:00

TEG Environmental Plc20 January 2005 For release 7:00am 20 January 2005 TEG Environmental Plc: Board Appointment Michael Fishwick to become Chief Executive Elect TEG Environmental Plc ("TEG" or "The Company"), the leading edge greentechnology company which converts organic wastes into natural organicfertilizer, announces it has appointed Michael Fishwick as a Director of theCompany, and Chief Executive Elect. In this role he will understudy the currentCEO, Dick Bilborough, but with immediate effect assume direct management controlof the technical, engineering and manufacturing aspects of the Preston,Lancashire-based business. Mr Bilborough will focus on marketing and sales. Michael (39) joins TEG from the successful recycling business Waste SolutionsGroup Ltd, where he was Managing Director since 2000. In 2001 he led amanagement buyout of the Company and became a 25% shareholder. He successfullysold the Company last year to Credential Environmental Limited, realising asubstantial gain for shareholders. Prior to that, from 1997 until 2000, he wasOperations Director of White Rose Environment Ltd, a subsidiary of Kelda(Yorkshire Water). Michael began his career in 1987 with British Nuclear Fuelsplc. He graduated from the University of Newcastle upon Tyne, where he gained afirst class honours degree in Chemical Engineering. Commenting, Nigel Moore, Chairman of TEG Environmental, said: "Now that TEGEnvironmental is on the threshold of turning a number of long outstandingopportunities into sales of our Silo-Cages, I am delighted that Michael, with amost impressive track record to date, has decided to join us and help us achievethe success for which the TEG team have worked so hard." Michael is married with two children and lives in Lancashire. There are no other details to be disclosed of Directorships held by Mr. Fishwickin any other publicly quoted company at any time in the previous five years.According to paragraph 6.F.2 (d) of the UK listing rules, Mr. Fishwick declaresthat he was director of Environmental Waste Solutions Ltd (EWS) and ManagingDirector of its subsidiary company, Waste Tyre Solution Ltd (WTS) from July 2000to December 2001. EWS went into administration in October 2001 and Mr. Fishwickleft the Company in December 2001 after he had completed an MBO of WTS. Thereare no further disclosures to be made according to paragraph 6.F.2 (b) to (g) ofthe UK listing rules. ENDS For further information please contact: TEG Environmental PlcDick Bilborough, Chief Executive 01772 422220; 07774 445086 Binns & Co PR LtdPeter BinnsHannah Sloane 020 7786 9600 Editor's Notes: TEG designs and produces a specialised composting system that provides a proven,efficient and cost-effective disposal alternative to landfill or incineration asa means of treating organic waste. Potential customers include contractors,local authorities, waste management companies, food processors, farmers andlandowners. The Company's expanding market is driven by increasingly stringentEU and UK legislation regulating the treatment and disposal of organic waste. This information is provided by RNS The company news service from the London Stock Exchange