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11 Nov 2009 07:00
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For Immediate Release |
11 November 2009 |
Corac Group plc
("Corac" or the "Company")
Trading Update
Corac announces a trading update following a review and discussions with Eni SpA ("Eni"). Despite achieving a number of key milestones in the year, necessary development and design changes specific to this project have arisen and the Company is now putting a revised timetable and plan in place for the field trial to go live in H2 2010, as opposed to Q4 2009 as previously reported.
Corac is pleased to announce that the Company is in discussions regarding contract terms with two other potential field trial partners to use the Downhole Gas Compression ("DGC") technology, one in the USA and the other in the Middle East. Both trials could provide a significant opportunity and greater breadth of application of Corac technology to the gas market.
Phil Cartmell, Chief Executive said:
"I am obviously disappointed that Corac is unable to start field trials in 2009 as planned, but pleased that the Company is now putting in place a revised plan to deliver to Eni. I am delighted that we are in negotiations regarding contract terms on two more projects relating to the DGC technology.
The Company is now entering into a new phase to manage and improve delivery of these important projects and will implement the right approach across the business to achieve its goals.
By combining the existing expertise within the team with a more dynamic commercial approach, Corac has the opportunity to deliver its innovative technology to the gas extraction industry as well as ensuring we invest to realise the value for all stakeholders."
For further information please contact:
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Corac Group plc Professor Gerry Musgrave, Executive Chairman Phil Cartmell, CEO Mark Crawford, Finance & Commercial Director |
01895 813463 |
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FinnCap Geoff Nash, Corporate Finance Charlotte Stranner, Corporate Finance Brian Patient, Sales |
020 7600 1658 |
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Buchanan Communications Richard Darby Ben Romney |
020 7466 5000 |
Notes to Editors
Corac is an engineering and technology company developing and patenting innovative solutions utilising its compact, high power compressors based on its unique expertise and technology including oil free air bearings, high speed motors and power electronics.
Corac's pre-production, energy efficient compressors are supercharging existing industrial air compressors used in the food and beverage industry.
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