6 Jul 2015 07:00
News release
6th July 2015
Velocys plc
("Velocys" or "the Company")
Suspension of Director
Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), announces that it has suspended its Chief Executive Officer, Roy Lipski, pending an investigation into allegations of serious misconduct. Velocys' Chief Financial Officer, Susan Robertson, will act as Chief Executive Officer during the suspension of Mr. Lipski. Mr. Lipski's suspension does not constitute disciplinary action and does not imply any assumption whatsoever that he is guilty of any misconduct. The Board will keep his suspension under review and will aim to make the period of suspension no longer than is reasonably necessary. The allegations do not involve any element of fraud or financial impropriety.
The Board is pleased to confirm that trading is in line with expectations.
- Ends -
For further information, please contact:
Velocys Susan Robertson, CFO
| +44 1235 841 700
|
Numis Securities (Nomad and Broker) Alex Ham - Corporate Broking Stuart Skinner / Jamie Lillywhite - Nominated Adviser
| +44 20 7260 1000 |
Camarco (financial communications & PR) Billy Clegg / Georgia Mann
| +44 20 3757 4983
|
Notes to editors
About Velocys
Velocys is the company at the forefront of smaller scale gas-to-liquids (GTL) that turns natural gas or biomass into premium liquid products such as diesel and jet fuel. Smaller scale GTL adds value to shale gas and bio-waste, and makes stranded or flared gas economic - an untapped market of up to 25 million barrels per day.
Velocys technology, protected by over 900 patents, is specifically designed for smaller scales, combining super-active catalysts with intensified reactor systems. The Company's standardised modular plants are easier to ship and faster to install, at lower risk, even in the most remote or challenging locations. Together with world-class partners, Velocys works flexibly to unlock gas resources of 15,000 to 150,000 mmbtu per day, allowing more companies to take advantage of more opportunities.
Velocys plc is listed on the AIM market of the London Stock Exchange (LSE: VLS). The Company is well capitalised and has a multi-disciplinary staff of over 100 operating from its commercial centre in Houston, Texas, USA and technical facilities near Oxford, UK and Columbus, Ohio, USA. Its first commercial plant, funded by Waste Management (NYSE: WM), NRG Energy (NYSE: NRG) and Ventech Engineers, is on track to enter commercial production in H1 2016.
www.velocys.com
Think Smaller™. Velocys is changing the way fuels are made.