26 Feb 2014 07:00
26 February 2014
Hydrodec Group plc
("Hydrodec" or the "Company")
Insurance payment
Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, is pleased to announce that it has received an initial US$2 million payment in respect of its insurance claim relating to the incident at the Canton re-refinery that occurred on 1 December 2013. The Company is continuing to follow the due process regarding its claim and final settlement with its insurance broker and the insurers.
The Company has previously announced that it expects to release its audited results on 28 March 2014. In light of the progress being made in respect of the settlement of the Canton claim, the Board may decide to delay the publication of the results as it believes it would be preferable to have the insurance position settled, if practicable and feasible, prior to finalising the audit of the 2013 results. The Board will keep this timetable under review and a further announcement will be made in due course.For further information please contact:
Hydrodec Group plc |
| 020 7907 9220 |
Ian Smale, Chief Executive Chris Ellis, Chief Financial Officer Mike Preen, Head of Corporate and Legal Affairs
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Peel Hunt LLP (Nominated Adviser and Broker) |
| 020 7418 8900 |
Justin Jones Mike Bell
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Vigo Communications (PR adviser to Hydrodec) |
| 020 7016 9570 |
Patrick d'Ancona Chris McMahon |
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Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs, a toxic additive banned under international regulations. Hydrodec's plants are located at Canton, Ohio, US and Young, New South Wales, Australia. Hydrodec recently acquired the business and assets of OSS Group, the UK's largest collector, consolidator and processor of used lubricant oil and seller of processed fuel oil, with a national network of oil storage and transfer stations, currently serviced by a fleet of more than 90 trucks which collect used oil and other garage workshop waste from over 30,000 customers. Used oil is converted into processed fuel oil at OSS's plant at Stourport and principally sold on to the UK quarry and power industry.
Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.
HYR.L (HYR)