Board Change

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

15 April 2024

Eco Buildings Group plc

(the "Company" or the "Group")

Board Change  Non-Executive Director Etrur Albani Appointed Executive Vice Chairman

Eco Buildings Group Limited (ECOB), the UK-quoted modular housing company, is pleased to announce that Dr Etrur Albani, co-founder and non-executive board member, has agreed to assume a full-time role as the Group's Executive Vice Chairman.  In his new role, Dr Albani will be responsible for managing existing client relationships as well as developing new contracts, working with CEO Sanjay Bowry in setting and maintaining the Company's strategy on how best to capture the rapidly growing demand for modular housing worldwide in general, and for the Group's innovative product offering in particular. 

Dr Albani has a PhD in High Speed Communication Devices and has been pivotal in commissioning  the Group's manufacturing system for automated wall panel production and delivery into the Group's standing 3-year, €114M order book in the region.   In addition, Dr Albani's understanding of the Company's manufacturing materials and processes have aided his efforts to introduce Eco Buildings' housing solution to new markets.

Dr Etrur Albani, Incoming Executive Vice Chairman, Eco Buildings, "I have always believed in the potential for the modular housing sector and Eco's role within this sector.  Eco's is uniquely positioned with a process that creates robust housing materials that are both low cost and of the highest ecological specifications.  Therefore in consultation with the Board, I have agreed that one way to help the Company more efficiently capture its rightful share of this worldwide opportunity, is for me to formally dedicate myself to the Company as Executive Vice Chair.

As the Company's largest shareholder, I want to assure our long-supporting as well as potential investors, that my efforts will be keenly focused on creating shareholder value and improving the performance of our shares.  Your trust and investment in our company are paramount and I am committed to working diligently towards our collective success."

Don Nicolson, Chairman, Eco Buildings said, "On behalf of myself and the entire Eco Buildings' board, I want to thank Etrur for agreeing to assume a senior, executive role at the Company.  He has been critical to the team's efforts to date commissioning our production facilities while simultaneously developing new relationships in new markets.  Having him now as Executive Vice Chair, where he can be directly assist Sanjay in setting strategy and developing new markets for our products, will be good for all stakeholders"

Further information is available on Eco Buildings website: www.eco-buildings.net

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Notes

The Company has acquired proven and innovative prefabricated technology which has been in development and commercial use since 2006. Eco Buildings' range of prefabricated, green housing products based on glass fibre reinforced gypsum panels ("GFRG") provides a construction solution for both affordable and high-end housing.

Eco Buildings has already secured two sales contracts with major construction companies, one in Albania, the other in Kosovo, which are expected to generate gross sales revenue of approximately up to €38 million in total per annum over the first three years (approximately €114 million in total) following Admission.

The market share for factory-based building technology is expected to grow significantly over the coming years as private developers and the public sector seek to address the substantial and growing deficit in housing stock and issues of construction cost, speed and quality and housing affordability.