20 November 2013
Quadrise Fuels International Plc
("QFI", "Quadrise" or the "Company")
Execution of contracts with AkzoNobel,
to provide on-going support for active programmes.
Quadrise, the emerging supplier of MSAR®, a low-cost alternative to fuel oil in the shipping, refining, and power generation markets, is pleased to announce it has executed two contracts with AkzoNobel group companies ("AkzoNobel") for the exclusive purchase and supply of goods and services, and for the continued exclusive joint development of emulsion fuels. These contracts replace the Alliance Agreement signed in 2004, thus ensuring continuity and on-going support from AkzoNobel for the Company's expanding development programmes.
Commenting on this development, Ian Williams, Executive Chairman of QFI, said:
"These new agreements reinforce the commitment of the parties and clarify the roles and contributions of Quadrise and AkzoNobel in our future activities. This is a very positive development and will promote a sound and beneficial association as our major business programmes continue to evolve."
Quadrise International Limited (QIL), the 100% owned operating subsidiary of QFI, is the contracting party for both agreements.
Co-operation and Exclusive Purchase and Supply Agreement
This agreement between QIL and Akzo Nobel Surface Chemistry AB ("ANSC") defines the commercial relationship relating to the purchase and supply of goods and associated technical services to projects in development. QIL will acquire or facilitate the supply of MSAR® Manufacturing Units directly from suppliers for sale to refiners. For fuel applications QIL will buy goods such as emulsifiers exclusively from ANSC, which ANSC will supply exclusively to QIL. QIL will supply goods and services directly to refiners licensed by QIL to use Quadrise MSAR® Technology. The agreement term is a minimum of three years.
Joint Development Agreement
This agreement between QIL and Akzo Nobel Chemicals BV deals with joint technical programmes that support new business opportunities and are principally focussed on the formulation and processing of novel fuel emulsions to optimise performance and cost.
Intellectual Property arising from these programmes (including past work such as MSAR® Marine fuels development) will now be jointly owned. The agreement is exclusive in the field of emulsion fuels research and development. The agreement term is evergreen with 12 months' notice by either party.
These agreements incorporate AkzoNobel's standard conditions for customer supply contracts. Royalties will no longer be payable by QIL to AkzoNobel on MSAR® fuel production.
For further information on the Company, please refer to www.quadrisefuels.com or contact:
Quadrise Fuels International Plc |
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Ian Williams, Executive Chairman |
+44 (0)20 7031 7321 |
Hemant Thanawala, Finance Director |
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Nominated Adviser |
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Smith & Williamson Corporate Finance Limited |
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Dr Azhic Basirov |
+44 (0)20 7131 4000 |
Siobhan Sergeant |
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Broker |
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Peel Hunt LLP |
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Richard Crichton |
+44 (0)20 7418 8900 |
Matthew Armitt |
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Ross Allister |
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Public & Investor Relations |
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Pelham Bell Pottinger |
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Philip Denis |
+44 (0)20 7861 3232 |
Rollo Crichton-Stuart |
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