19 November 2015
Quadrise Fuels International plc
("QFI", "Quadrise" or the "Company")
Research & Development Programmes
Quadrise, the emerging supplier of MSAR, a low cost alternative to heavy fuel oil in the shipping, oil refining and power generation markets, is pleased to provide the following update on its Research & Development programmes.
A Collaboration Agreement was executed with the University of Surrey in Guildford (the "University") on 18 November 2015 (the "Agreement") which provides for the shared use of the University's Centre for Petroleum and Surface Chemistry ("CPSC"), an advanced research facility under the supervision of Professor Spencer Taylor within the Department of Chemistry. The consideration payable by Quadrise to the University for the first twelve months under the Agreement, which is renewable annually, is £78,000. As a result, the Company is relocating its primary emulsion fuels research base from Sweden to the UK.
In a related development, the existing Quadrise Research Facility ("QRF") in Essex is being expanded to meet anticipated business support requirements and to develop new MSAR formulations in collaboration with the University.
The programme at the University will be directed by Professor Taylor, a world class expert on surfactant and emulsion technology with over 20 years' experience in the petroleum industry with BP, undertaking applied research to underpin intellectual property, as well as upstream and downstream businesses. The CPSC has first class facilities and is ideally equipped with additional hardware and expertise to meet QFI's primary and applied research needs.
The intellectual property developed from applied research projects under the Agreement will be exclusively owned by Quadrise, whilst any fundamental research/intellectual property developed under the Agreement will be the property of the University, with Quadrise granted a non-exclusive, royalty free licence - with the option of exclusive rights based on a negotiated settlement. Quadrise will have exclusive rights on intellectual property created from jointly conducted research.
The overall research programme will be coordinated with the QRF and tightly aligned with future business needs and imperatives to extend and strengthen the Company's existing competitive advantage.
In view of these developments, the primary research programme previously coordinated by Dr Simon Craige in Sweden has been transferred to the UK to facilitate cost effective control and coordination. Dr Craige wished to remain domiciled in Scandinavia for personal reasons and left the Company's employment on 31 October 2015, following an amicable contractual separation.
Commenting on these developments, Ian Williams, Executive Chairman of QFI, said:
"The agreement with the University of Surrey, together with the relocation of primary research and the extension of QRF, results in the consolidation, expansion and strengthening of all our R&D activities to better serve the anticipated future needs of the Company. We are delighted to be working with Professor Taylor and his team, and to have established the framework for a long term relationship with the University."
Professor Dulcie Mulholland, Head of the Department of Chemistry, said:
"The University of Surrey and the Department of Chemistry are delighted to establish a relationship with Quadrise. Professor Taylor of our Centre for Petroleum and Surface Chemistry is a leading researcher in this field. We look forward to a long, productive relationship with the company"
For further information, please refer to the Company's website at 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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Jason Miles, Chief Operating Officer |
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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 |
Ben Jeynes |
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Broker |
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Peel Hunt LLP |
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Richard Crichton |
+44 (0)20 7418 8900 |
Ross Allister |
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Alastair Rae |
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Public & Investor Relations |
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Bell Pottinger |
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Rollo Crichton-Stuart |
+44 (0)20 7861 3232 |
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