10 August 2016
Quadrise Fuels International plc
("QFI", "Quadrise" or the "Company")
Memorandum of Understanding
Quadrise Fuels International plc (AIM: QFI) is the emerging manufacturer and supplier of MSAR® emulsion fuels, a low cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global shipping, refining and steam and power generation industries.
The Company is pleased to announce the execution of the memorandum of understanding ("MOU") for progressing the Production to Combustion trial in the Kingdom of Saudi Arabia, as outlined in the End of Year Update notified by the Company on 5 July 2016.
This MOU defines the basis of collaboration between Quadrise and its clients in the Kingdom of Saudi Arabia to progress the Production to Combustion trial at designated refinery and power plant facilities within the Kingdom. Whilst at this stage, we cannot provide firm indications of the timetable, which will be informed by the preparatory phase work, we expect the schedule to extend beyond the Spring of 2017 - the originally anticipated point at which the trial would be concluded.
Commenting on this development, Mike Kirk, Executive Chairman of QFI, said:
"We have been working hard with our partners and our clients in the Kingdom of Saudi Arabia during 2016 and are delighted that we have now been able to execute the MOU. This is a critical enabler to commence the preparations to bring this project to reality. We remain confident of demonstrating the value of Quadrise MSAR® technology in Saudi Arabia on a commercial scale with combustion testing at a major power utility in what promises to be a significant project for the Kingdom, well aligned with its Vision 2030 Programme."
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc |
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Mike Kirk, Executive Chairman |
+44 (0)20 7031 7321 |
Hemant Thanawala, Finance Director 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 |
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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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Public & Investor Relations |
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Bell Pottinger |
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Daniel Thöle |
+44 (0)20 3772 2500 |
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