11 June 2019
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Agency Agreement for Mexico
Quadrise is pleased to announce that the Company has entered into an agency agreement (the "Agreement") with Laqua S.A. de C.V. operating under the Redliner name in Mexico ("Redliner").
Redliner is a company that has over 30 years of experience in industrial infrastructure rehabilitation in Mexico for the oil and gas, water, and chemical industries. They import new technology into Mexico for applications where traditional methods have failed, and where performance and precision is paramount. They have a range of leading partners throughout Europe and the USA and have worked in PEMEX (Petróleos Mexicanos) owned refineries located in Chiapas, Tabasco, Tamaulipas, Hidalgo, Oaxaca, Nuevo Leon and Guanajuato.
The Agreement defines the structure through which Quadrise and Redliner will work to combine their expertise on an exclusive basis to seek to fast-track potential MSAR® projects to long-term commercial agreements for the production and supply of MSAR® technology, services and fuel in Mexico. The country is also covered by the existing Co-Marketing and Project Development Agreement with Freepoint Commodities LLC announced by Quadrise on 30 November 2018.
The fees payable to Redliner under the Agreement are success-based commissions, related to a percentage of gross sales received by Quadrise in Mexico from the provision and sale of MSAR® technology, services and fuel.
The term of the Agreement is 18 months from signature and will automatically renew for similar periods unless terminated by either party or superseded by another agreement.
Commenting on this development:
Mike Kirk, Executive Chairman of QFI, said:
"We are excited to be working jointly with Redliner to propose and implement MSAR® projects in Mexico for refinery and power generation applications.
We believe that the timing for deploying MSAR® in Mexico is excellent and aligned with initiatives of the new government for the energy sector, and Redliner are exactly the type of partner that we need in Mexico to progress projects at pace."
Alejandro Rojas, Managing Director of Redliner, said:
"Redliner are delighted to be representing Quadrise for the introduction of MSAR® technology and fuel to our clients in Mexico. QFI has already identified a number of opportunities for the deployment of MSAR® technology in the country, where MSAR® has obvious economic and environmental advantages over existing fuel oil sources.
Looking at the new directives issued by the Mexican government for the refining sector, and the resulting high demand for domestically produced fuels to reduce costly imports, we believe that our cooperation will rapidly add significant value to the country and enhance QFI's profile and business in the region.
We look forward to working closely with Quadrise and we are confident that MSAR® can be a highly attractive fuel option for the refinery sector and power generators in Mexico today."
For further information, please refer to the Company's website at www.quadrisefuels.com, or contact [email protected] or phone:
Quadrise Fuels International Plc |
|
Mike Kirk, Executive Chairman |
+44 (0)20 7031 7321 |
Jason Miles, Chief Operating Officer |
|
|
|
Nominated Adviser |
|
Cenkos Securities plc |
|
Dr Azhic Basirov |
+44 (0)20 7397 8900 |
Ben Jeynes Katy Birkin |
|
|
|
Joint Brokers |
|
Peel Hunt LLP |
|
Richard Crichton |
+44 (0)20 7418 8900 |
Ross Allister |
|
|
|
Shore Capital |
|
Andy Crossley Daniel Harris |
+44 (0)20 7601 6108 |
Public & Investor Relations |
|
FTI Consulting |
|
Ben Brewerton |
+44 (0)20 3727 1000 |
Ntobeko Chidavaenzi |
|
For further information on Redliner, please refer to the Company's website at https://www.desazolvemex.com
Notes to Editors
QFI is the supplier of MSAR® emulsion technology and 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 power generation, shipping, steam and refining industries.
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
