Update on the proposed sale of Greenlane Biogas
Updated : 07:05
1 February 2019
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Pressure Technologies plc
("Pressure Technologies")
Update on the proposed sale of Greenlane Biogas
Pressure Technologies (AIM: PRES), the specialist engineering group, announces an update on the proposed sale of its wholly-owned subsidiary, PT Biogas Holdings Limited, trading as Greenlane Biogas ("Proposed Sale") to Creation Capital Corp (TSX-V: CRN.P), a capital pool company listed on the TSX Venture Exchange ("TSX-V").
The process to spin-out Greenlane Biogas and list the business on TSX-V, via a sale to Creation Capital and a Private Placement by them, is well underway and making good progress. The transaction timetable is being actively managed and the Board now expects final closing of the transaction with approvals before the half-year end on 30 March 2019.
Details of the transaction were set out in the Proposed Sale announcement released on 10 December 2018. Further progress updates will follow in due course.
For further information, please contact:
Pressure Technologies plc Chris Walters, Chief Executive Joanna Allen, Chief Financial Officer
| Tel: 0114 257 3616 www.pressuretechnologies.com |
Cantor Fitzgerald Europe (Nominated Adviser and Broker) | Tel: 020 7894 7000 |
Philip Davies / Will Goode
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Belvedere Communications Keeley Clarke (kclarke@belvederepr.com) Cat Valentine (cvalentine@belvederepr.com)
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Tel: 07967 816 525 Tel: 07715 769 078 |
COMPANY DESCRIPTION
Company description - www.pressuretechnologies.com
With its head office in Sheffield, Pressure Technologies was founded on its leading market position as a designer and manufacturer of high-pressure components and systems serving the global energy, defence and industrial gases markets.
Precision Machined Components - www.pt-pmc.com
● Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk
● Roota Engineering, Rotherham, acquired in March 2014 www.roota.co.uk
● Quadscot, Glasgow, acquired in October 2014 www.quadscot.co.uk
● Martract Limited, Barton-on-Humber, acquired in December 2016 www.martract.co.uk
Cylinders
● Chesterfield Special Cylinders, Sheffield, IPO cornerstone in 2007 and includes, CSC Deutschland Gmbh, which is based in Dorsten, Germany and Chesterfield Special Cylinders Inc. which is based in Houston, USA www.chesterfieldcylinders.com
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