Quadrise Fuels Intnl - Further Statement re Covid-19 and Update
Further Statement re Covid-19
Update on Business Development Activities and Funding Position
Following the adoption of proactive measures taken in early
When the Company announced its interim results on
Savings have been made through a variety of actions; reducing the overall costs of the board, consultant cost reductions, revisions to the office lease, and furloughing of certain members of staff. We are also seeking to access to other
Our equipment and MSAR® fuel for the first phase pilot plant trial in
We have received extensive information from the client in
In the marine sector, discussions with the two scrubber-equipped major shipping companies are continuing, alongside our continued investigations into the physical bunker supply business with stakeholders.
We remain in regular contact with our other clients and relevant agents, but at this stage there is nothing material to report on those activities beyond that disclosed in the interim results.
"We are pleased that we have been able to deliver a material extension to our cash runway, which will now take us to mid Q2 2021. This provides us the opportunity to progress our business development opportunities in earnest for over one-year - an increase of around 5 months to that forecasted at the beginning of 2020.
Despite the current restrictions, we are continuing our activities to very good effect; with material progress in the second phase of work in
Although the oil market is significantly disrupted at this time, we do not believe our clients are basing their medium to long-term plans on the current pricing environment and so we remain confident of the opportunities to progress our projects to commercialisation, which will underpin any future funding needed in the period up to mid Q2 2021."
For additional information, please contact:
Mike Kirk, Chairman
Jason Miles, Chief Executive Officer
Shore Capital Stockbrokers Limited +44 (0)20 7408 4090
Public & Investor Relations
FTI Consulting +44 (0)20 3727 1000
The information communicated within this announcement was deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 prior to the release of this announcement. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
This information is provided by RNS, the news service of the
Quick facts: Quadrise Fuels International PLC
Market Cap: £22.46 m
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