Environmental Clean Technologies Limited (ECT) (ASX:ESI) acknowledges there has been considerable shareholder disquiet following the termination of the proposed Victoria Coldry / Tincom Joint Venture in June, the subsequent decline in the share price, and the actual and impending departure of three directors this week.
The appointment of Mr Mike Davies as a director on 5th July 2011 was the first step in a renewal of the ECT Board. Mr Davies brings considerable relevant commercial experience to the Board and will work closely with Mr Stephen Carter to identify candidates to ensure the future Board is structured to deliver tangible results in the commercialisation of the Coldry technology. To that end ECT has engaged the services of a search consultant to assist in the identification of suitable directors with the objective of making an appointment by the end of July. The directors are committed to ensuring ECT follows due process in its corporate governance and in particular the appointment of directors.
ECT is confident the results of tests and its technical and market experiences will underpin the next phase of the commercialisation of the Coldry technology. The Datang test burn planned for late 2011 is expected to provide concrete evidence of the suitability of Coldry pellets for use in black coal power plants and will be a major step in the commercialisation process.
As an out-going director and Chairman I am confident that current directors will be committed to ensuring the Board is structured to meet the challenges of the ongoing process of commercialising the Coldry technology and working to restore shareholder value.
Dave Woodall Chairman