Environmental Clean Technologies Limited (ASX: ECT) (ECT or Company) is pleased to provide the following update on the proposed acquisition of a new waste-to-energy (WTE) technology and requests a continuation to the suspension of trading in its securities through to and including Monday 8 July.
- Asset Sale Agreement signed for the acquisition of assets related to the CDP group of companies
- Completion of the transaction expected by close of business on 8 July 2019
- Presentation on the acquisition attached
- The Company will come out of suspension on 9 July 2019
Further to previous announcements on 7 and 13 June 2019 the Company is pleased to confirm it has today signed an Asset Sale Agreement (ASA) with liquidators McGrath Nichol for the acquisition of a WTE technology capable of producing automotive diesel from a range of inputs including various waste streams, such as construction wood-waste and end-of-life plastics.
The ASA was finalised and signed 3 days later than was anticipated and as such the completion period now concludes at the close of business on 8 July 2019. The purpose of the completion period is to allow for transfer of the assets and to satisfy all pre-conditions, including final inspection of the assets, and to make payment.
The Company is presently in Voluntary Suspension pending the completion of this acquisition and will seek an extension of this suspension until this transaction is completed or prior to the market opening on 9 July, whichever is sooner. At that time the Company will provide a further update, detailing the transaction, prior to recommencement of trading.
In the meantime, the Company provides the following presentation broadly outlining the technology and its strategic fit with the Company’s Coldry process and potential plans for inclusion in its Latrobe Valley project.
Chairman Glenn Fozard commented, “This acquisition has been 7 months in the making and we are eagerly anticipating its application to the Latrobe Valley project amongst other immediate project opportunities.”
“Waste to energy (WTE) solutions attract a lot of Government and community support and ECT has potentially identified how the latest WTE technology can be integrated with Victoria’s lignite reserves with the aim of producing a diesel fuel refinery virtually unlimited by scale.”
The Company looks forward to providing further details of the transaction completion and planned commercialisation program in due course.
For further information, contact:190703-presentation-CDP-final-sml