Update on Canadian Forestry Joint Venture

RNS Number : 3306Q

Active Energy Group PLC

17 June 2015

 

17 June 2015

Active Energy Group Plc
("Active Energy Group" or the "Group" or the "Company" or "AEG")

Update on Canadian Forestry Joint Venture

Active Energy Group Plc (AIM: AEG.L), the London Stock Exchange AIM-listed international supplier of industrial wood chip for MDF manufacturing and Biomass for Energy (BFE) power generation, second-generation Biomass for Energy (BFE) fuel solutions and systems, and global forestry and natural resources development services, is pleased to announce that it has received written confirmation from the Ministry of Aboriginal Affairs of Alberta that the report into possible breaches of the Métis Settlements Act by AEG's Métis partners in its KAQUO Forestry & Natural Resources Development Corporation (KAQUO) joint venture will be issued within the next four weeks.

As stated in the Group's Annual Report for the year ended 31 December 2014, issued on 8 June 2015, the Board of AEG remains confident in the legal validity and commercial potential of the KAQUO joint venture, and is confident that initial funding by the selected investor will be in place in H2:2015.

Richard Spinks, Active Energy Group CEO, commented "We are extremely grateful to the government of Alberta for finally confirming when the enquiry will be completed."

 "The Métis people have a long and honourable history, and I have every confidence that the KAQUO joint venture will allow the selected investor to imminently invest, which will enable the creation of hundreds of local jobs and empower the Métis Settlements of Northern Alberta to achieve financial independence and become proud contributors to Alberta's economy… a goal that we share with Premier Notley and her new government."

- ENDS -

NOTES TO EDITORS & CONTACT INFORMATION

ABOUT ACTIVE ENERGY GROUP PLC:

Active Energy Group Plc is a London Stock Exchange AIM-listed company (AIM: AEG.L).  Headquartered in the UK, it is a fast-expanding international business, which has experienced exceptionally strong growth and diversification into complementary industry sectors since the current management team assumed responsibility in mid-2012.

The Group has considerable expertise across the entire timber industry supply chain - from forest to finished product. 

Its four specialist business divisions, which reflect its knowledge and experience and which work together to maximise commercial opportunities, focus on providing products and services to specific global market sectors:

·   Forestry & Natural Resources Development and Management

·   Wood Chip for Medium-Density Fibreboard (MDF) Manufacturing

·   Wood Chip for Biomass for Energy (BFE) Power Generation

·   Second Generation Biomass for Energy (BFE) Fuel Solutions and Systems

Active Energy Group Plc operates from four international locations:

·   Ukraine, where it is the largest producer and exporter of wood chip for MDF manufacturing.

·   United Kingdom, where it operates a research & development facility for new BFE fuel technologies.

·   Spain, from where it sources finished wood chip for export to international customers.

·   Canada, where it has entered into a landmark joint venture - KAQUO Forestry & Natural Resources Development Corporation - with several indigenous Métis Settlements to commercialise in excess of 250,000 hectares of their lands, containing valuable forests and natural resources, including oil and gas reserves.

Ukraine and Canada, with their large forestry reserves and comprehensive road, rail and sea transport links, are ideal locations from which to source raw timber and manufacture wood chip and fuel pellets for supply to MDF producers and Biomass power plants.

In addition to its existing activities, the Group is actively developing innovative Biomass fuel solutions, converting waste wood and industrial/agricultural by-products into feedstock for clean energy power generation as a direct replacement for coal.

Active Energy Group Plc is led by a highly experienced and dedicated management team with a proven track record in the industries and regions in which it operates and from which its revenues are generated. 

The Company has grown significantly in recent years, and has established a firm foundation, excellent reputation and international customer base upon which to build for the future.

COMPANY WEBSITE:

www.active-energy.com

ENQUIRIES:

Active Energy Group Plc
Richard Spinks, Chief Executive Officer              [e-mail]           Intl.: [phone]
                                                                                                                                                                 Ukraine: [phone]

Mark Broomer, Corporate Communications    [e-mail]         Intl.: [phone]
                                                                                                                                                                 UK: [phone]

6 Hillgrove Public Relations
Richard Hillgrove                                                     [e-mail]             Office: [phone]
                                                                                                                                                                 Mobile: [phone]

John Price                                                                   [e-mail]                         Office: [phone]
                                                                                                                                                                 Mobile: [phone]

WH Ireland Ltd. (Nominated Adviser and Broker)                                                    
Chris Fielding/Mark Leonard                                                                                                            Office: [phone]

 

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