Leadership Change

RNS Number : 3594M

EQTEC PLC

16 September 2019

 

16 September 2019

EQTEC plc

("EQTEC", the "Company" or the "Group")

Leadership Change

EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects announces that Ian Price has stepped down as the Company's Chief Executive Officer and as a Director of the Company with immediate effect.  The Company has appointed David Palumbo to succeed Ian as Chief Executive Officer with immediate effect.  Ian Price will remain as part of the Company's senior management team and will continue to support the development of the Group's business.

Mr Palumbo joined the Company's Board on 28 August 2019, having been appointed to the senior management of the Group as Commercial Director on 28 June 2019.  He has been in involved in an advisory capacity with the Group since 2014 and was responsible for introducing a number of significant stakeholders to the Company in that period.  David is an experienced entrepreneur with 20 years' experience in private equity, business development and asset management.  Since 2006, David has founded and co-founded a number of companies in various industries such as renewable energy, wealth management, property and real estate.

Ian Pearson, Chairman of EQTEC plc, said: "We are excited to welcome David as Chief Executive.  His knowledge of and long relationship with the Company, together with his strong and varied international experience make him ideally placed to realise the full benefits of the recent restructuring and continue to implement our clear strategy for growth in the highly attractive waste to energy market.

"The Board would like to thank Ian for his contribution as Chief Executive, overseeing the final stages of the integration of the transformational merger with Eqtec Iberia and the operational re-focus of the Group's business.  His extensive experience in the UK RDF market will continue to benefit the Group in his new role.

David Palumbo, Chief Executive Officer of EQTEC plc, said: "I am delighted to have been appointed EQTEC's new CEO at what I know is a very exciting time for the Group.  My focus will be on accelerating the strong foundation for growth, focusing on increasing sales from a lean organisation, continuing to optimise the capital structure of the Company and establishing new funding structures for project finance.  With this in place, I believe the potential of the Group's unique and highly compelling technology and portfolio of projects will be maximised."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). 

Enquiries

EQTEC plc	[phone]
David Palumbo / Gerry Madden
Strand Hanson - Nomad & Financial Adviser	[phone]
James Harris / Richard Tulloch / Jack Botros
SI Capital Limited - Broker
Nick Emerson / Jon Levinson	[phone]
IFC Advisory - Financial PR & IR	[phone]
Tim Metcalfe / Graham Herring / Zach Cohen

Notes to Editors

About EQTEC plc

EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects to which it will ultimately sell its EQTEC Gasifier Technology ("EGT") and O&M services.  EGT enables project developers to construct waste elimination plants and recover electrical and thermal energy from the waste streams.

EQTEC sources projects that have a local supply of waste in need of elimination and conversion.  It builds relationships and brings together the developers, the waste owners, the building contractors and funders.  It then supplies the energy recovery technology and provides engineering services to the projects. Furthermore, EQTEC will provide O&M services to the operating projects generating recurring revenues over the life of the projects.

The Company is quoted on AIM and trades as EQT.  Further information on the Company can be found at www.eqtecplc.com.

 

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