Strategic Investor Update & B

RNS Number : 5197U

Gas Turbine Efficiency PLC

18 October 2010

 



18 October 2010

Gas Turbine Efficiency PLC

("GTE" or the "Company")

Update on discussions with strategic investor

Appointment of John Grant as Executive Chairman

Gas Turbine Efficiency plc ("GTE" or the "Company"), a leading provider of proprietary cleantech systems for enhancing the performance of aviation and industrial gas turbines, announces that the previously disclosed discussions with a strategic investor have concluded and that the strategic investor has decided not to make an investment in the Company at the current time.

Separately, the Company is continuing discussions to sell substantially all of the assets of its aviation business and is exploring other long term financing alternatives involving existing investors, alongside third party alternatives.

Furthermore, the Board is pleased to announce that John Grant has been appointed Executive Chairman with immediate effect.  Mr Grant joined the Board as non-executive Chairman on 4 January 2010. He will now take an enhanced role in the management and future development of GTE.

For further information:

Gas Turbine Efficiency plc	John Grant (Executive Chairman) Steve Zwolinski (Chief Executive Officer)	[phone] [phone]
Matrix Corporate Capital LLP	Nick Ellis	[phone]
Financial Dynamics	Jon Simmons Susanne Yule	[phone]

About GTE

Gas Turbine Efficiency plc (GTE) designs, manufactures and supplies proprietary energy saving and performance enhancing systems and support services to the Power Generation, Oil and Gas and aviation industries.  GTE's extensive portfolio of patented solutions save fuel, reduce emissions, increase availability, and extend turbine and parts life.

The Group provides solutions for application of a wider variety and quality of primary and alternative fuels. Specific products and services developed by our world-class technology team include compressor cleaning and power augmentation systems; fuels management systems; combustion design, repair, upgrade and monitoring, fluid and control auxiliaries and outage management services. The Group's systems and associated services are provided to turbine end users and OEMs including General Electric, Pratt & Whitney, Rolls Royce, Caterpillar-Solar and Siemens from operation centers in Europe and the USA. GTE's shares are traded on London Stock Exchange's AIM (Ticker: GTE).

 

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