Further re: Proposed Offering by Greenlane

RNS Number : 0622E

Pressure Technologies PLC

25 February 2020

 

25 February 2020

Pressure Technologies plc

("Pressure Technologies", the "Company" or the "Group")

Further re: Proposed Offering by Greenlane Renewables Inc.

Further to its announcements of 11 and 12 February 2020, the Board of Pressure Technologies notes the subsequent announcement by Greenlane Renewables Inc. ("Greenlane") regarding the closing of its underwritten public offering (the "Offering") on 19 February 2020.

The Company confirms that it has now received a payment on the Promissory Note of £2.0m in respect of principal and an interest payment of £0.1m.  Following receipt of these funds the outstanding principal of the Promissory Note has been reduced to £4.1m.

The remaining balance of the Promissory Note (i) is denominated 50 per cent. in Pounds Sterling and 50 percent in Canadian Dollars; (ii) matures 3 June 2023; (iii) bears interest at the rate of 7% per annum and (iv) is secured by a pledge of all of the issued and outstanding Greenlane Ordinary Shares and all of the assets of Greenlane.

The announcements and documents published in connection with the Offering and any associated regulatory filings can be found via the following link:

https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00045658 . The Company accepts no responsibility for any of the documents or associated regulatory filings published via this link, or any information contained therein.

This announcement is for information purposes only and does not constitute or contain any invitation, solicitation, recommendation, offer or advice to any person to subscribe for, otherwise acquire or dispose of any securities in Greenlane or any other entity in any jurisdiction.

For further information, please contact:

Pressure Technologies plc
Chris Walters, Chief Executive	Tel: [phone]
Joanna Allen, Chief Financial Officer	[e-mail]
N+1 Singer (Nomad and Broker)	Tel: [phone]
Mark Taylor / Lauren Kettle
IFC Advisory Ltd (Financial PR and IR)	Tel: [phone]
Graham Herring / Tim Metcalfe / Zach Cohen

COMPANY DESCRIPTION

Company description - www.pressuretechnologies.com  

With its head office in Sheffield, the Pressure Technologies Group was founded on its leading market position as a designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial gases and hydrogen energy markets.

The Group has two divisions, Precision Machined Components and Chesterfield Special Cylinders.

Precision Machined Components (PMC) - www.pt-pmc.com

● Precision Machined Components includes the Al-Met, Roota Engineering, Quadscot and Martract brands.

Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com  

● Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland Gmbh, which is based in Dorsten, Germany.

 

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