Proposed offering by Greenlane Renewables Inc.

RNS Number : 5544C

Pressure Technologies PLC

11 February 2020

 

11 February 2020

Pressure Technologies plc

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

Proposed offering by Greenlane Renewables Inc.

The Board of Pressure Technologies notes the announcement by Greenlane Renewables Inc. ("Greenlane"), the Group's previously wholly owned subsidiary which was sold to Creation Capital Corp in June 2019, dated 10 February 2020 regarding its overnight marketed underwritten public offering (the "Offering") of units in Greenlane (each unit comprising one common share and one-half of one common share purchase warrant) (the "Offering Announcement").

The proceeds of the proposed Offering are expected to be used for various purposes, including payment to Pressure Technologies against its outstanding promissory note.

The number, pricing and terms of the securities offered as part of the Offering are yet to be determined and there can be no assurance as to whether or when the Offering will be completed, or as to the actual size or terms of the Offering. Equally, there can be no guarantee as to the quantum of any proceeds of the Offering to be paid to the Company, or as to the dilution to the Company's holding in Greenlane as a result of the Offering. Further updates will be provided in due course.

The full text of the Offering Announcement 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 the Offering Announcement, any associated regulatory filings 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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