Directorate Change

RNS Number : 6985J

Quadrise Fuels International PLC

15 April 2020

 

15 April 2020

Quadrise Fuels International plc

("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")

Directorate Change

Quadrise announced in its interim results on 30 March 2020 that, in the context of current macroeconomic circumstances, it has been in the process of implementing cost saving measures. The cost saving measures being implemented will not impact on the Company's ability to continue to operate effectively and the Company remains confident that it can continue to progress key business development activities.  

As part of this process the Board has reviewed its own size and composition and, in support of the cost reduction programme, Bryan Sanderson has offered his resignation as a Non-Executive Director of the Company. The Board has accepted his resignation and he will therefore leave after serving his three-month notice period on 14 July 2020. The Company does not intend to appoint an additional Non-Executive Director until it has progressed to commercial revenues. 

Commenting on this development Mike Kirk, Chairman of QFI, said:

"We have enjoyed working with Bryan over the past year and thank him for his contribution.  The Board felt that it was important to demonstrate a real focus on cost reduction throughout the Group at this time and we thank Bryan for his role in assisting Quadrise with its cost reduction initiatives.

Our long-standing independent Non-Executive Directors, Laurie Mutch and Phil Snaith, have in-depth knowledge of the business and will continue to play a vital role in assisting in the ongoing development of the business."  

For further information, please refer to the Company's website at www.quadrisefuels.com , or contact [e-mail] or phone:

Quadrise Fuels International Plc
Mike Kirk, Chairman	[phone]
Jason Miles, Chief Executive Officer
Nominated Adviser
Cenkos Securities plc
Ben Jeynes Katy Birkin	[phone]
Joint Brokers
Peel Hunt LLP
Richard Crichton	[phone]
David McKeown
Shore Capital Stockbrokers Limited
Toby Gibbs Fiona Conroy	[phone]
Public & Investor Relations
FTI Consulting
Ben Brewerton	[phone]
Ntobeko Chidavaenzi	[e-mail]

Notes to Editors

QFI is the supplier of MSAR^® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, industrial and refining industries.

 

END

 

 

BOAGPUQWCUPUUAA