MOU with Freepoint Commodities LLC

RNS Number : 9527U

Quadrise Fuels International PLC

18 July 2018

 

18 July 2018

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Memorandum of Understanding with Freepoint Commodities LLC

The Company is pleased to announce it has signed a Memorandum of Understanding ("MOU") with Freepoint Commodities LLC ("Freepoint").

Freepoint, which is based in Stamford, Connecticut, is both an established global merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets.  Freepoint also provides physical supply services and related structured solutions for counterparties located throughout the world.

Pursuant to the MOU, Quadrise and Freepoint intend to work together to pursue commercial arrangements involving the production and supply of MSAR® fuel to producers and consumers by utilising Quadrise MSAR® technology, additives and services coupled with Freepoint's marketing, trading, logistics and financial services capabilities.

Under the MOU, during the next 24 months the parties plan to jointly investigate and pursue selected MSAR® project opportunities in the Americas, with a number of identified counterparties, and in Asia on an exclusive basis with the goal of entering into commercial agreements for MSAR® production and supply arrangements with fuel producers and consumers.

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

"We are delighted to sign this MOU with Freepoint and are confident that with the combination of Quadrise's MSAR® technology and fuel experience, and Freepoint's world-leading oil products trading and financing capabilities, we will be able to progress and accelerate selected MSAR® projects globally."

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

Quadrise Fuels International Plc
Mike Kirk, Executive Chairman	[phone]
Jason Miles, Chief Operating Officer
Nominated Adviser
Smith & Williamson Corporate Finance Limited
Dr Azhic Basirov	[phone]
Ben Jeynes Katy Birkin
Broker
Peel Hunt LLP
Richard Crichton	[phone]
Ross Allister
Public & Investor Relations
FTI Consulting
Ben Brewerton	[phone]
Sara Powell

For further information about Freepoint, please refer to Freepoint's website at www.freepoint.com.

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, steam and refining industries.

This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014

 

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