Project COFFEE - Replacement

RNS Number : 2056H

Sabien Technology Group PLC

04 April 2022

 

REACH - NON-REGULATORY ANNOUNCEMENT - Replacement of earlier announcement

4 April 2022

Sabien Technology Group plc

Project COFFEE

The Board of Sabien Technology Group plc (AIM:SNT), a Company focused on a Green Aggregation Strategy, announces that Parris Group Ltd, a private company which is controlled by Sabien's Executive Chairman and 10% shareholder, Richard Parris, has launched a promotion that, if successful, is expected to deliver a significant benefit to the wider UK economy (the "Project").

A presentation of this promotion, code-named Project COFFEE, can be found at: https://www.dropbox.com/s/uxmxale1mifuorf/Project%20Coffee%20Proposal%20010422%20-%20short%20version.pdf?dl=0

Parris Group is actively campaigning through multiple channels to have Project COFFEE incorporated into the UK Government's Strategic Energy Review.

The highlights of this promotion are:

• The creation of the Project with the aim of supplying up to 10% of the UK's imported diesel requirement from waste plastic feedstock that would otherwise be incinerated, exported, or put into landfill

• The Project is based on City Oil Field ("COF") technology for which SNT holds the exclusive sales agency agreement in the UK

It is envisioned that this project will be developed under the previously announced Special Purpose Vehicle ("SPV"), b.grn Group Ltd, in which Sabien has a 33% shareholding and Parris Group owns 67%. This structure provides a separation between the ownership and licensing of intellectual property and the operating company that will buy property and develop the facilities therein.  The decision to establish the SPV to pursue the development of COF technology-based plants in the UK, such as the Project, has been made due to high capital expenditure requirements, making them more suited to project finance.

Investors should note that there is no guarantee that this promotion will be successful or that the proposed Project will be commissioned.

Richard Parris, Sabien Technology Group Chairman said, "I believe this promotion, given the proposed Project it supports, is the best and most effective way for technology under Sabien's control to be positioned at scale within the UK market. Following detailed due diligence, including a visit to City Oil Field, Inc, in South Korea in February 2022, I am convinced that City Oil Field's technology is the most appropriate solution for the production of sustainable diesel fuel from waste plastic in commercial volumes. Ecologically, the ability to convert waste plastic into an economically viable output will also address the long-term pernicious problem of plastic pollution. This Project has a clear strategic value to the UK and could have a material impact on Sabien's growth."

Further Information:

Parris Group Ltd Richard Parris, Executive Chairman https://www.linkedin.com/in/richardaparris/

[e-mail]

Notes to Editors

Parris Group Limited is wholly owned by Richard Parris and his family. Richard Parris is also a significant shareholder in Sabien Technology Group (LSE: SNT or "Sabien") which company he also chairs in an executive role. Sabien controls the exclusive rights to the City Oil Field technology in the UK and other jurisdictions in Europe. This technology will support the proposed waste plastic-to-fuel oil production envisaged for this project.  

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