Trading update and settlement of German subsidiary

RNS Number : 0939V

Zenergy Power PLC

06 January 2012

 



6 January 2012

Zenergy Power PLC

("Zenergy" or "the Company")

Trading update and settlement of German subsidiary

As previously announced last year, the Company is now focused on the market for non-superconductive magnetic Fault Current Limiters (mFCL). The Board continues to believe that there is a commercial opportunity for mFCLs and potential sales are being pursued with a number of companies.

The Company is also pleased to report that it has come to a full and final settlement with the Administrator of its German subsidiary, Zenergy Power GmbH.  The Company has paid €150,000 in return for certain assets, settlement of all inter-company accounts and confirmation of full title to the necessary intellectual property rights to manufacture non- superconducting mFCLs. In addition, the Company will also receive a royalty on all sales of 2G wire for the next 10 years if the major industrial corporation that has acquired the technology are successful in completing the development and commercialising the Zenergy Power GmbH 2G wire program.

The Company will be announcing its preliminary results for the year ended 31 December 2011 on Friday, 10 February 2012 and shareholders will be more fully updated at that time.

Ends

For further information please contact:

Simon Cleaver                                    Zenergy Power plc.     [phone]

Adam Pollock/Katherine Roe              Panmure Gordon        [phone]

David Bick/Mark Longson                   Square1 Consulting    [phone]

 

END

 

 

MSCKMGGMVKRGZZM