Further re: Proposed acquisition of Pyromex

RNS Number : 4907W

Powerhouse Energy Group PLC

31 January 2012

 

31 January 2012

PowerHouse Energy Group plc

("The Company" or "PowerHouse")

Further Re. Proposed acquisition of Pyromex Holding, AG - Extension of Option

Further to its announcement on 6 January 2012 and in the light of the period that has elapsed since the conditional option to acquire the remaining 70 per cent. interest in Pyromex Holding AG ("Pyromex") was announced in August 2011, PowerHouse has requested that the Vendor provides an updated Pyromex balance sheet as at 31 December 2011.  To facilitate this, Powerhouse and the Vendor have extended the option period until 29 February 2012.  PowerHouse is finalising its financing arrangements to cover the initial acquisition payment pursuant to the terms of the option and working capital generally for the ongoing Group.

A further announcement will be made in due course.

For additional information please contact:

PowerHouse Energy Group plc

Ross Lyndon-James
[phone]

Merchant Securities Limited (NOMAD and Broker)

David Worlidge/Simon Clements

[phone]

Pelham Bell Pottinger

Nick Lambert / Charles Stewart

[phone]

Notes to Editors:

·     PowerHouse is a leading provider of economically proven, on-site, clean energy systems that use traditional and renewable forms of fuel to generate electric and thermal energy in an environmentally responsible way. PowerHouse's forward development strategy includes the conversion of waste and coal and coal waste to cleaner liquid fuels including diesel and jet fuels

·     PowerHouse offers a complete turnkey waste/biomass to energy equipment solution either by: direct sale or energy supply under long term power purchase agreements

·     PowerHouse's shares trade on the Alternative Investment Market under the ticker (PHE)

 

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