Information  X 
Enter a valid email address

Fluid Leader Group Plc (FLGP)

  Print   

Monday 02 November, 2009

Fluid Leader Group Plc

Doc re: Re-negotiation of convertible note


2 November 2009

                            FLUID LEADER GROUP PLC                             
                       ("Fluid Leader" or "the Company")                       

                          Re-negotiation of Agreement                          

Fluid Leader Group Plc, the oil and gas pipeline connection, maintenance and
repair company, has successfully renegotiated the terms of the Sale, Transfer
and Assignment Agreement with Globalbanc Financial Services Limited
("Globalbanc") made on the 29th April 2009 in relation to the Company's
acquisition of a patent application for a Pipe Thermal Expansion Joint from
Globalbanc.

Where previously it was agreed that the Company would pay Globalbanc the sum of
£4,000,000.00 by way of a one year convertible note, payment will now take the
form of a three year convertible note, with the shares in Sharjah Land
Investments Limited providing the security in the agreement.

This re-negotiation ensures greater working capital is available to be used to
develop the Company and continues the recent efforts in working towards
distributing the Company's products, globally and ultimately, generating
significant revenue.

The directors of Fluid Leader Group Plc accept responsibility for the content
of this announcement.

ENQUIRIES

FLUID LEADER GROUP PLC
Martin Boulton
T: 020 7616 7070
E: [email protected]

BRIDGE HALL STOCKBROKERS LIMITED
Alex Benger
T: 020 7337 9705
E: [email protected]
                 

a d v e r t i s e m e n t