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XL TechGroup, Inc. (XLT)


Thursday 26 June, 2008

XL TechGroup, Inc.

Temporary Suspension

RNS Number : 6606X
XL TechGroup, Inc.
26 June 2008

Press Release

26 June 2008

XL TechGroup, Inc.

('XL TechGroup' or 'the Company')

Suspension of Trading

XL TechGroup (AIM: XLT) advises that, at the request of the Company, trading in its ordinary shares has been suspended.

In its Operating Update release issued on 27 February 2008, XL TechGroup outlined a number of cash producing events anticipated in 2008.  These included outside investments into DxTech and PetroAlgae, the sale of a non-core technology asset and the first licensing deals by PetroAlgae, DxTech and QuoNova.  The Company has made good progress on all these fronts: DxTech has recently signed its first licensing deal; it is still anticipated that PetroAlgae and QuoNova will sign their first licensing deals this year; discussions continue to progress with potential strategic investors in DxTech and PetroAlgae, and; significant progress has been made towards the potential sale of a non-core asset. 

XL TechGroup has also been negotiating the terms of a financing facility that would enable the Company to cover its short-term financing requirements.  A bridge financing heads-of-terms was negotiated but was unexpectedly withdrawn by the funding party at the last minute.  Discussions are continuing with this funding party and with other potential funding sources. However, given there can be no certainty on timing or that the negotiations will reach a satisfactory conclusion, the Company has requested that trading in its shares be temporarily suspended.  Further updates will be provided as events progress. 

This information is provided by RNS
The company news service from the London Stock Exchange

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