Licence Discussions (2753F)
20 Abril 2011 - 8:53AM
UK Regulatory
TIDMBDT
RNS Number : 2753F
Bidtimes PLC
20 April 2011
20 April 2011
Bidtimes PLC
("Bidtimes" or "the Company")
Licence discussions
In the Admission Document published by the Company on 31 March
2011, the Company included details relating to the ownership by
PowerHouse Energy Inc ("PowerHouse") of, inter alia, an exclusive
licence in Australia and the granting of an exclusive licence to
use, own, assemble and install and operate Pyromex UHTG systems for
above ground coal to syngas production of 1,000 barrels per day and
greater per site in all locations other than Italy.
Contrary to information previously supplied by Pyromex Holding
AG ("Pyromex") and notwithstanding the rights granted to PowerHouse
by Pyromex, the Company and PowerHouse have received notice that a
third party has also been granted exclusive rights by Pyromex in
Australia and also in certain other territories. PowerHouse has
entered into substantive discussions with Pyromex and the third
party and the Directors and the proposed Directors of the Company
are confident that an outcome can be reached which will result in
PowerHouse retaining its exclusive licence for Australia and
maintaining the full validity of the grant of the above exclusive
licence. However, until such discussions are concluded, there can
be no certainty that such an outcome will be achieved.
The Directors of Bidtimes have decided that, in the
circumstances, the General Meeting of the Company to be held on 26
April 2011 will be adjourned until 12 May 2011.
A further announcement will be made prior to the General
Meeting.
Contact:
Bidtimes plc T:+44 (0) 20 7887 1362
Julian Moore, Non-Executive Director
Merchant Securities Limited T: +44 (0) 20 7628 2200
David Worlidge
Simon Clements
This information is provided by RNS
The company news service from the London Stock Exchange
END
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