Environmental Recycling Tech. PLC Chairman's AGM Statement and Result of Meeting (0095E)
October 30 2015 - 8:14AM
UK Regulatory
TIDMENRT
RNS Number : 0095E
Environmental Recycling Tech. PLC
30 October 2015
Environmental Recycling Technologies plc
Chairman's AGM Statement and Result of Meeting
At the Company's Annual General Meeting held at 12 noon today,
the Chairman Michael Rowan made the following statement:
"As recent Government initiatives have demonstrated, the need to
address the issue of waste plastic is as important as ever and the
costs of alternative waste disposal methods, notably landfill,
continue to be increased as an additional disincentive to
traditional disposal methods. Yet the world of recycling continues
to face difficulties in the weakened economic and commodity
environment and a number of large recyclers have encountered
financial difficulties with their existing operations. The macro
imperatives remain and need to be addressed - urgently.
"ERT and its proprietary PIM process continue to address the
challenges of dealing with un-separated polymers and recycling
processes. ERT has continued to progress its intellectual property
and more importantly its own recycling know how over the last 12
months. The challenge for ERT has been to achieve commercial
progress in the context of a weak market background.
"The joint venture agreement with Axion Polymers has continued
to provide valuable information to ERT and has become an important
component in addressing the technical support required for existing
licencees and in assessing new commercial opportunities. Meanwhile
our licencee, Contour Showers, has proved that in spite of modest
volumes, it has been able to consistently deliver high value
product using the PIM process.
"ERT's immediate focus is on the new North American PIM
production line being installed at Waste Not Recycling in Colorado.
It is expected that the new line will be operational before the
calendar year-end and this will represent a further advancement in
the commercialization of PIM. Other commercial enquiries continue
to develop both in the UK and internationally.
"Clearly marketing and servicing on a worldwide scale require
greater resource and that was one of the reasons for our search for
a partner who could be more than just a joint venture partner.
Having reached advanced discussions, we decided for commercial
reasons not to proceed with an acquisition , and an alternative
business model has now been identified and, subject to completion
of due diligence approved by the board and is in the process of
being further developed.
"In the meantime, ERT has taken the opportunity to restructure
with the announced recent board changes and my appointment as
Chairman. Accordingly, I would like to express my thanks to all my
former colleagues for all they have done to support ERT in recent
years and to thank Ken Brooks for his years of endeavor.
"I believe that there are some exciting opportunities before ERT
and I look forward to updating shareholders in due course."
At the meeting all resolutions were duly passed.
For further information:
Environmental Recycling Technologies
plc 01993 779 468
Michael Rowan (Executive Chairman)
Lee Clayton (Managing Director)
W H Ireland 01179 453 470
John Wakefield
Kreab 020 7074 1800
Robert Speed
This information is provided by RNS
The company news service from the London Stock Exchange
END
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