Verditek PLC Complete control of Solar PV Business (3874Z)
May 17 2019 - 3:05AM
UK Regulatory
TIDMVDTK
RNS Number : 3874Z
Verditek PLC
17 May 2019
Amendments have been made to the announcement (3325Z), released
17 May 2019, in the title and the third paragraph of the body of
the text. All other details remain unchanged.
Verditek PLC
("Verditek" or the "Company")
Verditek takes complete control of Solar PV Business
Verditek plc, (AIM: VDTK) is pleased to announce that it has
successfully negotiated complete control of Greenflex Energy
Limited (previously a 51% subsidiary of Verditek plc), and
liquidated Greenflex RSM s.r.l.
In doing so Verditek has consolidated all our PV assets in
Verditek Solar Italy which will benefit from 100% of the results
going forward. The acquisition has been achieved with complete
cooperation of the minority interest holder, forgiving accumulated
losses incurred in Greenflex RSM s.r.l, the asset holding company
owned entirely by Greenflex Energy Limited. The consolidated
accounts of Verditek plc will reflect this change and full
ownership of all assets of Verditek Solar Italy.
Having complete control of the company and assets has allowed
Verditek Solar Italy s.r.l. to move forward quickly with
refurbishing the Lainate manufacturing facilities and refining the
formulation of our lightweight PV modules. The result is a novel
solar PV product that is significantly lighter and easier to
install than conventional panels. This opens up new market
opportunities with clients who could not consider a solar solution
due to the weight and installation challenges of conventional
panels. Additionally, Verditek has been developing financial
instruments to offer clients the opportunity to reduce or remove
the initial capital burden incurred with installing solar on their
premises. By partnering with EPC (Engineering, Procurement,
Construction) companies, and investors, we can create an affordable
entry into solar and attract investment into renewable energy
developments.
Dr Geo Nesbitt, CEO of Verditek plc said: "the acquisition of
the minority interest in Greenflex Energy and liquidation of
Greenflex RSM allows us to operate decisively. A tremendous amount
of work and commitment has been invested to turn this facility
around and it will be gratifying to benefit fully from our efforts.
We will continue to open up market opportunities via smart
partnering with other organizations aligned to bring Solar PV to
clients that would otherwise be denied access to renewable
energy."
About Verditek:
Verditek plc (AIM: VDTK), the clean technology company is
headquartered in London. Verditek is dedicated to commercializing
proven technology in the renewable energy and clean-tech sectors
that can deliver significant competitive advantage compared to
conventional industrial solutions. With particular focus on
light-weight solar modules, Verditek also has interests in cutting
edge de-odorization and ground-breaking CO2 capture. Verditek is
realising tomorrow's technologies today.
For further information, please visit www.verditek.com
Enquiries:
Verditek plc
Geoffrey Nesbitt, CEO Tel: +44 (0)20 7129
Verditek Solar Italy srl 1110
Alfredo De Mutiis, Managing Director Tel: +44 (0)78 3306 2577
WH Ireland Limited - NOMAD and Broker Tel: +44 (0)20 7220 1666
Chris Hardie
Matthew Chan
Strand Hanson Limited - Financial Adviser Tel: +44 (0)20 7409 3494
James Harris
Ritchie Balmer
Jack Botros
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS, the news service of the
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END
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