Velocys PLC Resolution of Ventech Trustees Claim (6237I)
December 15 2020 - 2:00AM
UK Regulatory
TIDMVLS
RNS Number : 6237I
Velocys PLC
15 December 2020
News release
Velocys plc
("Velocys" or "the Company")
15 December 2020
Resolution of Ventech Trustees Claim
As previously disclosed, Velocys has been in dispute with the
bankruptcy trustees of Ventech Engineers International LLC, a
former commercial partner of the Company.
Velocys is today pleased to announce that the Company has signed
a full and final de minimis settlement agreement and global mutual
release of all current and potential future claims between the said
trustees and the Velocys Group.
The Board is satisfied with the resolution of this matter and
can confirm that it will have no material impact on the Company's
financial position or results.
---Ends----
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Head of Communications & +44 1865 800
Sustainability 821
Numis Securities (Nomad and joint broker)
Stuart Skinner +44 20 7260 1000
Canaccord Genuity (Joint broker)
Henry Fitzgerald-O'Connor
James Asensio +44 20 7523 8000
Radnor Capital Partners (Investor Relations)
Joshua Cryer
Iain Daly +44 20 3897 1830
Field Consulting (General PR) +44 20 7096
Robert Jeffery 7730
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
Notes to Editors
Velocys is an international UK-based sustainable fuels
technology company. Velocys designed, developed, and now licenses
proprietary Fischer-Tropsch technology for the generation of clean,
low carbon, synthetic drop-in aviation and road transport fuel from
municipal solid waste and residual woody biomass plants currently
in construction and development.
Velocys is at present developing two reference projects: one in
Natchez, Mississippi, USA (incorporating Carbon Capture,
Utilisation and Storage) and one in Immingham, UK, to produce fuels
that significantly reduce both greenhouse gas emissions and key
exhaust pollutants for aviation and road transport. Originally a
spin-out from Oxford University, in 2008 the company acquired a US
company based on complementary technology developed at the Pacific
Northwest National Laboratory. Velocys is headquartered in Oxford
in the United Kingdom.
www.velocys.com
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END
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