Quadrise Fuels International PLC Extension of Contracts with AkzoNobel (7467J)
September 14 2016 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 7467J
Quadrise Fuels International PLC
14 September 2016
14 September 2016
Quadrise Fuels International Plc
("QFI", "Quadrise" or the "Company")
Extension of contracts with AkzoNobel,
providing on-going support for global MSAR(R) projects
Quadrise Fuels International plc (AIM: QFI) is the emerging
supplier of MSAR(R) emulsion technology and fuel, enabling a low
cost alternative to heavy fuel oil (one of the world's largest fuel
markets, comprising over 450 million tons per annum) for the global
shipping, refining and power generation industries.
The Company is pleased to announce it has extended two contracts
with AkzoNobel group companies ("AkzoNobel") for the exclusive
purchase and supply of goods and services, and for the continued
exclusive joint development of emulsion fuels.
These contracts, originally signed in November 2013, replaced
the original Alliance Agreement between Quadrise and AkzoNobel that
was entered into in 2004. The contract extensions ensure continuity
and on-going support from AkzoNobel for the commercialisation of
MSAR(R) projects globally, and will now run until at least November
2018.
Commenting on this development:
Mike Kirk, Executive Chairman of QFI, said:
"The extension of these agreements with our core technology
partner, AkzoNobel, reinforce the commitment of both parties to
commercialising the global MSAR(R) business. Our long-term
relationship with AkzoNobel continues to underpin our ability to
move the Company towards long-term commercial revenues as our major
projects evolve."
Staffan Asplund, R&D Director of AkzoNobel Surface
Chemistry, said:
"We are excited about the recent developments around the MSAR(R)
technology and pleased about the extended agreements between
AkzoNobel and QFI. This solidifies a long-standing partnership that
has led to remarkable technical progress. It is also a great
example of how a unique and customized surfactant system is the
essential ingredient behind a revolutionary fuel technology that
will benefit several industries in the near future."
Background to the AkzoNobel Agreements:
Quadrise International Limited (QIL), the 100% owned operating
subsidiary of QFI, is the contracting party for both agreements
originally signed in November 2013.
Co-operation and Exclusive Purchase and Supply Agreement
This agreement between QIL and AkzoNobel Surface Chemistry AB
("ANSC") defines the commercial relationship relating to the
purchase and supply of goods and associated technical services to
projects in development. QIL acquire or facilitate the supply of
MSAR(R) Manufacturing Units directly from suppliers for sale to
refiners. For fuel applications QIL buy goods such as emulsifiers
exclusively from ANSC, which ANSC supply exclusively to QIL. QIL
supply goods and services directly to refiners licensed by QIL to
use Quadrise MSAR(R) Technology. The agreement term has been
extended for a further two years, expiring on 12 November 2018
unless extended by the parties.
Joint Development Agreement
This agreement between QIL and AkzoNobel Chemicals BV deals with
joint technical programmes that support new business opportunities
and are principally focussed on the formulation and processing of
novel fuel emulsions to optimise performance and cost.
Intellectual Property arising from these programmes (including
past work such as MSAR(R) Marine fuels development) is jointly
owned. The agreement is exclusive in the field of emulsion fuels
research and development. The agreement extension provides joint
support for a number of specified projects now up to 10 November
2018. The overriding term of the agreement is, however, evergreen,
subject to 12 months' notice for termination by either party.
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International
plc
+44 (0)20 7031
Mike Kirk, Executive Chairman 7321
Hemant Thanawala, Finance Director
Jason Miles, Chief Operating
Officer
Nominated Adviser
Smith & Williamson Corporate
Finance Ltd
+44 (0)20 7131
Dr Azhic Basirov 4000
Ben Jeynes
Broker
Peel Hunt LLP
+44 (0)20 7418
Richard Crichton 8900
Ross Allister
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727
Sara Powell 1000
This information is provided by RNS
The company news service from the London Stock Exchange
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September 14, 2016 02:00 ET (06:00 GMT)