Business
Corporate and Operational Update
Corporate and Operational Update.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \nPowerHouse Energy Group plc\n\n(\"PowerHouse\" or the \"Company\")\n\nCorporate and Operational Update\n\nThe Company is pleased to announce that further to its announcement of 6 April 2016 it has now entered into an agreement with Renewme Limited (‘Renewme’) in full and final settlement of amounts asserted by Renewme. The Company will, subject to the Company’s shares being readmitted to trading, issue Renewme 90,932,961 ordinary shares in the Company amounting to approximately 16 per cent of the to be enlarged share capital of the Company. This full and final settlement will not result in a change to the Company’s cash position, which remains positive, and will release the Company from any and all previously disputed issues with RenewMe.\n\nThe Company is further pleased to announce that it has entered into an agreement with Hillgrove Investments Pty Limited whereby the repayment dates for all loans and debt due to Hillgrove amounting to approximately £2,999,704 as of 31 December, 2015 are to be extended to, at the earliest, 12 months after the publication of its Financial Statements for the year ended 31 December 2015.\n\nFurther to the Company announcement of 30 March 2016 relating to the finalization of the testing program for the PHE G3 UHt system , the Company announces that this process continues. However, the engineering team has identified a significant opportunity to increase the efficiency of the gasification reactor and is making modifications to the design before final testing can be completed. The Company will update the market upon completion of final testing.\n\n “I recognize that we have not achieved the milestones we had anticipated by this date. However, one must keep in mind that we have designed, engineered, and built the entire G3-UHt system from first principles in less than one year. The fact that our team has been able to make such an improvement to the process, incorporate the latest breakthroughs in materials science, improve the overall system efficiency, and be on the cusp of delivering a commercial technology, gives us great satisfaction,“ said Keith Allaun, Executive Chairman of the Company.\n\nAs previously announced in 2015, the Company has sought the closing, and the winding up, of its subsidiary companies in Switzerland, Germany and the United States. PowerHou...