EQTEC PLC has provided an update on the positive progress of the settlement agreement with Logik Developments Limited and its subsidiary, Logik WTE Limited. The timing of the payment of the settlement sum is subject to the sale of a site at Weighbridge Road in Deeside Industrial Park, with payment expected following completion of the sale. The legal execution of final funding documents relating to the sale of the Land is ongoing and requires some additional time to complete.
To accommodate the finalization of the funding documents, the Parties are in discussion to extend the completion long stop date of 12 July 2024. A new long stop date is expected to be agreed in the coming days and anticipated to be in the first half of August 2024. Completion funds are expected to be transferred on or around the completion date.
Upon completion, the Company would be due to receive £2,000,000 under the settlement agreement. The Company will provide a further update in due course, including once a new long stop date has been agreed.
EQTEC is a global technology innovator powering distributed, decarbonized, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation. The company delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators. EQTEC's technology integration capabilities enable the Group to lead collaborative ecosystems of qualified partners and to build sustainable waste reduction and green energy infrastructure around the world.
The Company is quoted on the London Stock Exchange's Alternative Investment Market (AIM) and has been awarded the Green Economy Mark, recognizing listed companies with 50% or more of revenues from environmental/green solutions.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.