Welney Plc : Trading Statement
("Welney" or the "Company")
During the period, the baler operated by Blaze & Barney Limited ("Blaze & Barney") has commenced operations and it is expected that commercial production will commence before the end of this year. The Board is currently reviewing matters with regard to obtaining long term contracts, in order to strengthen Blaze & Barney's position in the marketplace and create a stable revenue stream.
Aircraft Recycling UK Limited ("ARL"), a company in which Welney has a 30% interest, has yet to commence trading. The directors of ARL are renegotiating terms of a contract signed with a major airline, with a view to future, mutually beneficial collaborations. ARL is also examining a number of options to finance its operations. The Company is committed to supporting ARL as its seeks additional funds in order for ARL to investigate opportunities and purchase scrap aircraft for the purpose of re-use and recycling initiatives.
The Directors of the Company accept responsibility for this announcement.
Tel: 0744 984 2717
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 0207 469 0934
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Source: Welney Plc via Globenewswire