Metroelectric Plc : Trading Statement
("Metroelectric" or the "Company")
The Company is pleased to announce a trading statement for the quarter from to 30 April 2014.
During the period, Metroelectric acquired a 30% interest in Aircraft Recycling Limited ("ARL") and also acquired Blaze and Barney Limited, a company set up to operate a Harris horizontal baling machine, a grinder used in the recycling industry. Recent efforts have been focussed on the installation and commissioning of the machine at Kiveton in Yorkshire.
On 30 April 2014, a general meeting of the Company approved the settlement of certain outstanding debts, amounting to a total of £133,052.75, in exchange for the transfer to the creditors, of most of the Company's holding of ordinary shares in Powabyke EV Limited. This has resulted in a substantially reduced debt position.
Metroelectric is now finalising contracts with a number of parties interested in utilising its baling machine, the result of which would generate cash flow for the Company. The Directors continue to explore various opportunities in the recycling industry and will look to raise additional capital in due course, in order to take advantage of these.
The Directors of the Company accept responsibility for this announcement.
Tel: 07830 182501
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Metroelectric Plc via Globenewswire