Verditek & Bradclad Distribution Agreement Update

RNS Number : 3623Q

Verditek PLC

20 February 2023

 

20 February 2023

Verditek PLC

("Verditek" or the "Company")

Verditek and Bradclad Distribution Agreement Update

Verditek wishes to update the market on the status of its distribution agreement with Bradclad (the "Agreement"), further to its announcements of 27 June 2022, the interim results on 7 September 2022 and an update on 19 October 2022 which latter announcement reported that Bradclad was engaging with another manufacturer in respect of the Solar Bond product and that, since the announcement of 27 June 2022, Verditek had not received any further orders in respect of the Agreement. Further, there was no guarantee of any additional orders being received for the other fourteen holiday parks referred to in that announcement.

Consistent with the 19 October 2022 announcement, on 6 December 2022 Verditek received a notice of termination, dated 2 December 2022, of the Agreement from Bradclad which will take effect from 3 March 2023, and the Company has been taking steps for the recovery of sums due under the Agreement.

For further information:

  Verditek plc   

Rob Richards, CEO    Tel: [phone]

John McCall, Interim CFO

WH Ireland Limited - NOMAD and Broker

Chris Hardie                                                                                      Tel: [phone]

Hugh Morgan

Andrew de Andrade

About Verditek plc

AIM listed Verditek plc is a holding company of a business operating within the green technology sector. The Company is focused on commercialising our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers that drive solar energy into applications previously unachievable. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current photovoltaic panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf. We are working together to engineer the technology for commercialisation.

For more information please visit or contact the following:  https://verditek.com/

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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