First Day of Dealings

RNS Number : 3145J

Powerhouse Energy Group PLC

29 June 2011

 

29 June 2011

PowerHouse Energy Group plc

("PowerHouse", the "Group" or the "Company")

FIRST DAY OF DEALINGS FOR POWERHOUSE ENERGY GROUP PLC

FOLLOWING ITS REVERSE TAKEOVER OF BIDTIMES PLC

PowerHouse Energy Group plc, (AIM: PHE) an alternative energy business specialising in the sale of waste to energy systems, is pleased to announce the admission of its share capital to trading on the AIM Market of the London Stock Exchange and the first day of dealings in its ordinary shares under ticker symbol "PHE" at 8am today ("Admission"), following the completion of the reverse takeover announced on 1 April 2011.  Bidtimes plc ("Bidtimes") has now been renamed PowerHouse Energy Group plc.

The Company has also completed a capital reorganisation under which shareholders of Bidtimes received one new ordinary share of 1p each ("Ordinary Share") and one new deferred share of 4p each for every 10 ordinary shares of 0.5p each held in Bidtimes.

At Admission, the Company will have 283,670,473 Ordinary Shares admitted to trading on AIM. Merchant Securities Limited is the nominated adviser and broker to the Company. The admission follows an £11 million pre-reverse takeover capital raise.

In 2010, PowerHouse secured a manufacturing and marketing licence with Pyromex AG ("Pyromex") of Switzerland for a patent pending, zero emission, waste-to-energy, ultra-high temperature gasification ("UHTG") system. The UHTG system which is modular, scalable and highly efficient facilitates the conversion of a broad range of waste materials and sub-viable coal deposits into various forms of energy including synthesized gas, hydrogen and electricity. The UHTG system operates without the consumption of high volumes of water or power and has a very small physical plant footprint.

The licence with Pyromex is exclusive in North and Central America, Australia, New Zealand and non-exclusive throughout the MENA region, Gulf Cooperation Council countries, French Polynesia, South Pacific, Asia and certain United States Territories. It is also exclusive (worldwide) for all coal, waste coal and lignite applications. In August 2010, PowerHouse also acquired a 30 per cent. interest in Pyromex and holds an option to acquire a further 21 per cent. controlling interest.

PowerHouse has already secured five contracts including the sale of several 5 ton per day ("tpd") waste to energy pilot systems and two 25 tpd Pyromex UHTG commercial scale reactors. The Company expects that its Pyromex technology and its power generating systems will satisfy a potentially substantial and growing market for efficient, emission free conversion of a broad range of waste materials and coal into useful clean energy. In the near future, PowerHouse plans to implement gas to liquid technologies for the production of cleaner, commercially-viable diesel and jet fuel.

PowerHouse is combining its power generating products and expertise with Pyromex technology to deliver fully integrated waste and coal to energy solutions, thereby enabling it to execute a significant existing pipeline of new business opportunities.

PowerHouse's strategy is to:

·     Commercialise its alternative energy equipment business based on the zero emission conversion of waste materials and coal deposits into a range of clean energy products

·     Address the growing market need for the production of sustainable energy products and the elimination of harmful waste materials

·     Market, its product range through its expanding network of distributors and through special purpose build-own-operate joint ventures

·     Exploit the opportunity for the large scale conversion of stranded coal into liquid transportation fuel products via the Company's investment from, and partnership with Linc Energy

Ross Lyndon-James, Executive Chairman of PowerHouse Energy Group plc, commented:

"PowerHouse is pleased to be taking this next step in the development of its exciting alternative energy business. The corporate restructuring of the Group over the last two years combined with the unique technology gained through our interests in Pyromex and its technology and Linc Energy provide a strong and substantial platform for PowerHouse to commercialise significant opportunities in the fast growing global alternative energy markets."

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For additional information please contact:

PowerHouse Energy Group plc

Ross Lyndon-James
2nd Floor, Berkeley Square House
Berkeley Square
London W1J 6BD, UK
Ph: [phone]
Email: [e-mail]

Merchant Securities Limited (NOMAD and Broker)

David Worlidge/Simon Clements

[phone]

Pelham Bell Pottinger

Nick Lambert / Jenny Renton

[phone]

Notes to Editors:

·     PowerHouse Energy Group plc is a leading provider of economically proven, on-site, clean energy systems that use traditional and renewable forms of fuel to generate electric and thermal energy in an environmentally responsible way

·     PowerHouse offers a complete turnkey waste/biomass to energy equipment solution either by: direct sale or energy supply under long term power purchase agreements

·     PowerHouse's historical co-gen customer base has included Fortune 500 companies as well as government authorities (US)

·     PowerHouse's shares trade on the Alternative Investment Market under the ticker (PHE)

 

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