Update on KAQUO Canadian Forestry Joint Venture
31 July 2015
Active Energy Group Plc
("Active Energy Group" or the "Group" or the "Company" or "AEG")
Update on KAQUO Canadian Forestry Joint Venture
Active Energy Group Plc (AIM: AEG.L), the London Stock Exchange AIM-quoted international supplier of industrial wood chip for MDF manufacturing and Biomass for Energy (BFE) power generation, global forestry and natural resources development services, and Biomass for Energy (BFE) fuel solutions and systems, announces that, further to its announcement dated 17 June 2015, it has been informed by the Ministry of Aboriginal Relations of Alberta that its investigation into the three Métis Settlements handling of their participation in the Group's KAQUO Forestry & Natural Resources Development Corporation (KAQUO) joint venture is still on-going.
However, the Ministry again confirmed in writing that the management, administration and operation of AEG are not under investigation.
Richard Spinks, CEO of Active Energy Group, commented: "Whilst we share in everyone's frustration at the delays in finalising the investigation, the Board of AEG and our Métis partners in the KAQUO joint venture remain confident in receiving a positive outcome in the near future."
"A number of high-level meetings are anticipated in Alberta over the coming days which will represent important steps in securing government support for the major inward investment that KAQUO will be bringing to the province, and in finalising the due diligence process conducted by our international investment partner. I look forward to updating our shareholders as soon as possible thereafter."
- ENDS -
NOTES TO EDITORS & CONTACT INFORMATION
ABOUT ACTIVE ENERGY GROUP PLC:
Active Energy Group Plc is a London Stock Exchange AIM-quoted company (AIM: AEG.L). Headquartered in the UK, it is a fast-expanding international business, which has experienced exceptionally strong growth and diversification into complementary industry sectors since the current management team assumed responsibility in mid-2012.
The Group has considerable expertise across the entire timber industry supply chain - from forest to finished product.
Its four specialist business divisions, which reflect its knowledge and experience and which work together to maximise commercial opportunities, focus on providing products and services to specific global market sectors:
· Forestry & Natural Resources Development and Management
· Wood Chip for Medium-Density Fibreboard (MDF) Manufacturing
· Wood Chip for Biomass for Energy (BFE) Power Generation
· Second Generation Biomass for Energy (BFE) Fuel Solutions and Systems
Active Energy Group Plc operates from four international locations:
· Ukraine, where it is the largest producer and exporter of wood chip for MDF manufacturing.
· Canada, where it has entered into a landmark joint venture - KAQUO Forestry & Natural Resources Development Corporation - with several indigenous Métis Settlements to commercialise in excess of 250,000 hectares of their lands, containing valuable forests and natural resources, including oil and gas reserves.
· Spain, from where it sources finished wood chip for export to international customers.
· United Kingdom, where it operates a research & development facility for new BFE fuel technologies.
Ukraine and Canada, with their large forestry reserves and comprehensive road, rail and sea transport links, are ideal locations from which to source raw timber and manufacture wood chip and fuel pellets for supply to MDF producers and Biomass power plants.
In addition to its existing activities, the Group is actively developing innovative Biomass fuel solutions, converting waste wood and industrial/agricultural by-products into feedstock for clean energy power generation as a direct replacement for coal.
A highly experienced and dedicated management team leads Active Energy Group Plc, each of whom possesses a proven track record in the industries and regions in which it operates and from which its revenues are generated.
The Company has grown significantly in recent years, and has established a firm foundation, excellent reputation and international customer base upon which to build for the future.
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WEBSITE: |
LINKEDIN: |
TWITTER: |
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www.twitter.com/aegplc (@aegplc) |
ENQUIRIES:
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Active Energy Group Plc |
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Richard Spinks |
richard.spinks@active-energy.com |
Intl.: |
+39 344 111 6071 |
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Chief Executive Officer |
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Ukraine: |
+380 503 942 702 |
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Mark Broomer |
mark.broomer@active-energy.com |
Intl.: |
+972 (0)54 575 3091 |
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Corporate Communications |
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UK: |
+44 (0)7703 18 88 18 |
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WH Ireland Ltd. (Nominated Adviser and Broker) |
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Chris Fielding/Mark Leonard |
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Office: |
+44 (0)20 7220 1666 |
This information is provided by RNS
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