Corporate Update & AGM Presentation
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
22 September 2023
SulNOx Group Plc (the "Company" or "SulNOx")
Corporate Update
& AGM Presentation
(Aquis Stock Exchange: SNOX)
The Board of SulNOx is pleased to announce the publication of a presentation on the SulNOx website explaining the strategy behind the need to potentially attract new equity investment from existing and new investors (the "Presentation"). The Presentation will also be provided to shareholders at the Company's Annual General Meeting to be held on 26 September 2023 (the "AGM") and should be read in combination with the Company's Annual Report for 2023, published on 5 September 2023. The Presentation can be viewed at https://sulnoxgroup.com/investors/ in the "Financial Reports & Presentations" section, in which a copy of the Company's Annual Report for 2023 can also be viewed.
The overall purpose of the strategic change outlined in the Presentation is to achieve faster and sustainable revenue growth, which in turn will require the Company to raise new capital. While no decision has yet been made regarding the quantum, structure of pricing of such a capital raise, it will be the intention of the Board to utilise the flexibility of the share allotment authorities included in the resolutions to be put to the AGM.
The key elements of the revised strategy include making key industry hires for the Board and hiring internal salespeople to source new, financially committed distributors and drive direct sales where applicable. They will be supported by a Chief Operating Officer and new technical hires to assist in the technical sale and analysis, especially in Shipping & Marine where data sets can be very large.
SulNOx will increase the stock level due to improved sales and pipeline expectations, and also continue to invest in completing our global patents and expand research & development to new product offerings including engine dosing systems, fuel stability studies, biofuels and aviation capabilities based on client demand. Separately, SulNOx has completed a carbon footprint analysis and is currently seeking methodology and standard approval to generate carbon credits from SulNOx's emission reduction potential.
The Board has also been made aware that Mohanned Nawaz Haq, whose appointment as a director of the Company is included in the resolutions to be put to shareholders at the AGM, does not support the Board's strategy. As such, the Board will no longer be supporting its previous recommendation to appoint Mr Haq as a Director of the Company at the AGM and recommends that shareholders follow suit.
- Ends -
For further information please contact:
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SulNOx Group plc
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Allenby Capital Limited (AQSE Corporate Adviser) Nick Harriss / John Depasquale
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Tel: 020 3328 5656 |
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