Exercise of Share Options & US Patent Granted
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
15 June 2023
SulNOx Group Plc (the "Company" or "SulNOx")
US Patent Granted
Exercise of Share Options
(Aquis Stock Exchange: SNOX)
US Patent Granted
The board of the directors of the Company (the "Board") is pleased to announce that SulNOx has now secured a US patent that covers a range of formulation versions which includes both the Berol® 6446 Heavy Fuel Oils (HFO) emulsifiers and SulNOxEco™ Fuel Conditioners which enhance all diesel, petrol/gasoline and biofuels, Very and Ultra Low Sulphur Fuel Oils (VLSFO/ULSFO) and other lighter marine fuels. This follows the granting of the patent by the European Patent Organisation, announced on 19 April 2023.
Radu Florescu, SulNOx Chairman added, "Given the level of liquid hydrocarbon usage, the scale of the opportunity in North America has always made it a core target market, with the decision to have SulNOx shares trading on the US OTC market a reflection of this. The granting of the US patent will allow SulNOx to pursue revenue opportunities with even greater vigour, knowing the product is unique and extremely effective at reducing emissions and fuel consumption."
Jimmy Redman, the named inventor in the patent documents and Managing Director of SulNOx Fuel Fusions Limited stated, "The granting of this US Patent, following closely on the granting of the European Patent, adds greatly to the size of the global market that SulNOx now has covered. This also confirms that the uniqueness of the products is recognised in two of the largest global markets. We look forward to the granting of other applications around the world following in due course.
The US is significant, where California and in particular CARB (California Air Resources Board) are leaders in the fight to reduce the impact on air quality caused in no small part by Greenhouse Gases and Black Carbon/Particulate Matter pollution from the burning of fossil fuels.
The US is the largest contributor to global transport emissions and the recent announcement of remarkable reductions in Black Carbon/Particulate Matter and inferred significant reduction in fuel consumption reported by third party Green Sea Guard B.V. is well timed to add validation and provide added impetus to efforts to expand sales into this important market. In addition, the formulation using Berol 6446, can add significant value in the treatment of waste oil across ports, particularly those in the US, which are ranked amongst the largest in the world."
US EPA registration has been completed for SulNOxEco™ Fuel Conditioner. Certificates and reports from Bureau Veritas, Lloyd's Register and VPS state that fuel with appropriate dosage continues to meet ASTM D975 (diesel), D4814 (gasoline) and ISO8217 (marine) fuel standards for the US.
Manufacturer Nouryon (part of US based Carlyle Group) has multiple production facilities across North America to service growth in demand.
Exercise of Share Options
The Company has issued 100,000 new ordinary shares of 2 pence each ("Ordinary Shares") following the exercise of share options by a previous director at an exercise price of 2 pence per Ordinary Share. An application will be made to admit the new Ordinary Shares for trading on AQSE Growth Market, which is anticipated to occur on or around 21 June 2023 ("Admission").
On Admission, the Company will have 101,141,539 Ordinary Shares in issue, each with one voting right. The Company does not hold any shares in treasury and therefore the total number of voting rights in the Company is 101,041,539. This figure should be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
- Ends -
For further information please contact:
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SulNOx Group plc
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Tel: 07624 491 821 |
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Allenby Capital Limited (AQSE Corporate Adviser) Nick Harriss / John Depasquale |
Tel: 020 3328 5656 |
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