Shareholder Update: Patent Status and Capital Raising
Environmental Clean Technologies Limited (ASX:ESI) (ECT or Company) is please to provide the following update to shareholders on recent patent and capital raising activity.
European Patent Granted
Following on from the successful granting of Patent coverage for our Coldry technology in the United States and Australia, we are in receipt today of notification that our European Patent application has now been issued as a formal patent, no. 1680637.
This is the culmination of over two years of consistent effort in addressing and satisfying various aspects raised by the EU examiners. ECT greatly appreciates the able assistance of their Patent attorneys, Davies Collison Cave.
With the patent now granted, commercial deployment into key EU countries can take place with increased confidence, following commercial demonstration here in Australia.
Chief Operating Officer Ashley Moore commented, “Europe is the world’s highest lignite utilising region, with the top five lignite using countries in the EU accounting for an annual consumption of 395 million tonnes according to the European Association for Coal & Lignite. This highlights the magnitude of the EU market when compared with Australia’s 65-70 million tonnes a year usage. Our progress with the Design for Tender program, the Commercial Demonstration Plant program, and the newly announced Federal & State Government Advanced Lignite Demonstration Program dovetails nicely with EU market conditions.”
Extension of FAST Finance Facility
As advised on 19 July 2012, Environmental Clean Technologies accepted a “FAST Finance” loan through Greenard Willing, against the anticipated $1 million from the R&D tax concession due in October – November 2012.
As a result of the extensive work completed on the Design for Tender, the R&D tax concession has been lodged with a value of $1.3 million. Accordingly, Directors have exercised an option to “top up” the “FAST Finance” by receiving an additional $300,000, on matching terms to the original facility.
The terms of the addition funds are as follows
Term 6 months
Repayment Cash in full from the R&D tax rebate refund
Interest Rate 15% p.a. payable upfront
Distribution Fee 5%
Further announcements in relation to capital raising activities will be made in due course.
For Further Information Contact:
Mike Davies – Managing Director +61 3 9909 7684 or [email protected]