Quadrise Fuels International PLC Agency Agreement for Mexico (7456B)
June 11 2019 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 7456B
Quadrise Fuels International PLC
11 June 2019
11 June 2019
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Agency Agreement for Mexico
Quadrise is pleased to announce that the Company has entered
into an agency agreement (the "Agreement") with Laqua S.A. de C.V.
operating under the Redliner name in Mexico ("Redliner").
Redliner is a company that has over 30 years of experience in
industrial infrastructure rehabilitation in Mexico for the oil and
gas, water, and chemical industries. They import new technology
into Mexico for applications where traditional methods have failed,
and where performance and precision is paramount. They have a range
of leading partners throughout Europe and the USA and have worked
in PEMEX (Petróleos Mexicanos) owned refineries located in Chiapas,
Tabasco, Tamaulipas, Hidalgo, Oaxaca, Nuevo Leon and
Guanajuato.
The Agreement defines the structure through which Quadrise and
Redliner will work to combine their expertise on an exclusive basis
to seek to fast-track potential MSAR(R) projects to long-term
commercial agreements for the production and supply of MSAR(R)
technology, services and fuel in Mexico. The country is also
covered by the existing Co-Marketing and Project Development
Agreement with Freepoint Commodities LLC announced by Quadrise on
30 November 2018.
The fees payable to Redliner under the Agreement are
success-based commissions, related to a percentage of gross sales
received by Quadrise in Mexico from the provision and sale of
MSAR(R) technology, services and fuel.
The term of the Agreement is 18 months from signature and will
automatically renew for similar periods unless terminated by either
party or superseded by another agreement.
Commenting on this development:
Mike Kirk, Executive Chairman of QFI, said:
"We are excited to be working jointly with Redliner to propose
and implement MSAR(R) projects in Mexico for refinery and power
generation applications.
We believe that the timing for deploying MSAR(R) in Mexico is
excellent and aligned with initiatives of the new government for
the energy sector, and Redliner are exactly the type of partner
that we need in Mexico to progress projects at pace."
Alejandro Rojas, Managing Director of Redliner, said:
"Redliner are delighted to be representing Quadrise for the
introduction of MSAR(R) technology and fuel to our clients in
Mexico. QFI has already identified a number of opportunities for
the deployment of MSAR(R) technology in the country, where MSAR(R)
has obvious economic and environmental advantages over existing
fuel oil sources.
Looking at the new directives issued by the Mexican government
for the refining sector, and the resulting high demand for
domestically produced fuels to reduce costly imports, we believe
that our cooperation will rapidly add significant value to the
country and enhance QFI's profile and business in the region.
We look forward to working closely with Quadrise and we are
confident that MSAR(R) can be a highly attractive fuel option for
the refinery sector and power generators in Mexico today."
For further information, please refer to the Company's website
at www.quadrisefuels.com, or contact ir@quadrisefuels.com or
phone:
Quadrise Fuels International Plc
Mike Kirk, Executive Chairman +44 (0)20 7031 7321
Jason Miles, Chief Operating Officer
Nominated Adviser
Cenkos Securities plc
Dr Azhic Basirov +44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Joint Brokers
Peel Hunt LLP
Richard Crichton +44 (0)20 7418 8900
Ross Allister
Shore Capital
Andy Crossley
Daniel Harris +44 (0)20 7601 6108
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727 1000
Ntobeko Chidavaenzi
For further information on Redliner, please refer to the
Company's website at https://www.desazolvemex.com
Notes to Editors
QFI is the supplier of MSAR(R) emulsion technology and fuels, a
low-cost alternative to heavy fuel oil (one of the world's largest
fuel markets, comprising over 450 million tons per annum) in the
global power generation, shipping, steam and refining
industries.
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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