Active Energy Announces Business Update

Source: www.gulfoilandgas.com 4/9/2024, Location: Europe

Active Energy (AIM: AEG, OTCQB: ATGVF), the international biomass based renewable energy business, today announces a business update.

Since the Company entered into the settlement agreement with Tyler Player and Player Design Inc ("PDI") on 4 March 2024, details of which were announced on 5 March 2024, the Board has undertaken a review of the Company's business. This review has involved examining all aspects of Active Energy's business, including of the immediate options to produce CoalSwitch“, the Company's proprietary technology for next generation biomass fuel. The review has also evaluated how to secure sufficient funding to commence CoalSwitch“ production, based on new time lines which indicate that it would take the Company a minimum of 12 months to commence production of CoalSwitch“ if funding was immediately available.

The review by the Board has concluded that the Company, in its current structure, is unable to raise sufficient working capital to build and/or operate a CoalSwitch“ production facility within the appropriate timeframe. In light of this conclusion, the Board believes that the appropriate course of action to accelerate the development of CoalSwitch“ is to seek a buyer for the Company's CoalSwitch“ assets. It is the Board's belief that CoalSwitch“ is a market leading, next generation fuel that has the potential to transform coal fired power and heavy industries and the existing renewable biomass industry.

The Company's CoalSwitch“ assets comprise; i) the Company's original patent and trademark portfolio on the steam explosion process to produce the fuel; ii) all production and test data knowhow acquired from the initial production activities at PDI's facility at Ashland in Maine that may be applicable for the future production methods for biomass products; and iii) all the relevant customer test data.

Should the Board receive an acceptable offer for the CoalSwitch“ assets, a sale is likely to constitute a fundamental change of business pursuant to Rule 15 of the AIM Rules for Companies and would require the approval of shareholders at a general meeting of the Company. Any such disposal is expected to result in the Company becoming an AIM Rule 15 cash shell.

The Company is looking to commence discussions with prospective parties regarding the sale of the Company's CoalSwitch“ assets at the earliest opportunity but there can be no guarantee that the Company will be able to dispose of the CoalSwitch“ assets and further announcements will be made as appropriate.


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