Biofutures International plc Resolution of Dispute (5318I)
2012年7月26日 - 3:01PM
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RNS Number : 5318I
Biofutures International plc
26 July 2012
26 July 2012
Biofutures International plc
("Biofutures" or the "Group")
Resolution of Dispute
Further to the Company's announcement of 13 February 2012,
Biofutures is today pleased to announce that, in resolution of the
dispute between its subsidiary Zurex Corporation Sdn Bhd ("Zurex")
and JJ Lurgi Engineering Sdn Bhd ("Lurgi"), Zurex has signed an
agreement with Lurgi to terminate the contract entered into on 26
January 2007, for the supply by Lurgi of components for the
construction of a biodiesel plant (the "Contract") through the
payment from Zurex to Lurgi of 800,000 Malaysian Ringgit ("RM").
The money is to be paid in 12 monthly instalments of RM 50,000,
with a final payment of RM 200,000. Lurgi will hand over to Zurex
the high pressure boiler and four pumps which it currently holds in
storage. The aggregate value of the equipment is believed to be
similar to the value of the settlement payments.
Chief Executive Officer Joe Wong commented: "I am delighted that
we have now been able to conclude this matter and that the Group
can look forward to growing the business further."
For further information, please contact:
Biofutures International plc Tel: + 603 6203 5136
Joe Wong, Chief Executive Officer
www.biofuturesplc.com
Daniel Stewart & Company plc Tel: + 44 (0) 20 7776 6550
Antony Legge / James Thomas
(Nomad)
Colin Rowbury (Broker)
www.danielstewart.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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