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Environmental Recycling Technologies Seeks New Finance Director(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - Environmental Recycling Technologies PLC Thursday said that Finance Director David Shepley-Cuthbert plans to step down from the role, with the company already looking for a replacement. "Our long standing Finance Director, David Shepley-Cuthbert plans to step down with a prospective date of the end of the calendar year and the process of recruitment for his replacement is well in hand," Chairman Ken Brooks said in a statement ahead of the company's annual general meeting, held at 1200 BST Thursday. Brooks also said that Environmental Recycling Technologies is benefiting from the commercial progress made last year. "We have been working closely with ARUP for some time and are about to enter into the next stage of our joint endeavour," Brooks said. "Matters are deeply commercially sensitive but shareholders will be advised in due course of the detail of what we believe will be an exciting transformational development." He also noted continuing progress at Environmental Technologies' existing licensees. "Brownwater Plastics and Contour Showers are both at maximum production. Sales for their PIM (powder impression moulding) products will reach new record levels this year. North Brook Farms who have developed an improved method of manufacture have advised us that they have manufactured their first commercial products," Brooks said. Heads of agreement have been signed with a Chinese consortium and the full form documentation is now in the hands of the respective lawyers, said the chairman, who added that Environmental Recycling Technologies' attendance at trade shows and exhibitions has contributed to a "level and class of enquiries not seen before." "We have worldwide interest which we intend to exploit," Brooks said. He also said that Environmental Recycling Technologies' joint venture arrangement with Axion Polymers has already proved its worth. He said the relocation of the company's powder impression moulding lab line to Axion Polymers' facilities has again "proved invaluable in addressing the significant number of commercial enquiries and providing technical assistance to our existing licensees." However, he lamented the collapse into administration of its UK flat sheet licensee, 2K. "The debt write off was one issue. The loss of the minimum royalty going forward was another. Had 2K continued to trade we believe that ERT would now be in a very strong financial position. However, we have recovered from that deeply disappointing blow and are progressing new enquires for flat sheet manufacture in the UK and abroad," Brooks said. Environmental Recycling Technologies shares were Thursday quoted flat at 0.500 pence. Copyright 2014 Alliance News Limited. All Rights Reserved. |