REG-PolyFuel Inc. PolyFuel to cease operations

Released: 13/08/2009

  com:20090813:RnsM3728X
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RNS Number : 3728X  
  
PolyFuel Inc.  
  
13 August 2009  
  
13 August 2009   
  
PolyFuel to cease operations  
  
The Board of PolyFuel has previously announced that it was exploring various 
strategic alternatives, including the possible sale of the Company or an orderly 
wind down of its operations.  
  
Unfortunately, notwithstanding extensive efforts during the past several months, 
the Board and its banker, KBC Peel Hunt have been unable to secure a 
satisfactory offer for the Company on a going concern basis.  Consequently 
PolyFuel will be ceasing operations immediately and the Board will be seeking 
shareholder approval for the dissolution of the Company and liquidation of its 
assets.   
  
As part of this process the Board will also be seeking approval to delist from 
AIM and the London Stock Exchange has agreed that trading of the Company's 
shares continue to be suspended pending the cancellation of the Company's AIM 
listing.  
  
A circular will be sent out in due course.  
  
Harry Fitzgibbons, a non-executive Director of PolyFuel since July 2005, has 
elected to resign from the Board at this time, with immediate effect. The Board 
would like to thank Harry for his support and advice over the past four years, 
and wishes him well for the future.  
  
End  
  
For further information, please contact:   
  
 
  PolyFuel, Inc                                  Tel: +1 650 429 4600      
  Jim Balcom, Chief Executive Officer                                      
  Tom Caldwell, Chief Financial Officer                                    
                                                                           
  Hogarth Partnership Limited                    Tel: +44 (0)20 7357 9477  
  Nick Denton / Ian Payne                                                  
                                                                           
  KBC Peel Hunt (Nominated Adviser and Broker)   Tel: +44 (0)20 7418 8900  
  Jonathan Marren / David Anderson                                         
  
  
 
This information is provided by RNS  
  
The company news service from the London Stock Exchange  
  
  END  
  
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