SulNOx Group PLC Exercise of Share Options & US Patent Granted (8864C)
15 June 2023 - 11:04PM
UK Regulatory
TIDMSNOX
RNS Number : 8864C
SulNOx Group PLC
15 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
15 June 2023
SulNOx Group Plc (the "Company" or "SulNOx")
US Patent Granted
Exercise of Share Options
(Aquis Stock Exchange: SNOX)
US Patent Granted
The board of the directors of the Company (the "Board") is
pleased to announce that SulNOx has now secured a US patent that
covers a range of formulation versions which includes both the
Berol(R) 6446 Heavy Fuel Oils (HFO) emulsifiers and SulNOxEco(TM)
Fuel Conditioners which enhance all diesel, petrol/gasoline and
biofuels, Very and Ultra Low Sulphur Fuel Oils (VLSFO/ULSFO) and
other lighter marine fuels. This follows the granting of the patent
by the European Patent Organisation, announced on 19 April
2023.
Radu Florescu, SulNOx Chairman added, "Given the level of liquid
hydrocarbon usage, the scale of the opportunity in North America
has always made it a core target market, with the decision to have
SulNOx shares trading on the US OTC market a reflection of this.
The granting of the US patent will allow SulNOx to pursue revenue
opportunities with even greater vigour, knowing the product is
unique and extremely effective at reducing emissions and fuel
consumption."
Jimmy Redman, the named inventor in the patent documents and
Managing Director of SulNOx Fuel Fusions Limited stated, "The
granting of this US Patent, following closely on the granting of
the European Patent, adds greatly to the size of the global market
that SulNOx now has covered. This also confirms that the uniqueness
of the products is recognised in two of the largest global markets.
We look forward to the granting of other applications around the
world following in due course.
The US is significant, where California and in particular CARB
(California Air Resources Board) are leaders in the fight to reduce
the impact on air quality caused in no small part by Greenhouse
Gases and Black Carbon/Particulate Matter pollution from the
burning of fossil fuels.
The US is the largest contributor to global transport emissions
and the recent announcement of remarkable reductions in Black
Carbon/Particulate Matter and inferred significant reduction in
fuel consumption reported by third party Green Sea Guard B.V. is
well timed to add validation and provide added impetus to efforts
to expand sales into this important market. In addition, the
formulation using Berol 6446, can add significant value in the
treatment of waste oil across ports, particularly those in the US,
which are ranked amongst the largest in the world."
US EPA registration has been completed for SulNOxEco(TM) Fuel
Conditioner. Certificates and reports from Bureau Veritas, Lloyd's
Register and VPS state that fuel with appropriate dosage continues
to meet ASTM D975 (diesel), D4814 (gasoline) and ISO8217 (marine)
fuel standards for the US.
Manufacturer Nouryon (part of US based Carlyle Group) has
multiple production facilities across North America to service
growth in demand.
Exercise of Share Options
The Company has issued 100,000 new ordinary shares of 2 pence
each ("Ordinary Shares") following the exercise of share options by
a previous director at an exercise price of 2 pence per Ordinary
Share. An application will be made to admit the new Ordinary Shares
for trading on AQSE Growth Market, which is anticipated to occur on
or around 21 June 2023 ("Admission").
On Admission, the Company will have 101,141,539 Ordinary Shares
in issue, each with one voting right. The Company does not hold any
shares in treasury and therefore the total number of voting rights
in the Company is 101,041,539. This figure should be used by
shareholders from Admission as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company under the
FCA's Disclosure Guidance and Transparency Rules.
- Ends -
For further information please contact:
SulNOx Group plc Tel: 07624 491 821
Steven Cowin, CFO
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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