Strategic Investor Update & Board Appointment (5197U)
18 October 2010 - 5:01PM
UK Regulatory
TIDMGTE
RNS Number : 5197U
Gas Turbine Efficiency PLC
18 October 2010
18 October 2010
Gas Turbine Efficiency PLC
("GTE" or the "Company")
Update on discussions with strategic investor
Appointment of John Grant as Executive Chairman
Gas Turbine Efficiency plc ("GTE" or the "Company"), a leading
provider of proprietary cleantech systems for enhancing the
performance of aviation and industrial gas turbines, announces that
the previously disclosed discussions with a strategic investor have
concluded and that the strategic investor has decided not to make
an investment in the Company at the current time.
Separately, the Company is continuing discussions to sell
substantially all of the assets of its aviation business and is
exploring other long term financing alternatives involving existing
investors, alongside third party alternatives.
Furthermore, the Board is pleased to announce that John Grant
has been appointed Executive Chairman with immediate effect. Mr
Grant joined the Board as non-executive Chairman on 4 January 2010.
He will now take an enhanced role in the management and future
development of GTE.
For further information:
Gas Turbine Efficiency John Grant (Executive Chairman) +44 (0) 7768
plc Steve Zwolinski (Chief 465042
Executive Officer) +1 404 643 3180
Matrix Corporate Capital Nick Ellis +44 (0) 20 3206
LLP 7000
Financial Dynamics Jon Simmons +44 (0) 20 7831
Susanne Yule 3113
About GTE
Gas Turbine Efficiency plc (GTE) designs, manufactures and
supplies proprietary energy saving and performance enhancing
systems and support services to the Power Generation, Oil and Gas
and aviation industries. GTE's extensive portfolio of patented
solutions save fuel, reduce emissions, increase availability, and
extend turbine and parts life.
The Group provides solutions for application of a wider variety
and quality of primary and alternative fuels. Specific products and
services developed by our world-class technology team include
compressor cleaning and power augmentation systems; fuels
management systems; combustion design, repair, upgrade and
monitoring, fluid and control auxiliaries and outage management
services. The Group's systems and associated services are provided
to turbine end users and OEMs including General Electric, Pratt
& Whitney, Rolls Royce, Caterpillar-Solar and Siemens from
operation centers in Europe and the USA. GTE's shares are traded on
London Stock Exchange's AIM (Ticker: GTE).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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