RNS Number:6679Y
Prometheus Energy Co
20 June 2007
June 20, 2007
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR
JAPAN.
Neither this announcement nor any copy of it may be taken, transmitted or
distributed, directly or indirectly, in or into the United States, Canada,
Australia, the Republic of South Africa or Japan. Any failure to comply with
this restriction may constitute a violation of United States, Canadian,
Australian, Republic of South Africa or Japanese securities laws.
Prometheus Energy Company
Results for the year ended 31 December 2006
Encouraging first year provides platform for future development
Prometheus Energy Company, an alternative and renewable energy company, is
pleased to announce full year results for the year ended 31 December 2006.
The past year was full of achievements that have provided a firm foundation for
the Company to be able to develop both its existing projects and future
opportunities.
Operational highlights
* Completion and installation of world's first commercial landfill gas
liquefier at the Frank R. Bowerman Landfill in Orange County, California.
While process commissioning is ongoing, LNG production began in January 2007
and is expected to reach full capacity by the end of summer 2007
* First coal-mine methane project in Poland progressing well with gas
rights signed - European Union credit for unique technology will offer
financing
* Appointment of Stanislas Yassukovich to the Board of Directors as
non-executive chairman, bringing significant Board experience and contacts
in the global capital markets
* Together with our partner, opened and staffed new office for LNG
Silesia, Prometheus' joint venture entity for the development and operation
of the small-scale LNG business in Poland
* Additional management appointments included Jeffery Spencer, who has a
broad background in global energy finance, as CFO
* Listing of the Company's securities on AIM, providing the Company with
access to capital in the public market
Financial highlights
The Company had no meaningful revenues in 2006, a year which saw the active
development of a number of production projects and investment in development of
our LNG fuel supply business.
* Total turnover of $0.2 million (2005: $0.2 million)
* Group operating loss was $14.6 million (2005: $4.1 million)
* Impacted by $4.4 million of non-recurring costs of AIM listing,
goodwill and other asset impairment and contract buyout
* At year end the balance sheet had cash resources of $5.5 million
Since year-end
* Secured $2.7 million Polish government-backed loan for Krupinski mine
project, half of which can be forgiven once LNG is being produced
* Obtained government grants of $1.4 million for landfill projects in
California at Bowerman and Kiefer Road
* Arranged $12.5 million working capital facility with PEC III Holdings,
LLC, a major shareholder in the Company and an affiliate of Sowood Commodity
Partners Fund III LP
* Successful conversion of sea-port tractor units from diesel to LNG for
SSA Marine, one of the largest port operators in the world
* Recently finalised manufacturing agreement with Enerflex, one of the
leading global gas process equipment manufacturers, to significantly reduce
the time and cost required to manufacture and deploy our systems around the
world
* Earl Franklin, who has substantial management experience in the energy
industry, joined in March 2007 as COO
* Appointment of KPMG as the Company's auditor for the year 2006
* Appointment of Panmure Gordon as co-broker for the Company
CEO Kirt Montague commented, "We are confident that the substantial talent in
our executive team will take advantage of our firm operational platform on which
to build our business in 2007. We are now poised to move forward quickly to
further develop the projects we have in hand and to develop a broad range of new
opportunities. Our experience in Poland is an encouraging example of our ability
to exploit such opportunities in a range of geographies and we expect our
existing projects will be producing significant turnover by the end of 2008."
"We continue to be able to source feedstock at highly attractive prices and we
are actively in negotiations with a range of strategic partners around the
world."
Annual General Meeting
Shareholders will be advised of the date and location of the Annual General
Meeting in due course.
For further information:
Prometheus Energy Company +1 206 267 0800
Kirt Montague (Chief Executive Officer)
Jeff Spencer (Chief Financial Officer)
Jefferies International Limited +44 20 7618 3500
Charles Cameron
Frederic Paternot
Oliver Griffiths
Cubitt Consulting +44 20 7367 5100
Simon Brocklebank- Fowler
Michael Henman
Allison Reid
Notes to editors:
Prometheus Energy Company is a public corporation with its shares traded on AIM.
It is headquartered in Seattle, Washington. Prometheus is a global alternative
and renewable fuel company, specializing in the production, distribution, and
sale of liquid natural gas (LNG) from low-cost waste and stranded
sources of methane.
The Company is an emerging leader in distributed fuel production, integrating
small-scale purification and liquefaction systems that generate fuel near the
end-user. For more information concerning Prometheus please contact us at +1 206
267-0800 or at Info@Prometheus-Energy.com
Jefferies International Limited, which is authorised and regulated by the
Financial Services Authority, is acting for the Company and no other person in
connection with this announcement and will not be responsible to anyone other
than the Company for providing the protections afforded to customers of
Jefferies International Limited nor for advising any other person on the
contents of this announcement or any matters described in this announcement.
This announcement does not constitute an offer to purchase or subscribe for
securities. This announcement and the information contained herein is restricted
and is not for publication, distribution or release in whole or in part in the
United States.
This summary should be read in conjunction with the full text of the attached
press release.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR
JAPAN.
Neither this announcement nor any copy of it may be taken, transmitted or
distributed, directly or indirectly, in or into the United States, Canada,
Australia, the Republic of South Africa or Japan. Any failure to comply with
this restriction may constitute a violation of United States, Canadian,
Australian, Republic of South Africa or Japanese securities laws.
Prometheus Energy Company
("PEC" or the "Company")
Announcement of final Results for Year Ended 31 December 2006
Prometheus Energy Company, an alternative and renewable energy company, today
announces its final results for the year ended 31 December 2006.
Chairman's Statement
The past year has brought increased world-wide attention to climate change and a
focus on the need for reduction of greenhouse gas emissions. One could scarcely
pick up a publication without finding a green energy issue prominently featured.
Global demand for cleaner energy sources is creating a significant market
opportunity for natural gas. In recent years, prices for petrol and diesel fuel
have increased significantly, largely as a result of higher crude oil prices in
the global market and limited refining capacity. Industry analysts believe that
crude oil producers will continue to face challenges to find reserves in
sufficient quantities to meet growing global demand and that the associated
costs of finding and extracting crude oil will increase.
In this environment, Prometheus Energy Company is presented with an enormous
opportunity to exploit its technological capability in the production and
delivery of LNG from renewable and otherwise wasted energy resources.
LNG, particularly from biowaste, or other wasted or stranded resources, presents
an environmentally friendly alternative to refined fuels derived from crude oil,
food crops or other oils. The use of LNG from biowaste, or other wasted or
stranded resources, has economic and life-cycle emission advantages over these
other fuels and helps to fulfill the growing global desire for a cleaner
environment.
LNG as a vehicle fuel produces less pollution than gasoline, ethanol, diesel or
bio-diesel. Natural gas vehicles reduce smog-causing NOx emissions by 50% or
greater and particulate matter (soot) by 70% compared to diesel fuel and
bio-diesel. With approximately 70% of the energy density of petrol per gallon,
LNG presents a viable alternative to conventional fuels for long-haul fuel
consumers. Prometheus' local production and distribution of LNG further reduces
exposure to oil-based fuel price volatility, diminishes greenhouse gas
emissions, and minimizes disruptions in fuel supply.
Your Board has continued its strategy of building the Company so as to position
it to capitalize on these opportunities and deliver the clean fuel many in the
world are demanding. In particular, the Company has continued to build its
management team, to invest in advanced technology, and to move forward with
investments in long-lead items that will facilitate the timely construction of
the Company's planned projects.
In building a management team that has the experience and resources to move the
Company forward, the Board is excited about recent additions. During 2006,
Jeffery Spencer joined the Company as Chief Financial Officer and Alice
Cuprill-Comas joined as the Company's General Counsel. Since the end of the
year, Earl Franklin has joined the Company as Chief Operating Officer. Mr.
Franklin brings the kind of international experience in building and managing a
complex operational business that is necessary for Prometheus. Both Mr. Spencer
and Mr. Franklin join the Company with substantial energy industry experience,
and Ms. Cuprill-Comas' extensive background in securities and corporate law
strengthen the Board's commitment to good corporate governance. We have also
sought strategic partners around the world in an effort to leverage our own
resources and expertise to the global fuel market.
Three of our directors, Bill Firestone, Peter Greensmith and Cary Wasden, have
asked to retire from the Board at the Annual General Meeting. Bill Firestone and
Peter Greensmith have been non executive members of the Board since the
Company's earliest stages. They have both made a significant contribution to our
development to date. They leave the Board with our sincere thanks and very best
wishes for their future activities.
Cary Wasden has served as President and executive director since the Company's
inception. Fortunately, we will retain the benefit of his experience as he will
now take up a new role as Special Consultant to the Board, focusing on the
identification and development of major strategic projects. Cary will also
continue to advise the Board on funding. The Board expects to make further
appointments in the near future.
Last year we developed and built the first commercial landfill gas-to-LNG plant
in the world in Orange County, California. The plant was installed in late 2006
and it produced its first LNG in January of 2006. The plant is currently
undergoing an extended commissioning process designed to take it from 1,000
gallons of LNG per day to its nameplate capacity of 5,000 gallons per day.
The results for the year ended 31 December 2006 are presented below and have
been prepared under accounting principles generally accepted in the United
States (US GAAP).
Shareholders will be advised of the date and location of the Annual General
Meeting in due course.
Stanislas Yassukovich
Chairman
Prometheus Energy Company
("PEC" or the "Company")
Announcement of final Results for Year Ended 31 December 2006
Chief Executive's Review
Our financial statements included in this release highlight the magnitude of
capital and operating investment we made to build our team, advance our
technology and develop our active projects. Our active projects are based upon
gas rights we have already acquired and these projects are designed to produce
up to 55,000 gallons of liquid natural gas per day by the end of 2008.
A significant portion of our capital and attention has been dedicated to our
first landfill gas-to-LNG facility located at the Frank R. Bowerman landfill in
Orange County, California. The commissioning effectively commenced in January of
this year when we produced the first volumes of LNG at this site. Our process is
producing high purity LNG that will qualify the LNG for use in almost any
potential application. The unit is still in the commissioning process and we now
expect it to produce at full capacity by the end of summer 2007.
We had no meaningful revenues during 2006 as projects were in active
development. Several one-off items affected our financial results for the year,
including costs associated with our listing on AIM ($1.7 million), the
recognition of impairment of goodwill and other assets ($1.9 million), and the
cost of a buyout of a below market price sales contract ($0.75 million). Ongoing
costs were impacted by an increase in employment costs and travel required to
fully develop the Company's potential (an increase of $2.2 million over 2005),
costs associated with being a listed company (an increase of $0.34 million),
higher insurance costs (an increase of $0.13 million) partially associated with
increased value of assets employed in the business, higher general office and
administration expenses to support a growing company (an increase of $2.2
million) and depreciation and amortization that reflects a higher level of
assets employed in developing the business (an increase of $0.35 million). With
our operating and management platform now in place, we expect to expend
substantial capital resources in 2007 to complete our existing projects so that
they can produce significant turnover by the end of 2008.
Our business model has the ability to respond to the unique market
characteristics in almost any part of the world. We exploit low-cost, biowaste
and stranded gas resources by removing impurities and then liquefying the
resulting purified gas so that it can be easily transported to the end market.
The waste or stranded nature of our feedstock ensures that we pay significantly
less than the market and any potential competitors. The current market price for
pipeline quality natural gas in the U.S. is approximately US$7.50 per MMBtu.
Outside the U.S., regional pricing is influenced by differing access to supply
and associated demands along with the growing global energy market. To date we
have been able to acquire raw landfill gas supplies for as low as US$0.25 per
MMBtu; coal mine gas for US$1.95 per MMBtu; and, stranded well gas for US$2.10
per MMBtu. Our returns on each project are dependent upon both the cost and
quality of the source gas and the value of the end product we displace. We
continue to find an abundance of resources that meet our success criteria.
On the sourcing side, we are in the midst of negotiations with a number of
significant strategic partners around the world. For example, we created a joint
venture entity in Poland with CETUS Energeteka Gasova Sp Z.o.o, named LNG
Silesia, to develop coal mine methane (CMM)-to-LNG Projects in Poland. LNG
Silesia has acquired the rights to the methane currently being vented at the
Krupinski coal mine for our initial project in Poland. As of the end of 2006,
LNG Silesia had nine full-time employees, including a management staff and five
engineers who spent over four months at Prometheus' headquarters being trained
in the design and operation of Prometheus' purification and liquefaction
systems. We anticipate that this group will provide the foundation upon which
the business in Poland and Eastern Europe can be built. The project is expected
to produce 10,000 gallons per day of LNG that will be sold to local industrial
users, effectively displacing propane, diesel and heating oil. LNG-Silesia
recently entered into a Technological Credit Agreement with the Bank
Gospordarstwa Krajowego pursuant to which LNG-Silesia was awarded a loan of
US$2.65 million for its project on the Krupinski coal mine. Under the
Technological Credit Program, one-half of the loan amount can be forgiven once
the project is producing LNG. LNG-Silesia has entered into an Equipment Purchase
Agreement with Prometheus to buy the purification and liquefaction system for
the project, and has made a down payment for the system, which is now in the
final design stages. Permitting is underway on the project. We anticipate the
project will begin producing LNG by the third quarter 2008.
In addition, we also have won the RFP for a twelve-year contract with the County
of Sacramento, California to purchase landfill gas from the County's landfill.
Prometheus intends to provide a 12,000 gallons per day landfill gas-to-LNG
system at the Kiefer Landfill in Sacramento County. The County currently
operates an expanding fleet of over 100 LNG trash haulers and other vehicles and
will have rights to purchase up to 20,000 gallons per week of LNG from
Prometheus. The Company will sell the remainder of the fuel to local retail
customers.
The Company also has been successful in obtaining grants for two of its
projects. We secured a federal grant from the Department of Energy for $536,948
for an on-site re-fueling station, which will be part of the project and a
$260,000 grant from the California Integrated Waste Management Board for the
completion of the Kiefer Landfill gas-to-LNG Plant. We also have been awarded a
grant of $640,000 by the California Air Resources Board (CARB) for development
of Phase II of the Bowerman Project. We were among 40 winning projects announced
by CARB to encourage the early adoption of alternative fuels in California;
On the manufacturing side, we have recently finalised a manufacturing agreement
with Enerflex, one of the leading global process manufacturers, to significantly
reduce the time and cost required to manufacture and deploy our systems around
the world. On the technology side, we filed for one new patent in 2006 and
another since the end of the year. Our advanced development team continues to
make progress on new patents and ideas, with the objective of creating
ever-expanding technology superiority. All our advanced development efforts are
geared toward improving operating efficiency and reducing capital costs, while
reducing technology risk by testing new systems and equipment in the shop before
deploying them in the field.
We also began developing our marketing and distribution business in 2006. We
commenced delivery of LNG to utilities and to energy customers in the third
quarter of last year. In the last quarter of 2006, we made our first LNG
deliveries to customers in the transportation market. Since year-end we have
also successfully converted sea-port tractor units from diesel to LNG for SSA
Marine, one of the largest port operators in the world.
In the third quarter of 2006 we listed the Company's common shares for trading
on AIM. We feel this will provide us with access to public capital markets at a
critical time in our development. Since year-end we have also arranged a $12.5
million working capital facility with PEC III Holdings LLC, a major shareholder
in the Company and an affiliate of Sowood Commodity Partners Fund III LP.
In light of the opportunities we foresee, the Board felt it essential to
strengthen the management team and Board. We are very pleased that Mr. Stanislas
Yassukovich has joined us as our non-executive chairman. In the months since his
appointment, the Company has benefited substantially from his guidance and
insight. We also recruited extensively to find a qualified Chief Financial
Officer (CFO) Jeffery Spencer and Chief Operating Officer (COO) Earl Franklin,
both of whom will be critical to the development of the Company. Mr. Cary Wasden
will be transitioning from his role as President and an executive director of
the Company to serve as a special consultant to the Board of Directors on a
full-time basis. We will benefit from his continued role with the Company.
I am excited about the prospects that this and future years hold for Prometheus.
I believe we have built a foundation that gives us the capability to deliver on
our goal to create an increasingly profitable company that can contribute
usefully to meeting the world's energy needs in an environmentally attractive
way.
Kirt Montague
CEO
Consolidated profit and loss account for the year ended 31 December 2006
2005
2006 (Restated)
----------------- ---------------
REVENUES $ 242,109 $ 240,511
DIRECT COST OF REVENUES 123,074 75,545
----------------- ---------------
119,035 164,966
----------------- ---------------
GENERAL AND ADMINISTRATIVE EXPENSES
Salaries and Benefits
(including share-based compensation
expense of $720,727 and $453,094 during
2006 and 2005) 4,296,883 2,255,684
Travel 752,210 72,140
Rent and Facilities 409,274 498,355
Information Technology 124,449 158,509
Professional Services 2,895,514 112,693
Insurance 200,679 66,681
Advertising 211,139 34,157
Business Taxes and Licenses 140,603 2,397
Research and Development 73,620 -
Office Operating Expenses 151,620 57,254
Bad Debt 56,883 46,346
Depreciation and Amortization 405,109 46,328
Loss on Sale of Equipment 451,367 -
Impairment of Assets 122,098 -
Impairment of Goodwill 1,818,000 -
Contract Buyout 750,000 -
Other 108,227 14,006
----------------- ---------------
12,967,675 3,364,550
----------------- ---------------
OPERATING LOSS (12,848,640) (3,199,584)
----------------- ---------------
OTHER INCOME AND EXPENSE
Interest Income 261,605 10,766
Interest Expense (2,073,325) (905,525)
Other 47,011 (2,777)
----------------- ---------------
(1,764,709) (897,536)
----------------- ---------------
INCOME TAX PROVISION - -
NET LOSS $ (14,613,349) $ (4,097,120)
================= ===============
Net Loss attributable to common
stockholders $ (14,613,349) $ (4,097,120)
Net loss per common share: basic and
diluted $(0.52) $(0.36)
Weighted average shares used in computing
net loss per common share - basic and
diluted 28,232,761 11,282,767
Consolidated balance sheet as at 31 December 2006
ASSETS 2006 2005
(Restated)
----------------- ---------------
CURRENT ASSETS
Cash and cash equivalents $ 5,544,053 $ 796,318
Accounts receivable, net 371,285 10,703
Receivables from joint ventures 1,708,196 109,512
Debt issuance cost, net (Note 1i) 926,131 -
Prepaids and other current assets 838,783 205,585
----------------- ---------------
Total current assets 9,388,448 1,122,118
----------------- ---------------
FACILITIES AND EQUIPMENT, net 1,590,925 139,176
CONSTRUCTION IN PROGRESS 6,940,688 3,925,252
INVESTMENT IN APOLLO ENERGY III, LLC 2,428,300 1,175,000
INTANGIBLE ASSETS, net 2,307,180 2,453,644
OTHER ASSETS 53,345 62,482
----------------- ---------------
$ 22,708,886 $ 8,877,672
================= ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 620,262 $ 158,942
Accrued liabilities 2,097,791 372,133
Accrued interest 847,132 383,659
Deferred revenue from Apollo Energy III, LLC 2,025,000 1,846,539
Notes payable 1,323,763 889,896
Capital lease obligation 25,445 80,436
----------------- ---------------
Total current liabilities 6,939,393 3,731,605
----------------- ---------------
LONG TERM LIABILITIES
Notes payable - Net of discount 3,532,228 2,405,380
----------------- ---------------
Total liabilities 10,471,621 6,136,985
----------------- ---------------
STOCKHOLDERS' EQUITY
Preferred Stock, Series A convertible
$0.001 par value; 20,000,000 Series A
convertible preferred stock designated;
2,200,000 shares authorized; 0 and
1,302,126 shares issued and outstanding;
aggregate liquidation preference of $0 and
$2,604,252 - 1,302
Common Stock
$0.001 par value; 80,000,000 shares
authorized; 59,752,545 and 2,468,095 shares
issued and outstanding 9,833 1,869
Additional paid in capital 31,827,614 7,144,349
Accumulated deficit (19,600,182) (4,986,833)
Stock to be issued (stock Subscription
receivable) - 580,000
----------------- ---------------
12,237,265 2,740,687
----------------- ---------------
$ 22,708,886 $ 8,877,672
================= ===============
Consolidated cash flow statement for the year ended 31 December 2006
2006 2005
(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss $ (14,613,349) $ (4,097,120)
Adjustments to reconcile net loss to net cash
from operating activities:
Stock based compensation 720,727 453,094
Depreciation and amortization 409,274 41,864
Impairment of Assets 122,098 -
Amortization of prepaid rent - 259,931
Amortization of debt discount and debt
issuance cost 1,587,063 450,183
Impairment of Goodwill 1,818,000 -
Allowance for Doubtful accounts 56,883 -
Gain on Sale of Equipment (60,915) -
Changes in assets and liabilities
Accounts receivable (72,708) 55,283
Receivables from joint ventures (1,598,684) (109,512)
Prepaids and other current assets (633,198) 54,346
Other assets 9,137 (62,482)
Accounts payable 461,320 144,187
Accrued liabilities and accrued interest 2,189,130 570,177
-------------- -------------
Net cash used in operating
activities (9,605,222) (2,240,049)
-------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of equipment and construction costs (5,290,188) (4,314,689)
Licenses acquired from related party - (1,000,000)
Patents acquired (93,090) (19,493)
Investment in joint venture (1,253,300) (1,175,000)
Acquisition of subsidiary (529,707) -
Acquisition of subsidiary - Silesia 15,195 -
Deferred revenue from Apollo Energy III, LLC
(joint venture) 178,461 1,846,539
-------------- -------------
Net cash used in investing activities (6,972,629) (4,662,643)
-------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of Series A
preferred stock - 2,316,000
Proceeds from issuance of common stock - -
Proceeds from issuance of Series B common
stock 19,933,373 -
Proceeds from sale of equipment acquired from
equity investor - 4,904,790
Proceeds from borrowings on promissory notes 1,263,477 1,800,000
Payments on promissory notes (441,897) (1,764,357)
Borrowings on capital lease obligations 32,738 109,775
Payments on capital lease obligations (87,729) (29,339)
Financed portion of insurance policy 625,623 140,037
-------------- -------------
Net cash provided by financing
activities 21,325,585 7,476,906
-------------- -------------
NET CHANGE IN CASH AND CASH EQUIVALENTS 4,747,735 574,214
CASH AND CASH EQUIVALENTS
Beginning of year 796,318 222,104
End of year $ 5,544,053 $ 796,318
============== =============
SUPPLEMENTAL INFORMATION
Cash paid for interest $ 10,063 $ 71,683
============== =============
Cash paid for taxes $ - $ -
============== =============
NON CASH INVESTING AND FINANCING ACTIVITIES
Note payable in exchange for equipment from
equity investor $ - $ 4,736,523
============== =============
Issuance of stock in exchange for rent $ - $ 29,175
============== =============
Issuance of stock in exchange for licensing
rights $ - $ 815,000
============== =============
Accounts Audited
The financial information in this announcement is from the Company's audited
accounts for the years ended 31 December 2006 and 2005. The Company's complete
financial statements and footnotes will be available upon request.
Copies of this announcement are available at the offices of the Company's
nominated advisors, Jefferies International Limited (Bracken House, Floor 4, 1
Friday Street, London, EC4M 9JA) for a period of 14 days from the date hereof.
Further copies of this announcement can be downloaded from the website
www.prometheus-energy.com
The information presented herein has been prepared on the basis of current US
generally accepted accounting principles (US GAAP).
Forward-looking Statements
This announcement includes forward-looking statements which are based on certain
assumptions and reflect management's current expectations as contemplated under
the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ materially
from current expectations. Some of these factors include: uncertainty as to
whether our strategies, partnerships and business plans will yield the expected
benefits; general global economic conditions; general industry and market
conditions and growth rates; increasing competition; the ability to identify,
develop and achieve commercial success for new products, services and
technologies; changes in technology; changes in laws and regulations, including
government incentive programs; intellectual property rights; our ability to
secure and maintain strategic relationships, including key supply relationships;
the availability and cost of capital; the availability of, and our ability to
retain, key personnel; and the failure of the Company to effectively integrate
acquisitions. Additional factors are discussed in our public disclosure
materials from time to time. We disclaim any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
For further information:
Prometheus Energy Company +1 206 267 0800
Kirt Montague (Chief Executive Officer)
Jeff Spencer (Chief Financial Officer)
Jefferies International Limited +44 20 7618 3500
Charles Cameron
Frederic Paternot
Oliver Griffiths
Cubitt Consulting +44 20 7367 5100
Simon Brocklebank- Fowler
Michael Henman
Allison Reid
Jefferies International Limited, which is authorised and regulated by the
Financial Services Authority, is acting for the Company and no other person in
connection with this announcement and will not be responsible to anyone other
than the Company for providing the protections afforded to customers of
Jefferies International Limited nor for advising any other person on the
contents of this announcement or any matters described in this announcement.
This announcement does not constitute an offer to purchase or subscribe for
securities. This announcement and the information contained herein is restricted
and is not for publication, distribution or release in whole or in part in the
United States. The securities referred to herein have not been and will not be
registered under the Securities Act, and may not be offered, sold, pledged or
otherwise transferred except if such transfer is effected (1) in a transaction
meeting the requirements of Regulation S under the Securities Act, (2) pursuant
to an effective registration statement under the Securities Act, or (3) pursuant
to an available exemption from the registration requirements of the Securities
Act, in each case in accordance with all applicable securities laws, including
applicable state securities laws of the United States.
This announcement and the information contained herein is restricted and is not
for publication, distribution or release in whole or in part in the United
States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SFAESUSWSEIM
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