TIDMPRES

RNS Number : 3012P

Pressure Technologies PLC

17 February 2021

Pressure Technologies plc

("Pressure Technologies" or "the Group")

Receipt of Promissory Note

Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce that the outstanding principal of GBP3.1 million on the Promissory Note, payable under the Framework Agreement with Greenlane Renewables Inc., Creation Partners LLP and Brad Douville (the "Framework Agreement") announced on 3 July 2020, has been repaid in full, together with an interest payment of GBP0.3 million.

Repayment has been made earlier than the previously announced Promissory Note final maturity date of 30 June 2021 and concludes all arrangements made under the Framework Agreement.

The total consideration received by the Group for the disposal of PT Biogas Holdings Limited in June 2019 is GBP10.1 million. As previously outlined, the proceeds will be used to reduce the Group's debt.

ENDS

For further information, please contact:

 
 Pressure Technologies plc                     Tel: 0330 015 0710 
  Chris Walters, Chief Executive                PressureTechnologies@houston.co.uk 
 N+1 Singer ( Nomad and Broker)                Tel: 0207 496 3000 
  Mark Taylor / Carlo Spingardi 
 Houston (Financial PR and Investor            Tel: 0204 529 0549 
  Relations) 
  Kate Hoare / Anushka Mathew / Ben Robinson 
 

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END

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February 17, 2021 02:00 ET (07:00 GMT)

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