METROELECTRIC PLC
("Metroelectric" or the "Company")
Trading Statement
The Company is pleased to announce a trading statement for the period from 1 July to 30 September 2012.
On 17 July 2012, Metroelectric entered into a five year, exclusive agreement with Jinhua Xiongying Electric Vehicle Manufacturer Ltd to distribute its electric bikes, trikes and folding bikes throughout the UK and Eire.
During the three months to 30 September 2012, the Board of Metroelectric has been focused on improving the Company's long term balance sheet position. To this end, on 2 August 2012, Metroelectric announced that various holders of convertible loan notes issued by the Company had converted loan notes, valued at over £300,000, into equity in the Company. As a result, the Company does not have any outstanding convertible loan notes.
The Board continues to seek methods of restructuring debts and liabilities so as to improve the financial position of the Company going forward. Metroelectric has received assurances from one of the major shareholders of the Company, who has committed to support the Company in the event that any unforeseen financial liabilities arise. The Board hopes to secure further funding in the near future, enabling the Directors to focus on building the Powabyke brand and improving the distribution channels of its products.
The Directors of the Company accept responsibility for this announcement.
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Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934