24 September 2013
METROELECTRIC PLC
("Metroelectric" or the "Company")
Trading Update and Directorate Change
Metroelectric is making some progress in its main business, the retailing of electric bicycles, but the Company continues to be constrained by cash, limiting the Directors' ability to drive forward the Company's current business plan. As a result, the Directors are seeking to broaden the Company's activities to encompass other eco-friendly products and technologies. As a first step in this initiative, Metroelectric is pleased to announce the appointment of Cameron Luck to the Board of the Company as an Executive Director. Cameron has over 24 years' experience in waste and recycling management and will use his expertise to identify opportunities for the Company in the environmental sector, particularly in the fields of Recycling and Waste to Energy. To the extent that appropriate investment opportunities are identified, shareholders should be aware that the Company will need to raise additional capital.
In addition to the directorship of the Company, Cameron Luck holds or has held the following directorships or has been a partner in the following partnerships within the five years prior to the date of this announcement.
| Current Directorships | Past Directorships |
| Clear Future Polymers Limited | Camshron Environmental Limited |
| Irecycle Limited | |
In addition, Mr Luck was a director of Cameron House Holdings Ltd a company which never traded and was dormant when dissolved in September 2009
Railuck Environmental Solutions Limited from which Mr Luck resigned in October 2002 entered into a creditors voluntary liquidation in March 2004; and Greenloc Waste Equipment Limited, where Mr Luck ceased to be a director on the dissolving of the Company in April 2006, entered into a creditors voluntary liquidation in September 2004. Both companies are now dissolved.
Save as aforesaid, no additional information relating to Mr Luck falls to be disclosed pursuant to Rule 70 and paragraph 21 of Appendix 1 of the ISDX Growth Market - Rules for Issuers.
The Directors of the Company accept responsibility for this announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Limited
Eran Zucker
Tel: 020 7469 0932