METROELECTRIC PLC
("Metroelectric" or the "Company")
Market Update
Metroelectric is pleased to announce that is has acquired an option over a 10% interest in Aircraft Recycling Limited ('ARL'). ARL has recently won a 36 month contract with a major airline to breakdown and recycle the airline's redundant aircraft. This work will be carried out at ARL's existing facility at Norwich International Airport.
In consideration for the granting of the option, Metroelectric has paid a cash fee of £50,000 to ARL. The option gives Metroelectric the right to acquire a 10% interest in ARL for a further consideration of £150,000. The option period expires on the 1st November 2014.
Following the signing of the option agreement, Cameron Luck, a director of the Company, has been appointed as a director of ARL.
Cameron Luck, a director of Metroelectric, commented: "I am delighted to have secured this agreement and be appointed to the board of ARL. I am confident we can work with ARL to secure other lucrative contracts within the aircraft sector benefitting from ARL's aviation contacts and my environmental/recycling knowledge."
The Directors of the Company accept responsibility for this announcement.
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Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Ltd
Eran Zucker
Tel: 020 7469 0934