RNS Number : 4940A
Ceramic Fuel Cells Limited
20 February 2014
Market
Announcement
Thursday, 20 February 2014
Synergy International contract update
On 28 November 2013, Ceramic Fuel Cells Limited ("CFCL" or the "Company") announced the award of an order of 1,000 BlueGen units from Synergy International
OÜ ("SI"), an Estonia distributor.
OÜ ("SI"), an Estonia distributor.
The contract was for the delivery of a minimum of 500 units in 2014 and a further 500 units in 2015. The contract was secured on the basis of a cash prepayment from SI for the first 500 units to be delivered in 2014. Initially, the funds were due to be received by CFCL on or before the end of December 2013 although it was subsequently agreed by CFCL and SI to extend this payment date to 18 February 2014.
was for the delivery of a minimum of 500 units in 2014 and a further 500 units in 2015. The contract was secured on the basis of a cash prepayment from SI for the first 500 units to be delivered in 2014. Initially, the funds were due to be received by CFCL on or before the end of December 2013 although it was subsequently agreed by CFCL and SI to extend this payment date to 18 February 2014.
As of 19 February 2014 no prepayment has been received and CFCL must therefore confirm that SI are now in breach of the contract.
We are continuing to communicate with SI and it is unclear as to why this prepayment has not been honoured. At this time the Board of CFCL feel it is highly unlikely that the prepayment is going to be received in the near future.
Consequently the Company is currently exploring other options with a view to securing ongoing support for ourbusiness activities.
activities.
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