Update and notice of results
14 Septiembre 2007 - 3:50AM
UK Regulatory
RNS Number:8616D
Libra Natural Resources PLC
14 September 2007
Press Release 14 September 2007
Libra Natural Resources plc
("LNR" or "the Company")
SUCCESSFUL COMPLETION OF FEEDSTOCK NEGOTIATIONS;
FURTHER US EXPANSION
AND NOTICE OF RESULTS
Libra Natural Resources plc, the international wood-to-energy company, today
announces further development details in its North American wood pellet
businesses.
EXISTING BRITISH COLUMBIA FACILITIES: FEEDSTOCK SECURITY
As part of LNR's ongoing strategy to manage and secure the price, quality and
reliability of its waste wood fibre feedstock, the Company is pleased to
announce that it has signed a major extension to one of its principal supply
contracts.
The major features of this contract renewal are as follows;
* Guaranteed provision of wet and dry fibre for LNR's existing plants in British Columbia, Canada
though to 2011 and beyond
* Pricing, whilst commercially confidential, is in line with your Company's expectations and internal
forecasts;
* Ensures that the vast majority of the feedstock for all of LNR's current operational plants is now
secured through until at least the end of 2010.
FURTHER EXPANSION OF US OPERATIONS
Further to LNR's announcement of August 2nd, and as part of the Company's
strategy of expansion into the United States through selective acquisitions and
plant developments, we are pleased to announce the recruitment of a dedicated
management team to develop and manage LNR's proposed US operations.
This team is led by Mr. Christian Bach and Mr. Timothy Lyons, who are based in
Massachusetts. They have many years of experience with sourcing feedstock and
wood pellets for US markets as well as selling and installing wood pellet
furnaces. They are applying this firsthand knowledge of the industry to
identifying growth opportunities for the Company. Their focus is on the US
northeast and southeast markets, where LNR is actively reviewing additional
acquisition and development opportunities.
In addition to these appointments, LNR is pleased to announce the opening of its
first overseas office, in Seattle, Washington, USA. The opening of this office,
which will oversee all of the Company's activities in North America, reflects
the importance that LNR attaches to growing, and effectively managing,
operations in this region.
NOTICE OF RESULTS
The Company wishes to advise shareholders that the Interim Results for the
half-year to 30th June 2007 will be released on Friday 28th September 2007.
At the time of these results, shareholders can expect to receive specific
details on LNR's wood pellet expansion strategy in the UK and in the South-East
of the United States. In addition, although contingent on the outcome of
ongoing, later-stage, discussions, it is expected that further particulars will
be announced relating to the implementation of the Company's stated strategy to
become a focused wood pellet company.
- Ends -
For further information:
Libra Natural Resources plc
Peter Greensmith, Chief Executive Tel: +44 (0) 20 7877 5050
pg@lnrplc.com
Glenn Smith, Chief Investment Officer Tel: 001 206 838 8398
gs@lnrplc.com
1200 Fifth Avenue, Suite 1800, Seattle, WA 98101
Landsbanki Securities (UK) Ltd
Nominated Advisor & Joint Broker Tel: +44 (0) 20 7426 9000
Gareth Price/Simon Brown, Corporate Finance
Media enquiries:
Abchurch
Heather Salmond / Franziska Bohnke Tel: +44 (0) 20 7398 7700
heather.salmond@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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