Pressure Technologies (AIM: PRES), the specialist engineering group, announces an update on the proposed sale of its wholly-owned subsidiary, PT Biogas Holdings Limited, trading as Greenlane Biogas (“Proposed Sale”) to Creation Capital Corp (TSX-V: CRN.P), a capital pool company listed on the TSX Venture Exchange (“TSX-V”).
The process to spin-out Greenlane Biogas and list the business on TSX-V, via a sale to Creation Capital and a Private Placement by them, is well underway and making good progress. The transaction timetable is being actively managed and the Board now expects final closing of the transaction with approvals before the half-year end on 30 March 2019.
Details of the transaction were set out in the Proposed Sale announcement released on 10 December 2018. Further progress updates will follow in due course.