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Pressure Technologies- Receipt of Promissory Note

This content has been sourced from: https://www.investegate.co.uk/pressuretechnologies...

Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce that the outstanding principal of £3.1 million on the Promissory Note, payable under the Framework Agreement with Greenlane Renewables Inc., Creation Partners LLP and Brad Douville (the "Framework Agreement") announced on 3 July 2020, has been repaid in full, together with an interest payment of £0.3 million.

Repayment has been made earlier than the previously announced Promissory Note final maturity date of 30 June 2021 and concludes all arrangements made under the Framework Agreement.

The total consideration received by the Group for the disposal of PT Biogas Holdings Limited in June 2019 is £10.1 million.  As previously outlined, the proceeds will be used to reduce the Group's debt.