VANCOUVER: Pressure Technologies, the specialist engineering group, has completed the sale of its wholly-owned subsidiary, PT Biogas Holdings Limited (Greenlane), which is the holding company for the Group’s Alternative Energy Division, to Creation Capital Corp, a capital pool company listed on the TSX Venture Exchange for an aggregate price of £11.1 million. [the_ad id=”32940″] Commenting on the Sale, Joanna Allen, Chief Financial Officer of Pressure Technologies, said: “The completion of this sale concludes the Board’s process to realise the potential of the Greenlane Biogas business in the expanding market for renewable natural gas. I would like to thank the Greenlane team for their hard work and wish them and the new leadership team all the best for their future as Greenlane Renewables Inc. We will remain a supportive shareholder and anticipate retaining our holding for the medium term.”
A Pressure Technologies nominee will be appointed as an outside observer to all Greenlane Renewables Inc. board meetings and activities until such time as the Promissory Note, together with all accrued and unpaid interest, is paid in full and retired.
The cash to be received by the Group on Completion will be used to pay down the Group’s debt and the strengthened balance sheet will enable the Group to focus investment on its core specialist engineering businesses. As at 30 September 2018, the Group’s net debt was £6.7 million.