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Energetix Group plc : - Directorate Change

05/01/2013 | 02:26am US/Eastern
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Energetix Group Plc

("Energetix" or the "Company")

Directorate Change

Energetix Group plc, (AIM: EGX), which develops and commercialises alternative and efficient energy products, announces that Peter Richardson, who joined as Group Chief Executive Officer in September 2012, is stepping down from the board with immediate effect.  Tony Stiff, Group Commercial Director and Managing Director of Flow Energy, has been appointed as Group Chief Executive Officer with immediate effect. Tony will provide the leadership required to drive the business forward to volume production of the Flow boiler and has proved from his work establishing the Company's energy supply business, Flow Energy, from start-up that he can deliver results to time and to budget. 

The Flow mCHP boiler has completed initial testing with home based trials now underway. The Company is pleased with the performance of the technology which is in line with management expectations. Production units will be available during 2013 and will be extensively tested both in the laboratory and in homes.

These changes come at a time when Energetix has considerably strengthened its senior management team structure, enhancing the Company's operational capabilities within Flow Energy and Flow Products.

Giovanni Suero, recently joined Energetix from Flextronicsand has taken on the role of Flow Products General Manager (Manufacturing & Service), working alongside Geoff Barker as Flow Products General Manager (Product Development). Tony is also supported by Andrew Beasley, Director at Flow Energy. As Group Chief Executive Officer, Tony will ensure that the whole Company is working as a team to deliver the boiler to the market, while also retaining responsibility for Flow Energy. 

Commenting Clare Spottiswoode, Executive Chairman of Energetix Group, said:

"Following a recent review the Board and Peter, working together, concluded that his appointment was not working in the way it was intended. As a result all parties decided that it would be beneficial to shareholders that action was taken earlier rather than later, and mutually agreed that Peter would stand down from his position."

"Tony has already proven his leadership skills by establishing our energy business from scratch and I am confident that with a strengthened management team Tony will drive the business to the significant milestone of launching the mCHP Flow boiler in volume which has been reinforced by the positive progress that has been made to date."

Commenting Peter Richardson added:

"It is disappointing that my role did not work out the way we had all hoped for. Energetix has a very strong technology platform that I have every confidence can be converted into volume roll-out, delivering an exciting business for the benefit of all shareholders."

Energetix Group plc

www.energetixgroup.com

Clare Spottiswoode, Executive Chairman

Tel: +44 (0)151 348 2100

Tony Stiff, Group Chief Executive Officer




Cenkos Securities plc(NOMAD & Broker)

www.cenkos.com

Stephen Keys / Adrian Hargrave (Corporate Finance / Nomad)

Julian Morse (Sales)

Tel: +44 (0)20 7397 8900



Walbrook PR Ltd

Tel: +44 (0)20 7933 8780

Paul McManus (Media Relations)

paul.mcmanus@walbrookpr.com

Paul Cornelius (Investor Relations)

paul.cornelius@walbrookpr.com

Energetix Group plc

Energetix Group plc is a developer of cost-effective products to meet the growing global demand for alternative efficient energy. Currently Energetix has two subsidiary businesses:

Flow- microCHP energy generation and retail electricity & gas

Pnu Power - compressed air back-up power for the protection of essential systems

In addition, Energetix has a c.25.7% stake in VPhase plc, an energy efficiency business created by Energetix and subsequently spun out in 2010. VPhase is now a standalone independently funded commercial venture.

With all technology development now completed Energetix is well positioned as it moves to the commercialisation stage of its corporate development.

Flow (formerly Genlec and Kingston Energy) - www.flowenergy.uk.com

Flow Products has developed a highly efficient, compact and light weight, wall mounted microCHP (Combined Heat and Power) appliance known as the Flow Boiler (formerly the Kingston Boiler). The Flow Boiler is specifically designed to generate 1kW of electrical power. The Flow Boiler therefore has an inherent low total cost of ownership (initial outlay plus maintenance) and has already demonstrated industry leading payback cycles which many analysts believe is the key to unlocking this significant market opportunity.

Flow Energy is a unique dual fuel energy company, which will provide free microCHP boilers to its customers in return for a commitment to buy gas and electricity, with a price promise that energy prices will not exceed those of the major energy suppliers.

Pnu Power

Pnu Power focuses on the provision of compressed air back-up power which can ensure an uninterruptible power supply for critical systems, particularly for the telecoms, data centre and power transmission markets. Pnu Power range has been extended to include the DC100 product that can now meet the demand of the rapidly growing Green Data Centre market, providing a low carbon alternative to flywheels. Pnu Power has been successful in achieving repeat trial sales and is now poised to move out of the trial sales phase and into full volume commercial sales.

Energetix Group joined AIM in August 2006. The Group and its subsidiaries and associates are based near Chester, NW England and Ipswich, Suffolk.


This information is provided by RNS
The company news service from the London Stock Exchange
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