Hydrodec : Further insurance payments & negotiations continue

 15 October 2014

Hydrodec Group plc

("Hydrodec" or the "Company")

US$3.7 million of further insurance payments, negotiations continue

Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, is pleased to announce that it has received confirmation from its insurers of their agreement to authorise additional interim payments of US$3.7 million in aggregate. This is in addition to interim payments previously received of US$12.0 million, and brings the total interim payments received or agreed to be paid to US$15.7 million. The Company continues to work closely with its insurance brokers and the insurers to reach final settlement of the claim. 

Progress on the Canton plant expansion and rebuilding project continues and remains on target to have all six trains commissioned and operational by the end of Q1 2015.

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Notes to Editors:

Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs, a toxic additive banned under international regulations. Hydrodec's plants are located at Canton, Ohio, US and Young, New South Wales, Australia.  Hydrodec recently acquired the business and assets of OSS Group, the UK's largest collector, consolidator and processor of used lubricant oil and seller of processed fuel oil, with a national network of oil storage and transfer stations, currently serviced by a fleet of more than 90 trucks which collect used oil and other garage workshop waste from over 30,000 customers. Used oil is converted into processed fuel oil at OSS's plant at Stourport and principally sold on to the UK quarry and power industry.

Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.