MACCLESFIELD, UK, Mar. 27, 2017 -- EuroSite Power Inc. (OTCPK: EUSP, the "Company") an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers in the United Kingdom (UK) and Europe, has signed a share purchase agreement to acquire a 50% stake in Cyprus based FCN Energy Logistics Limited (“FCN”), parent company and sole owner of Blue Grid Gas and Power S.A. (“Blue Grid”) a newly formed natural gas retailer and on-site power generation provider in Greece. The joint venture partner is Tamarindo Navigation S.A, an affiliate entity to Franco Compania Naviera S.A. an Athens based ship management company with a history dating back to 1948. The financial terms of the deal are undisclosed.
Blue Grid has been formed in response to the opportunities provided by the newly liberalised natural gas market in Greece. The company shall be supplying natural gas both on-grid and off-grid using innovative liquid natural gas (LNG) supply chains including LNG bunkering services for shipping. On-site generation using natural gas fuelled Combined Heat and Power (CHP) solutions supplied under On-Site Utility agreements will also be sold.
Commenting on the news Dr. Elias Samaras, Chief Executive Officer of EuroSite Power, said “Greece is an under exploited market for solutions based on natural gas fuelled CHP. At the same time, government support in the form of a feed-in premium is providing an incentive for users and operators alike. While we had already identified a number of opportunities and knew we had the experience to develop the technical solutions we also knew we needed a partner with knowledge and experience of Greece. Blue Grid was an ideal match and we look forward to building a successful business together with our partners at FCN.”
“Market liberalisation means gas use will grow in Greece and we’re convinced LNG will feature heavily, particularly in off-grid locations on the mainland, as well as the islands. Off-grid natural gas delivery also enables the development of CHP projects at locations where they would not be feasible otherwise. Fully funded CHP solutions on the basis of EuroSite Power’s On-Site Utility approach, are a great fit for the Greek market” explained Sofoklis Papanikolaou, Chief Executive of Blue Grid Gas & Power.
Both shareholders of the Joint Venture will have equal board representation. Blue Grid will continue to be independently run by its current management team. Co-operation between EuroSIte Power and Blue Grid will start immediately with technical and commercial support being provided by EuroSite Power as needed.
Future News Releases
The Company would like to remind investors that in order to simplify and streamline news provided all financial results and news are only published on the Company’s website (http://investors.eurositepower.co.uk/news-releases).
Anyone wishing to receive notice of a news release should subscribe to the email alerts service provided within the Company’s investors pages (http://investors.eurositepower.co.uk/email-alerts).
Alternative Reporting Standard
The Company now files its financial statements under the Alternative Reporting Standard (ARS). Quarterly financial reports are prepared in accordance with US GAAP, are generally provided within 45 days of period end (90 days for fiscal year end results) and are reported to maintain the OTC Pink Limited Information tier.
Following corporate reorganisation and de-registration of the Company’s common stock, with effect from January 1, 2017 foreign exchange gains/losses are reported in the cumulative translation adjustment (CTA) account on the Company’s balance sheet.
Fiscal year-end financial reports for the operating company, EuroSite Power Limited are audited by a PCAOB registered firm and the Company provides current information for the purposes of SEC Rules 144(c)(2) and 10b-5 using the OTC Disclosure & News Service.Financial statements for EuroSite Power Limited are prepared in accordance with UK GAAP, and consequently differences in accounting treatment and presentation may arise.
EuroSite Power sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility solution customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation, operating expenses and support are paid by EuroSite Power.
About EuroSite Power
The Company provides institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by conventional energy suppliers – without any capital or start-up costs to the energy user. More information can be found at www.eurositepower.co.uk.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company’s website and in financial statements held by OTC markets for the fiscal year ended December 31, 2016. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE: EuroSite Power Inc.