All parts of the definitive agreements between
N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.
In
Both Enviro and Michelin want to emphasise that the delay will not affect the plans for a strategic partnership.
"Both parties have been working diligently on finalizing the formal documents to conclude the envisioned Strategic Partnership Agreement for which we reached a principal agreement in December. The Covid-19 context is not helping us as physical meetings have been impossible to organize. We are nevertheless confident we will be able to conclude our partnership in a formalized manner shortly," said
"There are many pieces that must fall into place before everything is ready, and it has unfortunately taken more time to complete our negotiations than we previously estimated. However, both parties remain equally convinced of the major advantages of our planned strategic partnership and are thus equally as determined to get the agreements into place," says Thomas Sörensson, CEO Enviro.
Before the definitive strategic partnership agreements can enter into force, they must be approved by Enviro's shareholders at an EGM. The reason is that Michelin is deemed a related party by virtue of its ownership in the company, and a related-party transaction requires the approval of shareholders at a General Meeting. Immediately following the signing of the definitive agreements, Enviro's Board will hold an extra board meeting to decide to convene an EGM to gain approval for the agreements. Notice of the EGM will be sent out separately.
For further information, please contact:
Thomas Sörensson, CEO of Enviro, +46 (0)735-10 53 43, thomas.sorensson@envirosystems.se
Urban Folcker, Enviro CFO, +46 (0)760-00 13 11, urban.folcker@envirosystems.se
Scandinavian Enviro Systems AB
Herkulesgatan 1K
SE-417 01 Gothenburg
info@envirosystems.se
www.envirosystems.se
This disclosure contains information that
Enviro is a company developing, building and operating industrial plants for material recovery from End of Life Tyres (ELT). The company has developed a process, based on a patented technology, where gas generated in the process is heating the tyres in absence of oxygen. This enables the materials in the tyres to decompose and be recovered instead of incinerated. Thus, a sustainable recovery of the resources Carbon black, Oil, Steel and Gas is obtained. The products are used in new products, replacing fossil resources to help the customers reach their sustainability targets. Enviro was founded in 2001, has its head office in
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