Regulatory Filings • Jan 7, 2015
Regulatory Filings
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Envipco Holding N.V. (EHNV), a public listed company on the NYSE Euronext Brussels (Symbol: ENVI) and a leading provider of recycling systems and solutions to the beverage and retail industries, announces the sale of Sorepla Technologie SA. In late 2013, the Envipco Board of Directors concluded that the Sorepla plastics recycling operations no longer fit with our long term strategic ambitions for the Company. Accordingly, an advisor was retained to evaluate all options for Sorepla. During 2014, Sorepla has been reported under discontinued operations and asset held for sale. As reported in our June 30, 2014 interim report, Sorepla had a loss of 2.2 million EURO for six months period.
While there has been some interest by potential acquirers over the past nine months, none of these materialised into an executable transaction that would have yielded any value to EHNV. During this period there have been several opportunities identified with new raw material suppliers and possible tolling agreements that could positively impact the Sorepla operations over the long term. These opportunities would have required renewed capital commitments that were outside EHNV's current priorities considerate of our earlier strategic decision regarding the plastics recycling business.
The companies majority shareholder, Mr. Alex Bouri and through his affiliated company Aeromaritime Systems Group BV (ASG BV), expressed an interest to acquire the Sorepla operations and provide the necessary funding to continue and expand its business. After due consideration and without any other viable options, the EHNV Board of Directors has approved the sale of the Sorepla Technologie SA to Mr. Bouri's affiliated company ASG BV for the nominal sum of 1 EURO. EHNV will record an additional loss of approximately 1.6 million EURO in connection with ongoing losses for Sorepla for the period from July 1, 2014 through year end.
Amersfoort 30 December 2014
For further information, please contact Gool Santchurn:
By phone: +1 203 720 4059 By e-mail: [email protected] Website: www.envipco.com
Envipco Holding N.V. (Envipco), www.envipco.com, is a Netherlands-based holding company listed on NYSE Euronext Brussels (Symbol ENVI). Envipco, with operations in several countries around the globe, is a recognised leader in the development and operation of reverse vending machines (RVMs), automated technological systems for the recovery of used beverage containers. Envipco's turnkey solutions cover all aspects of beverage container recycling - from recovery, validation, compaction, sorting, transportation and logistics, to accounting for every container, to recycling and processing used beverage containers to ready for conversion into new containers and consumer products. Known for its innovative technology and market leadership, Envipco holds several intellectual property rights for RVM systems, including but not limited to beverage refund deposit markings, material type identification, compaction and accounting.
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