(Aquis Stock Exchange: SNOX)
At the annual general meeting of the Company (the “AGM”) to be held later today, Ben Richardson, CEO, will make the following update.
“The Company is beginning to see significant traction in the sales of its SulNOxEco™ Fuel Conditioner product and is discussing an order for its Berol 6446 product for oil reclamation following successful laboratory trials on 4 waste oil types. During the year to 31 March 2022, sales were £34k, which, while almost double the previous year, were still very low. During the first quarter of the current year, we achieved sales equivalent to the entire year that preceded it, and in the current quarter, we are anticipating sales to be more than double of those for the first quarter, resulting in sales for the first half of the year to be on target to be in excess of £100k.
We have announced the most significant of these sales over recent weeks, including the latest of these today. These have been achieved across different business sectors (notably haulage and shipping) and locations (across Europe, Asia, Africa and the Americas). While it would be presumptuous to say that this increase in sales will continue at this rate without interruption, the number and scale of enquires and positive evaluation results give us scope for encouragement.”
Major Train Evaluation
The board of the directors of the Company (the “Board“) is also very pleased to announce the start of a new large-scale paid evaluation of its SulNOxEco™ Fuel Conditioner product with a major international rail company consuming some 10,000 Tonnes of diesel per annum.
The Grampet Group (“Grampet”) is formed by 18 companies grouped by activity domains: operators of rail transport involving cargo, logistic, construction, repairs and maintenance of rolling stock and IT services. Annually, Grampet transport approximately 22 million tonnes of freight, 20% internationally, through a fleet of 20,000 wagons and 400 locomotives, with railway freight companies operating in Austria, Bulgaria, Croatia, Germany, Greece, Hungary Moldova, Romania, Serbia, and Slovakia.
Grampet is already evaluating the SulNOxEco™ Fuel Conditioner in 3 locomotives in Romania using some 40,000 litres of fuel per month, with a view to extending the use of SulNOx to all locomotives in the fleet.
Sorin Chinde, Vice President of the Transports division of Grampet Group, said of the evaluation: “Whilst rail is already much more environmentally friendly than other modes of transport, and we actively encourage the return to more railway usage, Grampet services also continue to encourage further sustainability initiatives as a part of our continuous optimisation programmes. We are delighted to be trialling the SulNOx product which could pave the way for a rapid and significant reduction in our fleet emissions.”
Ben Richardson the CEO of SulNOx commented, “We are very pleased to be partnering with Grampet and helping them to further their sustainability priorities. A freight train will consume some 8 litres of diesel fuel per kilometre travelled vs a car which is around 0.06 litres, so it is a significant opportunity for SulNOx to become a further, immediate global solution in a sector of transportation which is heavily reliant on diesel. SulNOx is able to provide an immediate solution in terms of better fuel economy and reduced emissions to a sector that is a major consumer of diesel.”
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For further information please contact:
SulNOx Group plc
Steven Cowin, Director
Allenby Capital Limited
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
Tel: 020 3328 5656