MAN OIL GROUP AG
MAN OIL GROUP AG ANNOUNCEMENT: FINANCIAL REPORT 2013
MAN OIL GROUP AG / Key word(s): Final Results MAN OIL GROUP AG: ANNUAL FINANCIAL REPORT 2013 Board of Directors Statement Since its foundation in 2009 Man Oil Group has been developing as a scientific and engineering company leading large scale R&D in oil waste management. In September 2010 Man Oil Group’s research and development team, together with the leading experts and producers has initiated the development of a unique innovative technology of environmentally friendly and save oil waste management, which allows to extract the commodity oil product without destroying its chemical structure and return it into the production cycle of a customer. As a result, a unique industrial complex STORM-15 has been successfully developed, manufactured and adapted for tailor made application at the sludge ponds of Lisichansk refinery (Ukraine). The process intensification technology of separating the hydrocarbons from water and solid phase using solvent and flocculent belongs to MOG. In October 2012 the operations of the refinery were suspended for the purpose of immediate modernization and the owners have decided to restart the operations at 2014. While the modernization works have been completed, the refinery has communicated to restart operations when the political turmoil in the Ukraine have ceased. According to the long-term strategy two more STORM-15 machines have been ordered and launched into manufacturing for further operations. The joint venture will commences with the installation of one STORM-15 machine later in 2014 in Nigeria, either on the site of the joint venture partner or of one of the locally acting oil companies; after having put in operation it is expected that revenues of about USD 1 million per month in total will be generated. In addition, MOG was successful to enter into an exclusive license agreement with the Hebrew University of Jerusalem for a term of 20 years on a very promising new and innovative product designated NHS+ agent. This product – a «super-oxidant» – is undergoing patent application proceedings and finds nothing comparable in the market at present; it is able to clean in-situ any hydrocarbon contaminated wastes within hours. Starting January 2014, our experts have finalized the industrial applications of the agent, having tested it on samples of oil contaminated wastes from Kuwait, Israel, Switzerland and Nigeria. The underlying technology can be applied in the final phase of the STORM-15 oil waste recuperation as well as stand-alone product for the cleaning of oil-contaminated soils. MOG has entered into the above mentioned license agreement by also taking into account that the roughly estimated size of respective European segment only for the NHS+ market sums up to at least USD 78 billion. MOG is in negotiation with or has been invited for a tender in connection with NHS+ technology large-scale industrial projects for oil contamination cleaning by the enterprises and/or institutions in Europe and CIS. The NHS+ technology is accessible for use not only in a purely industrial environment, but also in the B2B and B2C markets, for soil decontamination at tank fueling stations, garages, car service stations, parking lots etc. as well as for the households use. The customization of the product for use in the of B2B and B2C markets is currently in progress. The shares of Man Oil Group AG have been admitted for trading at GXG Markets December 19th, 2013. GXG runs an SME dedicated exchange that operates a European Regulated Market as well as two junior markets regulated under GXG Markets Multilateral trading Facility authorization. These three markets operated by GXG are authorized and regulated under the European Markets in Financial Instruments Directive (MIFID) by the Danish Supervisory Authority, Finanstilsynet. The shares are traded on the First Quotation Board at GXG Markets under Ticker Symbol MOG, ISIN CH0126050563 at an opening price of EUR50,50. Man Oil Group AG provides a large-scale industrial complex treatment of oil-sludge and oil polluted soils with consequent bioremediation of waste. At the heart of the technology there is a scientific and tailored approach, which allows MOG to offer oil companies a complex and highly effective solution. The company’s demonstrated unique results of oil-waste treatment technology have received a high praise from major market players. Respectfully submitted on behalf of the Board 09.07.2014
Balance sheet as per 31 December 2013 Assets
The consolidated loss for the year after taxation transferred against reserves amounted to CHF 2’354’202.41. The company had no turnover for the period. The loss relates to R&D activity, technology testing and adaptation and business development incurred during the year. The financial information included in this announcement for the year ended 31 December 2013, is audited and a copy of the Annual Report and Accounts is available by request from the company. The Directors of the company accept responsibility for this announcement. To find out more about Man Oil Group AG, please visit our website at Contact: Disclaimer: End of Corporate News End of Corporate News 11.07.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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