Quadrise, the emerging supplier of MSAR, a low-cost alternative to fuel oil in the shipping, refining and power generation markets, is pleased to announce that the Royalty Agreement signed by Quadrise International Limited ("QIL") and A.P. Moller-Maersk ("Maersk") on 11 February 2011 has been extended.
The revised Royalty Agreement executed on 21 February 2014 is now valid for the period up until 31 December 2022, an extension of 3 years to the original 31 December 2019 expiry date.
The Royalty Agreement provides the legal framework and key terms for future commercial supplies of Marine MSAR® fuel to Maersk and to third parties when the current programme transitions from development to commercial production and fuel supplies.
Shareholders are advised that the Company has also provided an update on its active programmes in a separate announcement released this morning.
Commenting on these developments, Ian Williams, Chairman of QFI said; "We are very pleased to have renewed and extended this Royalty Agreement with Maersk. Quadrise truly appreciate not only their contribution and commitment, but also the professionalism and dedication they have brought to our joint endeavours. We feel confident that success will bring the expected rewards for both partners."
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