AER Aerte Grp

TIDMAER

RNS Number : 0076S

Aerte Group PLC

26 November 2012

26(th) November 2012

AERTE GROUP PLC

(the "Company" or together with its subsidiaries the "Group")

Notice of intention to appoint administrators

Aerte Group PLC , the environmental technology group, today announces that the Board, having been unable to secure additional funding for the Company, has concluded that the Group is no longer able to continue trading as going concern and has filed notice of intention to appoint administrators.

In accordance with statutory requirements the Notice of intention to appoint administrators will expire 5 business days after today following which an appointment of administrators can take place within a further 5 business days thereafter if the financial status of the company has not changed.

The board announced on 15(th) November 2012 that it had been in active discussions with prospective funders regarding the provision of additional finance to the Group. Despite its efforts to explore the available options, discussions had unexpectedly ended unsuccessfully with two parties which it was hoped would provide further funding.

The board has continued to pursue other potential opportunities to secure the on-going trade of the business and recover value from the Group's assets, but as a funding solution has not been forthcoming the board has regrettably concluded the Group will be unable to continue trading as a going concern.

Despite the problems experienced earlier in the year with the manufacturing of its new products and the refusal in September of the potential Chinese distributor to pay for the 3,200 devices, manufactured and delivered by a member of their group, the Group's new range of air disinfection products have been continuing to generate interest. As well as internationally, there have been initial discussions with major distributors in the UK retail market from whom small though commercial initial orders have started to be received and fulfilled such that the devices have been on retail sale.

The Board remains hopeful that the uniqueness and proven efficacy of the air disinfection technology and its new products can still provide the platform for a successful business in the future.

The details of the prospective administrators will be announced in due course.

For further information, please contact:

   Aerte Group PLC                                      Tel: +44 (0) 20 7603 1515 

Andrew Tonks, Chief Executive

   Panmure Gordon (UK) Limited                 Tel: +44 (0) 20 7886 2500 

Andrew Godber/ Adam Pollock

This information is provided by RNS

The company news service from the London Stock Exchange

END

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