Grünergy Technologies PLC requests trading halt due to irregularities

(firmenpresse) - London (UK), 25th March 2011 - The Board of Grünergy Technologies PLC (WKN: A0YEK0 / symbol: GN1) today informed the Frankfurt Stock Exchange, the German Securities Commission (BaFin) and Renell Wertpapierhandelsbank AG - its market maker in the Frankfurt Open Market - about its wish to halt trading in the securities of Grünergy Technologies PLC with immediate effect.

During an audit and internal review, the Board of Directors of Grünergy Technologies PLC became aware that previous directors that sit on the board of the company prior to May 18, 2010 were not able to provide reasonable explanation pertaining to irregularities that took place in the company’s account during their tenure as directors.

Also, it is established that Rosenow Management Inc., through alleged “fraudulent misrepresentation”, acquired the corporation formerly known as RLP Energy, Inc., and the corporation formerly known as RLP Energy Canada Inc., both privately-held companies based in the U.S.A. and Canada.

Furthermore, Rosenow Management Inc. resold RLP Energy Inc. and RLP Energy Canada Inc. to Grünergy Technologies PLC and it is established that this transaction was executed by an individual with no legal capacity and authority, and is therefore void.

Based on legal advice from attorneys in Germany and Canada, the contractual agreement for these acquisitions has been rescinded and considered null and void. The U.S. and Canadian corporations have been returned to their private owner and, at present, have no legal relationship with Grünergy Technologies PLC that is now an empty shell.

Mr. Richard Macpherson, the private owner of RLP Energy Inc. and RLP Energy Canada Inc. suffered irreparable damages, being victim of Rosenow Management Inc. and its representative alleged “fraudulent misrepresentation”. Mr. Macpherson resigned as director of Grünergy Technologies PLC and may decide to take legal action.

Further review and investigations are being conducted and legal action against Rosenow Management Inc. is pending. Counsel has been retained in Germany.

The Board expects the trading halt in the securities of Grünergy Technologies PLC - if approved - to continue until further notice and trading may or may not resume depending on a settlement of all claims against Rosenow Management Inc. and other entities and individuals.

Contact:
Grünergy Technologies PLC
Patrick Glémaud
Director

PATRICK GLÉMAUD, BSocSC, LL.B.
BARRISTER & SOLICITOR
141 Blackburn Ave
Ottawa, ON, Canada, K1N 8A6
pglemaud(at)grunergytech.com


Disclaimer:
This publication serves information purposes and constitutes neither an offer to sell nor a solicitation to buy any securities of Grünergy Technologies PLC. This press release contains forward-looking statements based on beliefs of Grünergy Technologies management. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. Such statements reflect the views of Grünergy Technologies PLC as of the date made with respect to future events and are subject to risks and uncertainties. Many factors could cause actual results to be materially different from those projected here, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services and changes in business strategy. Grünergy Technologies PLC disclaims any intention or obligation to update these forward-looking statements.

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Datum: 25.03.2011 - 14:22 Uhr
Sprache: Deutsch
News-ID 28838
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