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6th July 2015

Suspension of Director

Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), announces that it has suspended its Chief Executive Officer, Roy Lipski, pending an investigation into allegations of serious misconduct. Velocys’ Chief Financial Officer, Susan Robertson, will act as Chief Executive Officer during the suspension of Mr. Lipski. Mr. Lipski’s suspension does not constitute disciplinary action and does not imply any assumption whatsoever that he is guilty of any misconduct. The Board will keep his suspension under review and will aim to make the period of suspension no longer than is reasonably necessary. The allegations do not involve any element of fraud or financial impropriety.

The Board is pleased to confirm that trading is in line with expectations.


Contact

Velocys
Susan Robertson, CFO


+44 1235 841700

Numis Securities (Nomad and Broker)

Alex Ham – Corporate Broking

Stuart Skinner / Jamie Lillywhite – Nominated Advisor

 

+44 20 7260 1000

Camarco (financial communications & PR)

Billy Clegg / Georgia Mann

 

+44 20 3757 4983

 


Notes

About Velocys
Velocys is the company at the forefront of smaller scale gas-to-liquids (GTL) that turns natural gas or biomass into premium liquid products such as diesel and jet fuel. Smaller scale GTL adds value to shale gas and bio-waste, and makes stranded or flared gas economic – an untapped market of up to 25 million barrels per day.

Velocys technology, protected by over 900 patents, is specifically designed for smaller scales, combining super-active catalysts with intensified reactor systems. The Company’s standardised modular plants are easier to ship and faster to install, at lower risk, even in the most remote or challenging locations. Together with world-class partners, Velocys works flexibly to unlock gas resources of 15,000 to 150,000 mmbtu per day, allowing more companies to take advantage of more opportunities.

Velocys plc is listed on the AIM market of the London Stock Exchange (LSE: VLS). The Company is well capitalised and has a multi-disciplinary staff of over 100 operating from its commercial centre in Houston, Texas, USA and technical facilities near Oxford, UK and Columbus, Ohio, USA. Its first commercial plant, funded by Waste Management (NYSE: WM), NRG Energy (NYSE: NRG) and Ventech Engineers, is on track to enter commercial production in H1 2016.

www.velocys.com

 

Think Smaller™. Velocys is changing the way fuels are made.

 

 

 

Velocys plc trades through its subsidiaries Velocys, Inc., 7950 Corporate Blvd, Plain City, Ohio 43064, USA (Registered in the State of Delaware, USA) and Velocys Technologies Ltd, 115e Olympic Avenue, Milton Park, Abingdon, OX14 4SA, UK (Registered in England No. 5258554). Terms & Conditions. "Velocys" and the Velocys logo are trademarks of Velocys. © 2017 Velocys. All Rights Reserved.