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Further re RenewMe Agreement

April 30, 2014



30 April 2014PowerHouse Energy Group plc ("PowerHouse" or the "Company") Further re. RenewMe Agreement Further to the announcement dated 3 March 2014, the Company advises that the cash element of the consideration of €211,000, which was due to be paid by 11 March 2014 under the terms of the agreement, remains outstanding. Subsequently, the Company believed that RenewMe Limited ("RenewMe") had verbally agreed that the cash payment could be made out of the proceeds of a fund raising the Company is currently pursuing. In the event that the fundraising does not proceed, the Company will be reliant on Hillgrove Investments Pty Limited ("Hillgrove") providing the necessary funds under the Convertible Loan Agreement dated 18 October 2012 (as previously announced) and RenewMe accepting the cash payment in full and final settlement on the terms previously agreed with RenewMe. On 28 June 2013, Hillgrove provided the Company with a letter of financial support to ensure the Company continues to meet its obligations as they fall due and to ensure it operates as a going concern for a period of at least 12 months. Under the terms of the agreement with RenewMe announced on 3 March 2014, termination of the exclusive licences claimed to be held by RenewMe and the settlement of its claims against the Company was subject to, among other things, payment of the sum referred to above. For additional information please contact: PowerHouse Energy Group plcKeith Allaun - Executive Chairman Phone: +44 (0)20 7079 4407 Email: inquire@powerhousegroup.co.ukSanlam Securities UK Limited (NOMAD and Broker) David Worlidge/Simon Clements +44 (0) 20 7628 2200 END The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.




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