Environmental Clean Technologies Ltd Stock Market Press Releases and Company Profile

Melbourne, June 1, 2009 AEST (ABN Newswire) - Environmental Clean Technologies Limited (ASX:ESI) advises that negotiations on the formal agreements to acquire the intellectual property rights in the Coldry technology (Coldry Technology) from the unitholders of the Maddingly Coldry Unit Trust (Coldry Trust) are continuing, but have not been concluded. The substance of the terms of the acquisition remain the same as disclosed in the notice for ESI's general meeting on 4 March 2009 (General Meeting). The Company expects to conclude these negotiations and enter into formal agreements shortly.

Shareholders approved the issue of 55,000,000 shares and 110,000,000 options as part of the consideration for the acquisition of the Coldry Technology at the General Meeting. Listing Rule 7.3.2 requires an issue of such shares and options to occur within 3 months after the date of the approval. The Company has applied for, and received from ASX, an extension of this period by one month, to 4 July 2009.

As announced on 11 May, the Company has raised approximately A$2.3 million under its Share Purchase Plan. Further, as announced on 4 May, ESI is seeking to place the shortfall of up to 59,035,000 ordinary shares and 118,070,000 free attaching options, raising up to a further A$1,180,700 before costs (Shortfall). Expressions of interest to participate in the Shortfall closed on 29 May 2009. The Company advises that A$1 million of the funds received from the Share Purchase Plan and shortfall placements will be held by the Company in a separate account and used only for payment of the cash component of the consideration for the acquisition of the Coldry Technology.

About Environmental Clean Technologies Ltd

Environmental Clean Technologies LimitedEnvironmental Clean Technologies Limited (ASX:ECT) is in the business of commercialising leading-edge coal and iron making technologies, which are capable of delivering financial and environmental benefits.

We are focused on advancing a portfolio of technologies, which have significant market potential globally.

ECT's business plan is to pragmatically commercialise these technologies and secure sustainable, profitable income streams through licencing and other commercial mechanisms.

http://www.linkedin.com/company/398938 abnnewswire.com 


Contact

Kos Galtos
Chief Executive
Tel: +61-3-9684-0888



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