Provaris prototype tank contract update
HIGHLIGHTS:
- Provaris is engaging with secured lenders (Lenders) to explore various pathways following the Prodtex Industri AS bankruptcy. The lenders prefer a swift sale of the secured assets.
- Provaris is preparing a proposal to the Lenders based on terms to resume construction of its proprietary Prototype Tank, as soon as possible
- Provaris Energy updates shareholders following its ASX announcement of 6 June 2024 regarding delays in the completion and testing of its Prototype Tank under a contract with Prodtex AS.
Prototype Tank Completion Remains a Priority
Provaris’ management is focussed on developing proposals to continue the Prototype Tank program. Immediate priorities include:
- Submitting a proposal to the secured Lenders to resume construction of the Prototype Tank;
- Maintaining close communication with Prodtex AS, the Lenders and, if necessary, the Executor of the Prodtex Industri bankruptcy; and
- Reviewing alternative contractors and sites in Europe with experience in automation and robotic laser hybrid welding.
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