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Quadrise Fuels posts loss; eyes maiden cash from operations by July 2022
StockMarketWire.com
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Alternative fuel developer Quadrise Fuels International posted a first-half loss as it continued to establish the commercial viability of its flagship MSAR fuel product.
Pre-tax losses for the six months through December amounted to £2.28 million, compared to year-on-year losses of £2.29 million.
Quadrise had £1.1 million in cash reserves at 31 December and subsequently raised £7.0 million from a share issue in March.
'The last three quarters have proved to be amongst the most significant periods in Quadrise's history,' chairman Mike Kirk said.
'Through our strategy of a broader range of project opportunities, we have built a firm foundation for Quadrise to progress these through their various stages of tests and trials in 2021/22.'
'This should enable the migration, subject to executing the relevant contracts, to commercial revenues, and by July 2022 we expect to be generating net cash from operations.'
Story provided by StockMarketWire.com
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