Canadian firm SHARC announces restructuring of UK operation
Sharc International Systems Inc has today announced the company has started the process of restructuring its UK operations with a view to improving its balance sheet by reducing its financial commitments and ongoing liabilities through the divestiture of its UK subsidiaries and assets.
In doing so, SHARC will focus its business model towards faster moving Piranha and Piranha HC unit sales and leasing while continuing to engage with engineers, architects, municipal and government leaders, developers and sewage authorities, amongst others, on the inclusion of SHARC district energy systems on specified drawings and designs.
The Company has sold its 50% interest of Bandwidth Energy Limited to Scottish Water Horizons Limited for £10,000 cash and terminated the agreement for the execution of certain works, namely the design, installation, testing and commissioning of a new sewage heat recovery system for £15,000. The Company intends to work with Scottish Water Horizons in commissioning the Aqualibrium project upon completion and providing future support as requested.
“The restructuring of our operations provides increased balance sheet flexibility and supports our ability to execute on our growth strategy,” said Lynn Mueller, chairman and chief executive officer at SHARC. “We believe the restructuring provides a better opportunity for our shareholders to realize long term, sustainable value.”