Clean Air Power, a leader in the development and delivery of compression-ignited natural gas systems and software for heavy duty vehicles, has exchanged contracts with Hardstaff Dual Fuel Technology Limited (Hardstaff), a subsidiary of Vayon Holdings Limited, for the sale of the Company’s subsidiaries on a going concern basis.
Due to the financial position of the Company and its subsidiaries, the Company filed a petition with the Supreme Court of Bermuda on 2nd September for the appointment of joint provisional liquidators to the Company. Michael Morrison and Charles Thresh of KPMG Bermuda have been appointed to act in that capacity.
Rodney Westhead, Chairman of Clean Air Power Limited, commented: “As noted in previous trading updates, the fall in oil prices globally has had a drastic impact on sales in the US and Russia.
This significant challenge to the business was compounded by our customer on the South East Asian program deciding in June this year to extend testing rather than to proceed directly to the full
production program as anticipated. These circumstances created significant pressure on the Group’s cash flows.”
(Source: Clean Air Power)