LONDON and FRANKFURT, March 28, 2011 /PRNewswire/ -- The Board of Rototec Geothermal Energy Plc ("Rototec" or "the Company"), the leading provider of geothermal energy systems in Finland and Sweden, is pleased toannounce the admission of its shares to trading on the First Quotation Board (Open Market) of the Frankfurt Stock Exchange and the first day of dealings in its Ordinary Shares following completion of the reverse takeover of Finnish based Rototec Oy and acquisition of Swedish based Rototec Sverige AB.
The Company has 10,000,000 Ordinary Shares of par value 10 eurocents each in issue and the trading ticker symbol of the Company is RGE.
Rising energy prices and increased awareness of sustainable development are the main reasons for the rapid growth for the geothermal energy market in recent years. The global market for geothermal energy is still in its infancy and forecasts show very high growth rates in the near future. Rototec estimates that more markets shall be looking to adopt the Scandinavian model of geothermal energy systems. With this premise, Rototec intends to internationalise its operations and to become a leading innovator and provider of geothermal energy systems in markets where demand will grow in the near future. Rototec's leading market position in the countries in which it operates, place it in a unique position to become the leading supplier of geothermal energy systems internationally.
Commenting on the admission Timo Ojanne, Chairman of Rototec, said: "We have a solid business with a solid foundation and a proven financial track record. We believe that the Open Market offers us the opportunity to expand the business both organically and through acquisitions, in turn increasing value for new and existing investors. We believe that the Open Market:
- will assist Rototec in the development of its international operations through the enhanced transparency and reputational benefits of being a publicly listed company and will therefore enable Rototec to grow more quickly than it could as an unlisted company;
- will provide Rototec with the flexibility to react to a developing geothermal energy market;
- will assist in the incentivisation and retention of key management and employees; and
- will provide ongoing flexibility and liquidity for existing shareholders."
For more information about the company and its services and products offered please visit http://www.rototecgeoenergy.com.
About Rototec Geothermal Energy Plc
Rototec Geothermal Energy Plc is a total solution supplier of geothermal energy systems founded in 2007 and with operations in Finland and Sweden. Rototec Geothermal Energy Plc provides complete geothermal energy systems encompassing thermal response tests, earth energy design and drilling as an integral part of a complete geothermal heat pump system. Through proven operational excellence Rototec delivers a high quality, cost effective and environmentally sustainable energy source for residential and commercial customers.
SOURCE Rototec Geothermal Energy PLC