Environmental Clean Technologies Limited (ASX:ECT) (ECT or Company) is pleased to advise it has received its 2018 financial year R&D Tax Incentive Refund. Key points:
- ~AUD1.673 million R&D Tax Incentive refund received
- Current 'Brevet' R&D loan satisfied in full
- Surplus of ~AUD282k to support India project
The refund of ~AUD1.673 million is in line with accruals disclosed in the 2018 Annual Report and repays in full the current R&D loan provided by New York-based financier 'Brevet'.
A surplus of ~AUD282,000 will be allocated to working capital in support of the Company's priority initiatives including the India Project.
ECT Chief Operating Officer Mr Jim Blackburn noted "This year's refund has been processed and received in record time, reflecting the continuous refinement of our accounting and loan facility management processes, driven by our CFO Martin Hill."
Background
The R&D Tax Incentive is a program managed by AusIndustry aimed at supporting eligible research activities.
Activities in India and Australia related to the research and development of the Company's Coldry process are covered by an advance finding and overseas ruling. An application for the same ruling on Matmor has been submitted and an outcome is expected in due course.
ECT Chairman Mr Glenn Fozard commented, "The R&D Tax Incentive program supports innovation, both in terms of the valuable research generated by companies like ours, and innovation around the financing of that research. It has seen the emergence of financial products such as that provided by Brevet, which allows the forward factoring of anticipated refunds, providing additional cashflow to the business as we work toward delivering on our objectives."
Glenn Fozard Chairman Environmental Clean Technologies Ltd E: info@ectltd.com.au WWW: www.ectltd.com.au
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