- Operating losses at Active Energy Group fell to US$237,253 in the year to the end of December - down from US$3,412,643 in 2015.

The group said it had to absorb finance costs of US$1,844,225 (2015: US$1,437,162) and a share of losses attributable to its joint venture arrangements in Canada amounting to US$305,151 (2015: US$619,262), which it expected to recover when that business began operations and became profitable.

Revenues for the year totalled $19.2m - down from $24.4m last time.

Chief executive Richard Spinks said: "I believe we are at an exciting point in the development of the Group as we look to capitalise on what we believe is an excellent opportunity in Newfoundland and Labrador, where our immediate priority is to finalise the proposed Forestry Management Agreements and Crown Timber Licences, as well as commercialise our biomass fuel, CoalSwitch.

"We are now at a point where the Group's structure and the market opportunities available to us, should allow our team to create real value for our partners and stakeholders.

"Our experience and expertise in forestry management and logistics, blended with the unique benefits of the CoalSwitch product, create the opportunity for us to transform both the way forestry assets are monetised and power is generated from biomass.

"Furthermore, having taken the decision to divest the Group's wood chip operations in Ukraine, we have opened other opportunities for the Group and believe that we are now better placed to take advantage of these." "I look forward to updating shareholders regularly on developments, including the expansion of activities in Timberlands, the roll-out of CoalSwitch internationally and the construction of our first commercial CoalSwitch plant, which will enable us to demonstrate to the coal fired power industry globally, that CoalSwitch is a commercially and environmentally viable alternative to the widespread closure of thousands of power stations around the world."

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