Viridas hopeful of funding for Brazilian project
VIRIDAS, the Yorkshire firm which has forsaken knickers and parasols in favour of developing biodiesel from the Brazilian rain forests, today revealed that it made a loss of £231,322 in the last half year but is hopeful of securing further funding.
The Leeds-based AIM-listed company is investing in jatropha tree plantations in Brazil to produce a dedicated energy crop for the production of biodiesel and biomass.
Chairman Stanley Wootliff said that it is in discussions “with a number of potential investors” to secure the funding needed to progress its jatropha project and buy a 250 hectare farm in the state of Bahia.
The next stage would be to plant 30,000 hectares of jatropha.
Mr Wootliff said that directors are “optimistic” that they will be successful in gaining the backing for a share placing.
He said: “Over the past few years much hard work has gone into repositioning the group, organising the raising of additional funds and developing the company’s jatropha strategy. We now look forward to the exciting prospect of realising the next stage of our project, and creating the world’s leading jatropha producer.”
He said that the operating losses in the six months to June 30 were due to the costs of personnel and maintaining its AIM listing as well as its extended fundraising.
The group used to be known as Caldwell Investments and had a diverse range of businesses, including a German underwear business and another making the Nina Clip to attach parasols to baby buggies.
The group made a retained loss of £217,936 which has been transferred to reserves and had net assets at the half year of £136,841.
