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Atlantis seal MCT deal

By: Lewis Holdsworth 01/07/2015 Atlabntis Resources

General Tidal

Atlantis, a global leader in the tidal power sector, is pleased to announce that it has, through a wholly owned subsidiary of the Company, today completed the acquisition of Marine Current Turbines Limited from Siemens AG in an all share deal, conditional upon admission of the consideration shares.

Accordingly, as consideration for the acquisition, Atlantis has issued 9,911,577 new ordinary shares of no par value in the Company to Siemens AG, increasing the Company’s total number of issued shares to 99,115,777. The new shares will be admitted to AIM for the commencement of trading at 08:00 today.

Atlantis welcomes Siemens as its second largest shareholder and looks forward to a continuing equipment supply relationship with Siemens.

Tim Cornelius, CEO of Atlantis, commented:

“We are delighted to be acquiring this leading British tidal power company from Siemens which firmly positions Atlantis as a leader in UK tidal power and globally. Marine Current Turbines has developed a world leading tidal turbine, a world class engineering team, unrivalled expertise in long-term turbine operations and testing through its SeaGen installation at Strangford Lough and an impressive portfolio of projects under development across the UK".

Atlantis is a tidal power generation company involved in the development of tidal power projects globally and the supply of tidal power generation, fixation and subsea power evacuation equipment.

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Atlantis seal MCT deal

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