Environmental Recycling Technologies (ERT) has announced that managing director Lee Clayton has resigned as a director of the company due to a potential conflict of interest.
The Oxfordshire-based firm had begun the process of negotiating a significant new licence on behalf of a potential US licencee, and as this was expected to require the establishment of a new company involving Clayton, the board of ENRT agreed that Clayton was conflicted and accepted his resignation.
Clayton was initially appointed as a non-executive director of ERT in January 2012, subsequently becoming chief operating officer with effect from 28 August 2012 and had been managing director from 31 July the following year.
The company also said it was in discussions which, if completed successfully, would result in the acquisition of an unnamed business operating in a complementary sector.