TIDMAXS
RNS Number : 0893J
Accsys Technologies PLC
01 April 2015
AIM: AXS
NYSE Euronext Amsterdam: AXS
1 April 2015
ACCSYS TECHNOLOGIES PLC
("Accsys" or "the Company")
Tricoya Technologies Limited
Accsys, the chemical technology group, focused on the
acetylation of wood, today is pleased to announce further progress
with the Tricoya project and resulting changes to the Tricoya
Technologies Limited ('TTL') joint venture.
Accsys can disclose a number of changes to its Tricoya project,
central to which is a Memorandum of Understanding ('MoU') with a
large international chemical group (the 'Chemical Group') to
replace our existing joint venture partner, Ineos. These changes
are expected to optimise our participation in the building and
operation of the world's first Tricoya chip acetylation plant (the
'New Plant'), including allowing Accsys to derive revenue from both
licensing and manufacturing in the future. Full agreements are
expected to follow later in 2015.
Accsys has entered into the MoU with the Chemical Group to
secure funding, technical and other operational support in respect
of the next stage of development of the Tricoya project. Accsys has
also agreed to acquire the 50% share in TTL currently owned by
Ineos, giving it 100% ownership and control of TTL until a new
ownership structure is established.
TTL is also in detailed discussions with other parties which are
expected to lead to the creation of a new consortium, including the
Chemical Group, to fund, build and then operate the New Plant.
As part of these arrangements:
-- The Chemical Group and TTL are jointly undertaking a detailed
site feasibility review to examine whether the plant should be
optimally located alongside one of the Chemical Group's existing
sites. This feasibility review and related detailed study and
engineering work are expected to be completed by the end of 2015
with the plant fully operational by the end of 2017;
-- The Chemical Group has agreed to provide financial and
technical support, including contributing towards further detailed
engineering for the New Plant;
-- Medite has confirmed its interest in participating in the new
consortium and on-going engagement with TTL to realise its full
potential. It is anticipated Medite will enter into a key
production off-take agreement in respect of the New Plant which is
expected to replace its own Tricoya production plant in Ireland
under its joint development, production and distribution licence
agreement with TTL (which is now expected to terminate later this
year once consortium discussions are concluded);
-- Following Accsys acquiring Ineos's share in TTL and Ineos
relinquishing its obligations as a TTL shareholder, Ineos has
agreed to continue to provide key engineering and technical
personnel to TTL on a contractual basis in the near term; and
-- TTL will continue to out-licence its intellectual property in
respect of both the manufacturing and sales processes and brand
rights.
Accsys has initiated these arrangements, at a time that sales of
Medite Tricoya have continued to grow, with sales having increased
by approximately 70% over the year ended December 2014 compared to
the year before.
Accsys will be providing further information on the progress of
these plans in due course and within Accsys' final results which
are expected to be announced in June, 2015
Paul Clegg, Chief Executive commented:
"These are exciting developments for the Tricoya project. We are
grateful for the support that Ineos has given to Accsys to date. I
am confident that, with the support from our prospective consortium
partners, we will be able to realise the exciting potential of our
Tricoya technology for the benefit of our shareholders."
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via MHP Communications
PLC Hans Pauli, COO
Will Rudge, FD
Nominated Adviser: Oliver
Cardigan
Corporate Broking: Christopher
Wilkinson +44 (0) 20 7260
Numis Securities Ben Stoop 1000
Tim Rowntree
James White +44 (0) 20 3128
MHP Communications Tess Harris 8100
Frank Neervoort +31 681 734 236
Off the Grid (The Netherlands) Giedo Van Der Zwan +31 624 212 238
Notes to editors:
Accsys Technologies PLC(www.accsysplc.com) is a chemical
technology group whose primary focus is on the production of
Accoya(R) wood and technology licensing via its subsidiary, Titan
Wood Limited, which has manufacturing operations in Arnhem, the
Netherlands (through its subsidiary Titan Wood B.V.), a European
office in Windsor, United Kingdom, an American office in Dallas,
Texas (via its subsidiary Titan Wood, Inc) and technology licencing
associated with the acetylation of wood elements via its subsidiary
Tricoya Technologies Limited. All group subsidiaries are ultimately
100% owned by Accsys and trade as Accsys Technologies. Any
references in this announcement to agreements with Accsys shall
mean agreements with either Accsys or its subsidiary entities
unless otherwise specified. Accsys Technologies PLC is listed on
the London Stock Exchange AIM market and on Euronext Amsterdam by
NYSE Euronext, under the symbols 'AXS'. Accsys' operations comprise
three principal business units: (i) Accoya(R) wood production; (ii)
technology development, focused on a programme of continuous
development of and improvements to the process engineering and
operating protocols for the acetylation of solid wood and the
development of technology for the acetylation of wood elements; and
(iii) the licensing of technology for the production of Accoya(R)
wood and Tricoya(R) wood elements across the globe.
Accoya(R) wood (www.accoya.com) is produced using Accsys'
proprietary patented acetylation technology, that effectively
converts sustainably grown softwoods and non-durable hardwoods into
what is best described as a "high technology wood". Distinguished
by its durability, dimensional stability and, perhaps most
importantly of all, its reliability (in terms of consistency of
both supply and quality), Accoya(R) wood is particularly suited to
exterior applications where performance and appearance are valued.
Unlike most tropical and European hardwoods, its colour does not
degrade when exposed to ultraviolet light. Moreover, the Accoya(R)
wood production process does not compromise the wood's strength or
machinability. The combination of UV resistance, dimensional
stability, durability and retained strength means that Accoya(R)
wood offers a wealth of new opportunities to architects, designers
and specifiers. These benefits result in lower maintenance and
total cost of ownership while using a higher sustainable and
environmental responsible building material. For a full archive of
Accoya(R) news, visit www.accoya.com/news.asp.
Tricoya(R) Wood Elements(www.tricoya.com) are produced using
Accsys' proprietary technology for the acetylation of wood chips,
and particles for use in the fabrication of panel products such as
medium density fibreboard and particle-board. These products
demonstrate enhanced durability and dimensional stability which
allow them to be used in a variety of applications that were once
limited to solid wood or man-made products. Exploitation of Accsys'
proprietary technology relating to Tricoya(R) Wood Elements is
carried out through Tricoya Technologies Limited. Tricoya(R) Wood
Elements are lauded as the first major innovation in the wood
composites industry in more than 30 years.
Wood Acetylation is a process which increases the amount of
'acetyl' molecules in wood, thereby changing its physical
properties. When carried out to a sufficient level throughout the
wood, this process protects wood from rot by making it "inedible"
to most micro-organisms and fungi, without - unlike conventional
treatments - making it toxic. It also greatly reduces the wood's
tendency to swell and shrink, making it less prone to cracking and
ensuring that, when painted, it requires dramatically reduced
maintenance.
Accsys Technologies is the trading name of Titan Wood Limited.
ACCOYA(R) , TRICOYA(R) and the Trimarque Device are registered
trademarks owned by Titan Wood Limited ("TWL"), a wholly owned
subsidiary of Accsys Technologies PLC, and may not be used or
reproduced without written permission from TWL, or in the case of
the Tricoya(R) registered trademark, from Tricoya Technologies
Limited, a wholly owned subsidiary of TWL with exclusive rights to
exploit the Tricoya(R) brand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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