TIDMSYM
RNS Number : 9192E
Symphony Environmental Tech. PLC
12 May 2017
12 May 2017
Symphony Environmental Technologies Plc
("Symphony" or the "Company")
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is considered to be in the
public domain
AGM Statement
Symphony Environmental Technologies plc (AIM: SYM) is pleased to
provide the following update prior to its Annual General Meeting
("AGM") to be held today at 10.00am.
At the AGM, Nirj Deva, DL, FRSA, MEP Chairman of Symphony, will
make the following statement:
"The Board is pleased to report that the business continues to
trade and grow in line with expectations.
Of the most significance to Symphony so far in 2017, has been
the award of the Quality Mark from the Saudi Standards, Metrology
and Quality Organization (SASO), which allows Symphony access to
the Saudi Arabian market for its d2w oxo-biodegradable additives.
The Saudi Government has specified that as from 14 April 2017,
legislation enacted will be enforced requiring the mandatory use of
oxo-biodegradable technology in a wide range of locally produced
and imported plastic products.
As a result of this initiative within Saudi Arabia, we have
started to receive new orders through our regional distribution
network, and a marked growth in activity has been reported. The
Company is monitoring orders placed and activity generally, and
once a higher level of revenue is proven to be sustained, will
update the market as appropriate. Symphony is already a supplier of
d2w(R) oxo-biodegradable addivites within the United Arab Emirates,
Saudi Arabia and other parts of the Middle East, which are
potentially large markets for d2w additives, and also for our
growing suite of d2p(TM) "designed to protect" branded additives
and products.
The launch of two important d2p products so far in 2017, for
antimicrobial household gloves in Wilkinson Stores in the UK, and
antimicrobial plastic pipes with Dadex Eternit Ltd in Pakistan,
show important technical and commercial progress.
I am also pleased to report that we have established a new
distribution channel for our d2p-treated household gloves in Italy;
the first order having recently been placed. It is too early to
gauge the financial impact of these product launches, and we
continue to work on many more projects throughout our global
distribution network with our d2p antmicrobial, odour adsorber,
flame retardant and insecticidal technologies.
The business continues to operate on an efficient cost base, and
works comfortably within its working capital facilities. Any
reasonable increase in business can be accommodated within these
facilities.
The Board is pleased that our products are gaining strong
commercial traction and look forward to updating the market as
further progress is achieved."
For further information, contact:
Symphony Environmental Technologies
Plc
Michael Laurier, CEO Tel: +44 (0)
20 8207 5900
Ian Bristow, FD
Cantor Fitzgerald Europe
David Foreman / Michael Reynolds Tel: +44 (0)
(Corporate Finance) 20 7894 7000
David Banks (Sales)
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
Symphony has developed and continues to develop, controlled-life
plastic technology which turns ordinary plastic at the end of its
service-life into biodegradable materials. It is then no longer a
plastic and can be bioassimilated in the open environment in the
same way as a leaf. The technology is branded d(2) w(R) and appears
as a droplet logo on many thousands of tonnes of plastic packaging
and other plastic products around the world. In some countries
oxo-biodegradable plastic is mandatory. For a video of d2w(R)
plastic degrading see
https://www.youtube.com/watch?v=tQ7ce532BBM
In addition, Symphony has developed a range of additives,
concentrates and master-batches marketed under its d2p(R) brand,
which can be incorporated in a wide variety of plastic and
non-plastic products so as to give them protection against many
different types of bacteria, fungi, algae, moulds, insects and
fire.
Symphony has also developed the d(2) Detector(R), a portable
device which analyses plastics and detects counterfeit products.
This will be very useful to government officials tasked with
enforcing legislation. Symphony's d(2) t tagging and tracer
technology is also available for further security. See
www.d2t.net
Symphony has a diverse and growing customer-base and has
established itself as an international business with 74
distributors around the world. Products made with Symphony's
plastic technologies are now available in nearly 100 countries and
in many different product applications. Symphony is certified to
ISO9001 and ISO14001.
Symphony is a member of The Oxo-biodegradable Plastics
Association (www.biodeg.org) (OPA), the Society for the Chemical
Industry (UK), and the Pacific Basin Environmental Council.
Symphony actively participates in the Committee work of the British
Standards Institute (BSI), the American Standards Organisation
(ASTM), the European Standards Organisation (CEN), and the
International Standards Organisation (ISO).
Further information on the Symphony Group can be found at
www.symphonyenvironmental.com.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "will" or the negative of those, variations or
comparable expressions, including references to assumptions. These
forward looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such forward
looking statements re ect the Directors' current beliefs and
assumptions and are based on information currently available to the
Directors.
A number of factors could cause actual results to differ
materially from the results discussed in the forward looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements. Accordingly, readers are cautioned not
to place undue reliance on forward looking statements. Subject to
any continuing obligations under applicable law or any relevant AIM
Rule requirements, in providing this information the Company does
not undertake any obligation to publicly update or revise any of
the forward looking statements or to advise of any change in
events, conditions or circumstances on which any such statement is
based.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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