Xeros Technology Group plc Symphony Project Development Agreement (9616Q)
September 18 2017 - 2:00AM
UK Regulatory
TIDMXSG
RNS Number : 9616Q
Xeros Technology Group plc
18 September 2017
18 September 2017
Xeros Technology Group plc
First Symphony Project development agreement signed with major
OEM
Xeros Technology Group plc (AIM: XSG, 'Xeros'), the developer
and provider of polymer based technologies with multiple commercial
applications, has signed its first Symphony Project development
agreement with a leading manufacturer of commercial washing
machines ('the OEM').
The OEM is a leader in commercial laundry machines with a
significant presence in many major markets across the world. Under
the terms of the development agreement, Xeros will incorporate its
'open source' technology in the OEM's machine for the purposes of
technical validation and testing. Following the testing phase the
parties anticipate the commencement of commercial negotiations.
In April 2017, Xeros announced Symphony Project, providing 'open
source' access to its innovative polymer technology to
manufacturers of commercial washing machines, which it subsequently
launched at the Clean Show in Las Vegas in June to demonstrate its
first fully working prototype to the industry.
Symphony Project will enable manufacturers to sell their
own-branded products as well as receiving a share in the long-term
savings that the Xeros technology delivers.
The development of the Symphony Project is in line with Xeros'
strategy to commercialise its technology with partners, who already
have strong market positions. It will enable the Group to make a
financial return on its intellectual property and know-how with
relatively low capital intensity.
A website providing a full explanation of Symphony Project is
available here: www.symphonyproject.com
Mark Nichols, Chief Executive of Xeros, said:
"This represents a significant milestone for our Cleaning
Technologies business. The scale and market presence of our OEM
partner demonstrates the industry's increasing understanding and
acceptance of our technology.
"With a proven technology, and growing demand for the
sustainability, performance and economic benefits our technology
delivers, Symphony Project will enable us to significantly
accelerate the commercialisation of our technology."
Enquiries:
Xeros Technology Group plc Tel: 0114 321
Mark Nichols, Chief Executive Officer 6328
Paul Denney, Chief Financial Officer
Jefferies International Limited Tel: 020 7029
(Nominated Adviser and Joint Broker) 8000
Simon Hardy / Will Soutar
Berenberg (Joint Broker) Tel: 020 3207
Chris Bowman / Ben Wright / Amritha 7800
Murali
Instinctif Partners Tel: 020 7457
Adrian Duffield / Helen Tarbet 2020
/ James Gray
Notes to Editors
Xeros Technology Group plc (LN: XSG) is a platform technology
company that is reinventing water intensive industrial and
commercial processes by reducing water and chemistry usage with its
polymer technologies. Its patented technologies have the capacity
to provide material economic, operational and sustainability
improvements that are unattainable with traditional processes. The
Group is currently exploiting its intellectual property in three
areas: Cleaning Technologies, Tanning Technologies and Textile
Technologies. Xeros has a number of agreements in place with such
international organisations as BASF, Hilton and Wollsdorf
Leder.
For more information, please visit -
http://www.xerostech.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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