Symphony Environmental Tech. PLC AGM Statement (9192E)

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

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May 12, 2017 02:00 ET (06:00 GMT)