Xeros Technology Group plc Symphony Project Development Agreement (9616Q)

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: [phone] 
  Mark Nichols, Chief Executive Officer    6328 
  Paul Denney, Chief Financial Officer 
 
 Jefferies International Limited          Tel: [phone] 
  (Nominated Adviser and Joint Broker)     8000 
  Simon Hardy / Will Soutar 
 Berenberg (Joint Broker)                 Tel: [phone] 
  Chris Bowman / Ben Wright / Amritha      7800 
  Murali 
 Instinctif Partners                      Tel: [phone] 
  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

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September 18, 2017 02:00 ET (06:00 GMT)