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XSG Xeros Technology Group Plc

2.10
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Xeros Technology Group Plc LSE:XSG London Ordinary Share GB00BMGYBJ57 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.10 2.00 2.20 2.10 2.10 2.10 153 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Industrial Patterns 164k -6.93M -0.0459 -0.46 3.17M

Xeros Technology Group plc Acquisition (8459J)

03/07/2017 7:00am

UK Regulatory


Xeros Technology (LSE:XSG)
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From Mar 2019 to Mar 2024

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TIDMXSG

RNS Number : 8459J

Xeros Technology Group plc

03 July 2017

3 July 2017

Xeros Technology Group plc

Xeros accelerates entry into personal protection equipment cleaning market with the acquisition of US cleaning business

Xeros Technology Group plc (AIM: XSG, 'Xeros', 'the Group'), the developer and provider of polymer based technologies with multiple commercial applications, has agreed to acquire MarKen PPE Restoration ('MarKen'), which provides personal protection equipment ('PPE'), cleaning, inspection and repair services.

MarKen will be acquired for an initial cash consideration of US$750,000 with a further contingent cash consideration of up to US$250,000, subject to certain growth targets. The initial consideration has been funded from the Group's existing cash resources.

For the year ended 30 April 2017, MarKen generated revenues of US$686,000, generating an EBITDA loss of US$72,000. As at 30 April 2017 gross assets were US$89,000. Management believe that as a result of Xeros' ownership the MarKen business will be profitable going forwards.

The acquisition follows the launch of Xeros' US regulator-approved cleaning solution for the firefighting PPE market in February 2017. The Xeros solution is highly effective at removing harmful contaminants whilst also extending the life of expensive PPE garments.

MarKen is a leading independent service provider that exclusively uses Xeros' cleaning solution, serving some 25 municipal and military fire departments across the US from its facility in North Las Vegas. The acquisition provides Xeros with rapid, low cost access to the large and highly specialised high-performance workwear cleaning market.

The acquisition will lead to the creation of a new business unit within the Cleaning Technologies division - "Xeros High Performance Workwear"- providing an optimal structure for future development and growth.

An increasingly stringent US regulatory environment is leading to a significant rise in the outsourcing of the cleaning and inspection of PPE to specialist independent providers such as MarKen. This is driven by increased understanding of the health risks associated with soiled and contaminated personal protection equipment and in turn, increasing awareness of the liability exposure associated with poor compliance.

Xeros' cleaning solution is uniquely positioned to meet this demand, which extends beyond firefighting into the petrochemicals, mining and construction industries.

Mark Nichols, Chief Executive of Xeros, said:

"This acquisition provides Xeros with a platform from which to accelerate significantly our penetration of the high-performance workwear market. With more than 58,000 fire stations across the USA alone, this is a substantial market where the benefits of our unique cleaning and decontamination solutions can create significant value.

"The profound expertise we are acquiring and the increased market access we now have will enable us to grow this business very rapidly."

Enquiries:

 
 Xeros Technology Group plc              Tel: 0114 321 
  Mark Nichols, Chief Executive           6328 
  Officer 
  Paul Denney, Chief Financial Officer 
 
 Jefferies International Limited         Tel: 020 7029 
  (Nominated Adviser and Joint Broker)    8000 
  Simon Hardy / Harry Nicholas 
 Berenberg (Joint Broker)                Tel: 020 3207 
  Chris Bowman / Ben Wright / Amritha     7800 
  Murali 
 Instinctif Partners (Financial          Tel: 020 7457 
  PR)                                     2020 
  Adrian Duffield / Helen Tarbet 
  / 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

ACQEAFXAELSXEAF

(END) Dow Jones Newswires

July 03, 2017 02:00 ET (06:00 GMT)

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