Xeros Technology Group plc Signs agreement with Eastern Laundry Systems in US (2686G)

TIDMXSG

RNS Number : 2686G

Xeros Technology Group plc

05 November 2018

5 November 2018

Xeros Technology Group plc

Xeros signs agreement with Eastern Laundry Systems in US

Xeros Technology Group plc (AIM: XSG, 'Xeros', 'the Group'), the developer and provider of water saving technologies with multiple commercial applications, has signed an agreement with Eastern Laundry Systems Inc ('ELS'). ELS has been granted the exclusive rights to take over the servicing of Xeros' commercial laundry customers in nine states across the East Coast of the US, including New York, New Hampshire and Massachusetts. The Group's commercial laundry business is branded Hydrofinity.

ELS, based in Taunton, Massachusetts is a large full-service distributor of commercial laundry equipment, parts and chemistry to both the on-premise laundry and laundromat markets. It will now service all Hydrofinity's existing and future customers in the region with significant savings accruing to Xeros. ELS will also continue to stock and sell Hydrofinity commercial washing machines.

This agreement reflects the Hydrofinity strategy to reduce its physical presence in markets and progressively move to a licensing model. This model has already been rolled-out in international markets with agreements in place in South Africa, UAE, Australia and China. The Group is planning to implement similar arrangements for the remainder of the US.

Mark Nichols, Chief Executive of Xeros, said:

"Following our recent agreements in China, Dubai and South Africa, this is another important step in the migration of our Hydrofinity business towards a licensing model.

"This agreement, and we anticipate further agreements for other US regions in the near future, will enable Hydrofinity to increase revenues from a lower cost base whilst continuing to provide customers with excellent service."

Enquiries:

 
 Xeros Technology Group plc                   Tel: [phone] 
  Mark Nichols, Chief Executive Officer 
  Paul Denney, Chief Financial Officer 
 Jefferies International Limited (Nominated   Tel: [phone] 
  Adviser and Joint Broker) 
  Simon Hardy / Will Soutar 
 Berenberg (Joint Broker)                     Tel: [phone] 
  Chris Bowman / Ben Wright / Laure Fine 
 Instinctif Partners (Financial PR)           Tel: [phone] 
  Adrian Duffield / Kay Larsen/ 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.

Xeros' uses its patented XOrb(TM) technologies to significantly reduce the amount of water used in a number of major applications with the remaining water becoming far more efficient in either affixing or removing molecules from substrates such as fabrics and garments. The result being significant improvements in economic, operational and sustainability outcomes.

Xeros has three divisions working in the garment finishing (Textile Technologies), tanning (Tanning Technologies, branded Qualus) and cleaning/laundry (Cleaning Technologies) markets. In cleaning/laundry, the company has three applications covering domestic laundry, commercial laundry (branded "Hydrofinity") and the cleaning of high performance workwear (branded "Marken").

For more information, please visit - http://www.xerostech.com/

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November 05, 2018 02:00 ET (07:00 GMT)