Xeros Technology Group plc Domestic and Commercial Laundry agreement secured (1653X)

TIDMXSG

RNS Number : 1653X

Xeros Technology Group plc

26 April 2019

26 April 2019

Xeros Technology Group plc

Domestic and Commercial Laundry agreement secured with leading Indian OEM

Xeros Technology Group plc (AIM: XSG, 'Xeros', 'the Group'), the developer and provider of water saving technologies with multiple commercial applications, has today signed an exclusive agreement to develop and license the Group's domestic and commercial washing machine technologies to IFB Industries Limited ('IFB'). IFB is the leading domestic appliance and commercial laundry equipment supplier in South Asia and is listed on the National Stock Exchange of India.

The Development and Licensing Agreement has a 10 year duration and covers the incorporation and commercialisation of Xeros' water saving XOrb(TM) and XDrum(TM) technologies into selected ranges of IFB's domestic and commercial sized washing machines.

Xeros will receive immediately a one-off exclusivity fee and during the development phase further payments when various milestones are reached. IFB will have access to Xeros' technology and has been granted rights to the Indian market on an exclusive basis and for other South Asian territories on a non-exclusive basis. The contract has the provision to add additional territories on a non-exclusive basis.

Xeros will also receive royalties based upon sales revenues after the machines have completed development.

Sales of commercial washing machines and domestic washing machines incorporating Xeros' technologies are planned to commence in India in 2020 and 2021 respectively.

Mark Nichols, Chief Executive of Xeros commented:

"This licensing agreement with the leading Indian OEM for both the domestic appliance and commercial laundry markets is another major milestone in the commercialisation of our cleaning technologies.

"IFB's capabilities and market reach make them a very strong commercialisation partner in a country where water demand is expected to increase by more than 60% over the next 30 years with some 80% of the current population already impacted by water scarcity.

"With this agreement, IFB's customers will be able to reduce water, detergent and energy consumption whilst simultaneously benefitting from improved cleaning performance and garment life extension."

ENDS

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/ Chantal Woolcock 
 

Notes to Editors

About Xeros

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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END

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April 26, 2019 02:01 ET (06:01 GMT)