XSG Xeros Technology Group Plc

TIDMXSG

RNS Number : 6134Z

Xeros Technology Group plc

13 January 2020

Xeros Technology Group plc

Board Changes

Xeros Technology Group plc (AIM: XSG, "the Company", "the Group" or "Xeros"), the developer and provider of water saving and filtration technologies with multiple commercial applications, is pleased to announce today the appointment of Klaas de Boer as Chairman. At the same time, David Armfield (current Chairman) moves to the position of Senior Independent Director.

Klaas de Boer, aged 54, is the Managing Partner of Entrepreneurs Fund Management LLP, a partnership whose sole activity is to advise Entrepreneurs Fund General Partner Limited (a Jersey incorporated company) being the general partner of Entrepreneurs Fund LP ("Entrepreneurs Fund"). Entrepreneurs Fund owns 224,253,474 ordinary shares in the Company, representing 28.6% of the total voting rights. The fund is one of a number of enterprises owned by the COFRA group.

Klaas de Boer also holds positions on the boards of Vasopharm (Würzburg, D), specialising in novel therapeutics for the treatment of cerebro and cardiovascular diseases; General Fusion (Vancouver, CND), a private nuclear fusion company which has raised over $200MM for developing commercial fusion power; and SmartKem (Manchester, UK), which focuses on organic semiconductor inks for flexible transistor layers (OTFT) driving various types of displays.

Commenting on these changes, Mark Nichols, Chief Executive commented:

"We are very pleased to announce the appointment of Klaas de Boer as Chairman of our Board. Klaas brings a wealth of experience in the funding and commercialisation of innovative products and important business connections including those within the COFRA group.

"We are also delighted that David Armfield has taken up the role of Senior Independent Director. Myself and the Board thank David for his Chairmanship during 2019, a period when the Company achieved a number of major milestones and materially completed its migration to a license based business."

Enquiries:

 
 Xeros Technology Group plc                        Tel: 0114 321 
  Mark Nichols, Chief Executive Officer             6328 
  Paul Denney, Chief Financial Officer 
 finnCap Limited (Nominated Adviser, Broker)       Tel: 020 7220 
  Julian Blunt / Teddy Whiley, Corporate Finance    0570 
  Andrew Burdis, ECM 
 

AIM Rules for Companies Schedule 2 (g) information

Klaas de Boer, holds or has held the following directorships/partnerships in the five years preceding his appointment to the Xeros Technology Group Plc Board.

 
 Current Directorships & Partnerships: 
 Entrepreneurs Fund Management LLP (Partner) 
 Entrepreneurs Fund Management Services Ltd 
 Entrepreneurs Fund LP (Partner) 
 Tsjukemar Ltd 
 Park Road Associates Ltd 
 General Fusion Inc. 
 SmartKem Ltd 
 Vasopharm GmbH 
 Oomph Wellness Ltd 
 
 Previous Directorships & Partnerships (held within 
  the last 5 years): 
 
 GZPaul Investments Ltd 
 The New Motion BV 
 Optinose Inc 
 2010 Perfect Vision AG 
 Lifeline Scientific Inc 
 Heliocentris Energy Solutions AG 
 Prosonix Ltd 
 n-Tec AS 
 

Mr De Boer, as a representative of Entrepeneurs Fund, was a member of the supervisory board of Heliocentris Energy Solutions AG, a German incorporated company listed on the Frankfurt Stock Exchange. Entrepreneurs Fund had provided approximately EUR7.7m in equity funding and EUR400,000 in loans to Heliocentris and its group companies (including FutureE Fuel Cell Solutions GmbH which Heliocentris acquired in 2014) between 2008 and 2016. Heliocentris was put into liquidation in December 2016. To date Entrepeneurs Fund has recovered nothing (nor does it expect to) from the insolvency process, which remains ongoing.

Entrepreneurs Fund owns 224,253,474 ordinary shares ("Ordinary Shares") in the Company, representing 28.6 per cent of the total voting rights of Xeros. As managing partner of Entrepreneurs Fund Management LLP Mr. De Boer indirectly provides advice to the general partner of Entrepreneurs Fund in relation to the shares but he does not control the voting interests.

There are no further disclosures to be made under Schedule 2(g) of the AIM Rules for Companies.

Notes to Editors

Xeros Technology Group plc is a platform technology Group that is transforming water intensive industrial and commercial processes.

Xeros' patented XOrb(TM) technologies significantly reduce the amount of water used in the washing or dyeing of soft substrates such as garments and fabrics. They enable the remaining water to become far more efficient and effective in either affixing or removing molecules, the result being improvements in economic, operational, product and sustainability outcomes. The Group is applying its technology in the fields of cleaning, tanning and textiles.

Xeros' XDrum(TM) technology is a patented, simple, low cost machine drum design which enables XOrbs to be introduced into and subsequently removed from process cycles in Xeros' chosen markets. The design enables rotating drum machine Original Equipment Manufacturers ("OEMs") in the fields of garment manufacture and cleaning, the ability to make simple and low cost changes in their production lines to incorporate the Company's XOrb(TM) technology.

The Group has signed multiple agreements to develop and license its XDrum(TM) and XOrb(TM) products in major commercial and domestic markets.

XFiltra(TM) is a patented in-machine filtration technology which is designed to prevent harmful micro-plastics generated by washing cycles from being released into the aquacycle. Plastics released from synthetic clothing during washing cycles is one of the single largest sources of primary micro-plastic pollution. For more information, please visit - http://www.xerostech.com/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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