TIDMAXS
RNS Number : 1282O
Accsys Technologies PLC
08 October 2012
AIM: AXS
NYSE Euronext Amsterdam: AXS
8 October 2012
ACCSYS TECHNOLOGIES PLC
("Accsys" or the "Company")
ACCSYS COMPLETES TRICOYA(R) JOINT VENTURE WITH INEOS
INEOS SUBSCRIBES FOR NEWLY ISSUED ACCSYS SHARES
Further to the recently announced heads of terms, Accsys is
pleased to announce that it has entered into a new 50:50 joint
venture with INEOS to exploit Accsys' intellectual property
surrounding its proprietary Tricoya(R) wood elements acetylation
technology and processes, which is now expected to lead to the
accelerated global deployment of Tricoya. The new company, Tricoya
Technologies Limited ("TTL"), will develop and exploit Accsys'
Tricoya technology for use within MDF, particle board and wood
plastic composites in a worldwide panel products market estimated
to be worth more than EUR60 billion annually.
The Tricoya technology gives engineered wood products, such as
MDF, a level of durability and dimensional stability that is
comparable with or superior to non-wood products, while offering
all of the advantages of wood - including a high strength to weight
ratio and excellent mechanical and machining properties.
Significantly, Tricoya(R) enables MDF wood to be competitive with
non-wood materials, opening up markets in a huge number of new
applications which have hitherto been the preserve of plastics,
metals, resin and cement based products.
INEOS is one of the world's biggest petrochemical companies.
INEOS will contribute not only its significant market reach but
also its impressive technology, licensing and intellectual property
expertise. As part of the transaction, TTL has been granted rights
to exploit Accsys' Tricoya(R) technology and will also benefit from
a licence of any intellectual property held by INEOS that may
assist the joint venture in maximising the value of the Tricoya(R)
proposition. Profits generated by TTL are to be shared between
Accsys and INEOS in a way that reflects each party's interest. The
contribution of Accsys' Tricoya(R) intellectual property to the
Joint Venture will be reflected through a disproportionate future
profit share which will create significant value for Accsys.
In addition to INEOS's joint investment programme with Accsys
into the Tricoya business, INEOS Industries Holdings Limited has
subscribed for 23,529,412 new ordinary shares in Accsys, at a price
of EUR0.17 per share. Admission of these shares onto the London
Stock Exchange and Euronext Amsterdam markets is expected to take
place no later than 19 October 2012 following receipt by Accsys of
subscription monies totalling EUR4,000,000. The new ordinary shares
issued to Ineos will represent 5.4% of the issued share capital of
Accsys. The Company has also executed a warrant instrument in
favour of INEOS, allowing INEOS the opportunity to purchase up to a
further 16,468,236 shares at a price of EUR0.21 per share at
certain times during the course of the next four years.
Peter Williams, Chief Executive Officer of INEOS Technologies,
commented: "We are delighted to have joined Accsys in this new
field. The outstanding durability and stability of Tricoya(R)
offers the building industry valuable new options for the
application of high-performance, cost-competitive and more
sustainable wood based materials. Our skills complement those of
our partner, and together we will realise important synergies for
the new company. We are looking forward to the joint venture
accelerating the commercialisation of this new materials technology
around the world."
Paul Clegg, Accsys' Chief Executive Officer, commented:"2012 is
proving to be a year of tremendous progress for Accsys and this
joint venture has confirmed the advances that we have made in
recent years. Forming this partnership with INEOS, a global
petrochemical player and a global leader in the field of technology
development and licensing, reinforces our ability to meet the
expectations of our customers, partners and shareholders. We are
confident that our combined resources will ensure that Tricoya(R)
becomes the ubiquitous product that its performance mandates it
should. The investment that INEOS has made, both into the joint
venture and separately as a new shareholder into Accsys,
strengthens our position as the undisputed world leaders in wood
modification technology and enhances our ability to deliver value
from our technology platform."
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via Citigate
PLC Hans Pauli, COO Dewe Rogerson
Nominated Adviser: Oliver
Cardigan
Corporate Broking: Christopher
Wilkinson +44 (0)20 7260
Numis Securities Ben Stoop 1000
Ginny Pulbrook +44 20 7282 2945
Malcolm Robertson +44 20 7282 2867
Citigate Dewe Rogerson Suzanne Bakker +31 20 575 4023
Notes to Editors:
Accsys Technologies PLC(www.accsysplc.com) is an environmental
science and technology company whose primary focus is on the
production of Accoya(R) wood and technology licensing via its
subsidiary, Titan Wood Limited, which has manufacturing operations
in Arnhem, the Netherlands (through its subsidiary Titan Wood
B.V.), a European office in Windsor, United Kingdom, and an
American office in Dallas, Texas (via its subsidiary Titan Wood,
Inc). All group subsidiaries are ultimately 100% owned by Accsys
and trade as Accsys Technologies. Any references in this
announcement to agreements with Accsys shall mean agreements with
either Accsys or its subsidiary entities unless otherwise
specified. Accsys Technologies PLC is listed on the London Stock
Exchange AIM market and on Euronext Amsterdam by NYSE Euronext,
under the symbols 'AXS'. Accsys' operations comprise three
principal business units: (i) Accoya(R) wood production; (ii)
technology development, focused on a programme of continuous
development of and improvements to the process engineering and
operating protocols for the acetylation of solid wood and the
development of technology for the acetylation of wood elements; and
(iii) the licensing of technology for the production of Accoya(R)
wood and Tricoya(R) wood elements across the globe.
INEOS (http://www.ineos.com) is one of the world's leading
chemicals companies; a global manufacturer of petrochemicals,
specialty chemicals and oil products. Comprising 15 businesses,
with a production network spanning 51 manufacturing facilities in
11 countries. The company produces more than 40 million tonnes of
petrochemicals. INEOS employs 15,000 people and had sales in 2011
of $42bn. Through its Joint Venture with PetroChina (petroineos) it
produces 20 million tonnes per annum of crude oil refined products
(fuels). It also operates joint ventures with BASF, PQ Corp and
Total. The investment in the new joint venture is being made by
INEOS Industries Limited.
INEOS Technologies (http://www.ineos.com) is a leading developer
and licensor of technologies for the global petrochemicals
industry. It offers the broadest range of petrochemical
technologies on the market today and also supplies catalysts,
additives and coatings that our customers require to obtain the
best possible performance from their investments.
Tricoya(R) Wood Elements (www.tricoya.com) are produced using
Accsys' proprietary technology for the acetylation of wood chips,
and particles for use in the fabrication of wood based composites,
including panel products. These composites demonstrate enhanced
durability and dimensional stability which allow them to be used in
a variety of applications that were once limited to solid wood or
man-made products. Tricoya(R) Wood Elements is lauded as the first
major innovation in the wood composites industry in more than 30
years.
Wood Acetylation is a process which increases the amount of
'acetyl' molecules in wood, thereby changing its physical
properties. The process protects wood from rot by making it
"inedible" to most micro-organisms and fungi, without - unlike
conventional treatments - making it toxic. It also greatly reduces
the wood's tendency to swell and shrink, making it less prone to
cracking and ensuring that, when painted, it requires dramatically
reduced maintenance.
Accoya(R) wood (www.accoya.com) is produced using Accsys'
proprietary patented acetylation technology, that effectively
converts sustainably grown softwoods and non-durable hardwoods into
what is best described as a "high technology wood". Distinguished
by its durability, dimensional stability and, perhaps most
importantly of all, its reliability (in terms of consistency of
both supply and quality), Accoya(R) wood is particularly suited to
exterior applications where performance and appearance are valued.
Unlike most tropical and European hardwoods, its colour does not
degrade when exposed to ultraviolet light. Moreover, the Accoya(R)
wood production process does not compromise the wood's strength or
machinability. The combination of UV resistance, dimensional
stability, durability and retained strength means that Accoya(R)
wood offers a wealth of new opportunities to architects, designers
and specifiers. For marine uses where weight is also important,
Accoya(R) wood for the first time provides boat builders with a
wood that is strong, lightweight, durable and retains its natural
beauty for far longer. For a full archive of Accoya(R) news, visit
www.accoya.com/news.asp.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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