Xeros Technology Group plc India Licensing Update (3079I)
11 Agosto 2021 - 4:56AM
UK Regulatory
TIDMXSG
RNS Number : 3079I
Xeros Technology Group plc
11 August 2021
Xeros Technology Group plc
India Licensing Update
Xeros Technology Group plc (AIM: XSG, 'the Group', 'Xeros'), the
developer and licensor of platform technologies which transform the
sustainability and economics of clothing and fabrics during their
lifetime today provides an update on the timings of its licensee's
entry into the Commercial and Domestic laundry markets in
India.
Following significant interruption from Covid in India, IFB has
advised that it has now made its first sale of its Xeros enabled
commercial washing machine. The sale has been made to the Radisson
Hotel Group. Subject to any further disruptions, IFB are now
planning a series of regional market launches with prospective
commercial laundry customers starting in August. The launch
coincides with an extension to their commercial laundry equipment
production facility in Bangalore.
Following joint discussions, market entry into the domestic
laundry market is now expected to be towards the end Q1 2022 as
opposed to previous expectations of late 2021. The delay, again all
Covid related, is not expected to reduce the medium and long term
prospects for success but will lead to a reduction in Xeros'
expected 2021 licensing revenue with expectations for 2022
unchanged. Product performance to date is in line with expectations
and exceeding them in a number of areas.
Mark Nichols , Chief Executive of Xeros, said: "It is testament
to the resilience of IFB that, despite the impact of severe
lockdown restrictions and disruptions across India, they extended
their production facilities and continued to progress their launch
plans with machine designs of both commercial and domestic products
now ready for production".
Enquiries:
Xeros Technology Group plc Tel: 0114 321
Mark Nichols, Chief Executive Officer 6328
Paul Denney, Chief Financial Officer
finnCap Limited (Nominated Advisor & Broker) Tel: 020 7220
Julian Blunt / Teddy Whiley, Corporate Finance 0500
Andrew Burdis / Sunila de Silva, ECM
Notes to Editors
Xeros Technology Group plc has developed and licenses two
platform technologies which transform sustainability, performance
and economics in the manufacturing and laundering of garments and
fabrics.
The Company's XTend(TM) technology platform uses XOrbs(TM) in
conjunction with XDrums(TM) to significantly reduce the amount of
water and chemistry used in the dyeing, finishing or laundering of
garments and fabrics. XOrbs increase the efficiency of these
processes which require molecules to be either affixed or removed
from substrates. In the case of laundry, they are proven to
significantly increase the life of clothes and fabrics. The results
being major improvements in economic, operational, product and
environmental outcomes.
XDrum is Xeros' low-cost machine design which enables XOrbs to
be introduced into and subsequently removed from process cycles.
The design provides Original Equipment Manufacturers with the
ability to make simple changes to their products to incorporate the
Company's XOrb technology.
The Group has signed multiple license agreements for its XDrum
and XOrb technologies with leading OEMs in major commercial and
domestic markets.
XFiltra(TM) is the Company's proprietary washing machine
filtration technology platform which prevents harmful microfibres
including microplastics, generated during washing cycles, from
being released into the world's rivers and oceans. Microfibres
released into the environment from clothing and fabrics during
their laundering, being a major source of pollution in the
environment and contamination in the food chain.
The Company has signed a license agreement with leading
commercial laundry equipment manufacturer Girbau for the deployment
of XFiltra in commercial laundries and has plans to also license
its design into the domestic laundry market.
This announcement contains inside information for the purposes
of Market Abuse Regulation (Regulation (EU) No. 596/2014) as
retained and applicable in the UK pursuant to S3 of the European
Union (Withdrawal) Act 2018 ('MAR').
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