TIDMAXS
RNS Number : 3942R
Accsys Technologies PLC
11 September 2014
AIM: AXS
NYSE Euronext Amsterdam: AXS
11 September 2014
ACCSYS TECHNOLOGIES PLC
("Accsys" or "the Company")
Annual General Meeting Statement
Accsys, the chemical technology group, focused on the
acetylation of wood, announces that in advance of the Company's
Annual General Meeting, to be held at 3pm this afternoon, its Chief
Executive, Paul Clegg, has made the following comments:
"I am pleased to announce that last week we held our fourth
Worldwide Accoya(R) wood sales conference in Dublin, Ireland,
building on the momentum following our recently reported Accoya(R)
revenue growth of 37 per cent to EUR9.2m for the quarter to 30 June
2014.
"The three day conference involved around 130 participants, an
increase from 90 last year and included 74 participants from 46 of
our existing or potential distributors and customers from 29
countries, together with representatives from our Accoya(R)
licensee, Solvay.
"Medite, the manufacturers of Medite Tricoya, and a licensee of
our joint venture, Tricoya Technologies Limited ('TTL') also
attended together with Masisa, TTL's licence option holder in Latin
America. The conference provided an opportunity for all
participants to further understand the benefits of Tricoya and
included a visit to Medite's facility in Clonmel.
"In August we were pleased to announce further progress with
Solvay, which they also re-confirmed to our customers at the
conference last week:
-- Freiburg was confirmed as the location of Solvay's first
Accoya(R) plant, expected to be operational in first half of
2016;
-- Entered binding term sheet for a global cooperation agreement
in respect of a three year non-exclusive global co-operation
agreement to develop Accoya(R) under which Solvay will engage
Accsys to carry out targeted marketing activities to develop the
Accoya(R) market outside of Europe. Accsys has granted Solvay a
non-exclusive global Accoya(R) licence option for defined available
regions, reflecting Solvay's interest in Accoya(R) licensing
outside of Europe, under conditions that reflect the improved
acceptance of Accoya(R) in the market. In addition Solvay has
granted Accsys the option to invest up to a substantial minority
share in both the European project and in any future Accoya(R)
production projects. This would allow Accsys to benefit from future
manufacturing profits of any Accoya(R) manufacturing plants that
Solvay may construct under licence; and
-- Full agreements and approval of the plant construction are
expected to be approved by December 2014.
"In respect of Diamond Wood, we reported in July thatthe
arbitration tribunal (the "Tribunal") delivered a 'First Partial
Final Award' and ruling that, in response to Diamond Wood's claim
for damages in excess of EUR100 million, Diamond Wood can only
claim for limited damages, if any, up to a maximum of EUR250,000.
However, the Tribunal also ruledthatthe licence agreement between
the two parties is to continue. The Tribunal has yet to make an
award in respect of each party's respective legal costs. The
arbitration remains confidential and we look forward to providing
further details in due course.
"We are in the process of settling on how to proceed with the
various parties involved given our belief of the opportunity for
Accoya(R) in the region."
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via Blytheweigh
PLC Hans Pauli, COO
Will Rudge, FD
Nominated Adviser: Oliver
Cardigan
Corporate Broking: Christopher
Wilkinson +44 (0) 20 7260
Numis Securities Ben Stoop 1000
+44 (0) 20 7138
3204
+44 (0) 7989 129
658
Paul Weigh +44 (0) 7989 394
Blytheweigh Alex Shilov 027
Frank Neervoort +31 681 734 236
Off the Grid (The Netherlands) Giedo Van Der Zwan +31 624 212 238
Notes to editors:
Accsys Technologies PLC(www.accsysplc.com) is a chemical
technology group focussed on the development and commercialisation
of a range of transformational technologies based upon the
acetylation of solid wood (Accoya(R) ) and wood elements
(Tricoya(R) ) for use as class leading, environmentally sustainable
construction materials. Accsys's 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.
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. These benefits result in lower maintenance and
total cost of ownership while using a higher sustainable and
environmental responsible building material. For a full archive of
Accoya(R) news, visit www.accoya.com/news.asp.
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. Exploitation of Accsys' proprietary technology
relating to Tricoya(R) Wood Elements is carried out through Tricoya
Technologies Limited, a joint venture between Accsys and INEOS
Industries Holdings Limited. Tricoya(R) Wood Elements are 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. When carried out to a sufficient level throughout the
wood, this 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.
Accsys Technologies is the trading name of Titan Wood Limited.
ACCOYA(R), TRICOYA(R) and the Trimarque Device are registered
trademarks owned by Titan Wood Limited ("TWL"), a wholly owned
subsidiary of Accsys Technologies PLC, and may not be used or
reproduced without written permission from TWL, or in the case of
the Tricoya(R) registered trademark, from Tricoya Technologies
Limited, a joint venture between TWL and INEOS Industries Holdings
Limited with exclusive rights to exploit the Tricoya(R) brand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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