Xeros Technology Group plc Domestic and Commercial Laundry agreement secured (1653X)
April 26 2019 - 1:01AM
UK Regulatory
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: 0114 321 6328
Mark Nichols, Chief Executive Officer
Paul Denney, Chief Financial Officer
Jefferies International Limited (Nominated Tel: 020 7029 8000
Adviser and Joint Broker)
Simon Hardy / Will Soutar
Berenberg (Joint Broker) Tel: 020 3207 7800
Chris Bowman / Ben Wright / Laure Fine
Instinctif Partners (Financial PR) Tel: 020 7457 2020
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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