AGM Statement

RNS Number : 3681O

Accsys Technologies PLC

19 September 2013

 



AIM: AXS

NYSE Euronext Amsterdam: AXS

19 September 2013

ACCSYS TECHNOLOGIES PLC
("Accsys" or "the Company")

Annual General Meeting Statement
and Diamond Wood Update

Accsys, the environmental science and technology company whose primary focus is on the production and technology licensing of Accoya^® wood and Tricoya^® wood elements, announces that at the Company's Annual General Meeting, to be held at 2pm this afternoon, its Chief Executive, Paul Clegg, will make the following comments:

"I am pleased to report that total revenue, including sales to Medite, increased by 91 per cent to €13.6m in the five months to 31 August 2013 compared to the same period last year.

"This represents an increase in our reported sales growth, demonstrating the continuing momentum that all our products are developing, with growth being attributable to both existing and new distributors.

"This momentum was clearly evident last week when Accsys held its third Worldwide Accoya sales conference where, for two and a half days, around 90 participants representing 40 companies, including leading European coating and iron mongery suppliers, met in Bremen, Germany, home of our distributor, Enno Roggemann. Of the participants, 57 representatives were from 41 existing or potential distributors and customers operating in 30 countries around the world.  The conference included visits to a window manufacturer, a distributor and coatings supplier who all endorsed Accoya.

"In addition, the conference was attended by Solvay who re-affirmed their enthusiasm for Accoya and presented to our customers and potential new customers as to why Accoya is a logical new business area for them, building upon their industrial expertise while promoting greater sustainability. Solvay signed a licence agreement with Accsys in 2012 which is expected to become unconditional later this year."

Following its statement of 16 August 2013, the Company also announces that a notice of arbitration has been served by Diamond Wood, as of 18 September 2013.  Accsys will fully engage in the arbitration process and welcomes the opportunity it will provide to ask the arbitrators to confirm the validity of Accsys' termination of the Diamond Wood licence agreement ("Termination").

Following robust legal advice firmly supporting Accsys' Termination, Accsys remains extremely confident that the arbitration will be resolved in its favour. Whilst further details of the arbitration are subject to confidentiality, Accsys will provide a further update once the matter has been settled.     

In the meantime, Accsys is now working directly to meet customer needs in China and parts of South East Asia and is exploring new licensing opportunities in the region.  

Ends

For further information, please contact:

Accsys Technologies PLC	Paul Clegg, CEO Hans Pauli, COO Will Rudge, FD	via Blythe Weigh Communications
Numis Securities	Nominated Adviser: Oliver Cardigan Corporate Broking: Christopher Wilkinson                              Ben Stoop	[phone]
Blythe Weigh Communications	Paul Weigh Tim Blythe	[phone] [phone] [phone]
Off the Grid (The Netherlands)	Frank Neervoort Giedo Van Der Zwan	[phone] [phone] [phone]

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^® 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^® 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^® wood and Tricoya^® wood elements across the globe.

Accoya^® 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^® 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^® 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^® wood offers a wealth of new opportunities to architects, designers and specifiers. For marine uses where weight is also important, Accoya^® 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^® news, visit www.accoya.com/news.asp.

Tricoya^® 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^® Wood Elements is carried out through Tricoya Technologies Limited, a joint venture between Accsys and INEOS Industries Holdings Limited.  Tricoya^® 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®, TRICOYA^® 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^® registered trademark, from Tricoya Technologies Limited, a joint venture between TWL and INEOS Industries Holdings Limited with exclusive rights to exploit the Tricoya^® brand.

 

END

 

 

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