AGM Statement

RNS Number : 9580X

Symphony Environmental Tech. PLC

03 May 2019

 

3 May 2019

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is considered to be in the public domain

Symphony Environmental Technologies plc

 ("Symphony", or the "Company")

AGM Statement

Symphony Environmental Technologies plc (AIM: SYM) is pleased to provide the following update prior to its Annual General Meeting ("AGM") to be held today at 10.00am.

At the AGM, Nirj Deva, DL, FRSA, MEP Chairman of Symphony, will make the following statement:

"Symphony is a world leader in biodegradable plastic technologies, that are marketed under the company's d2w droplet logo. Our products are used in nearly 100 countries and the d2w logo can be found on nearly 200,000 tons of plastics a year and including some of the world's most recognised brands such as Marks and Spencer, McDonald's, Subway and Carrefour.

We believe that d2w is the most viable solution to help resolve the issue of plastic pollution of the environment. It is a low cost "drop-in" solution that acts as an insurance policy for materials that escape into the open environment, and in fact recycles them back into nature through biodegradation. d2w-treated products are reused and recycled at the end of their useful life and have the lowest global warming effect of many alternative materials such as crop-derived plastic, paper, and cotton materials. d2w has a prestigious Eco-label award from ABNT, the Brazilian standards organisation, after extensive due-diligence.

Products made with d2w technology are proven to properly biodegrade in the open environment, help to reduce microplastic pollution, are compatible with plastic recycling, and do deliver a real environmental benefit, whether they are compostable or not. There is robust scientific evidence, recently reviewed by a former High Court judge, proving that d2w oxo-biodegradable plastic does all of these things.

As advised in our 2018 preliminary announcement on 14 March 2019, we believe the Group is reaching a pivotal point in its development. During this year, the Middle East market is set to increase the number of products which must be made with our d2w type of biodegradable plastic technology and we continue seeing further increases in enquiries from potential customers around the world, many being blue-chip companies, who want products that will comply with oxo-biodegradable legislation in the Middle East and elsewhere.

The development of new products for each of our d2w and d2p technologies continues at a satisfactory pace, and we remain encouraged by their growth prospects.

Revenues in key markets remain sensitive to timing depending on local end-user manufacturing patterns and stock holding, but we are confident that we will meet expectations for the year, with significant growth expected in the second half."

Enquiries

Symphony Environmental Technologies Plc
Michael Laurier, CEO	Tel: [phone]
Ian Bristow, CFO
www.symphonyenvironmental.com
Cantor Fitzgerald Europe
David Foreman, Richard Salmond, Michael Boot (Corporate Finance)	Tel: [phone]
Caspar Shand Kydd, Gregor Paterson (Sales)

The person responsible for arranging the release of this information is Michael Laurier, CEO of the Company.

NOTES TO EDITORS:

About Symphony Environmental Technologies plc

Symphony has developed and continues to develop, controlled-life plastic technology which helps tackle the problem of microplastics by turning ordinary plastic at the end of its service-life into biodegradable materials. It is then no longer a plastic and can be bioassimilated in the open environment in the same way as a leaf. The technology is branded d2w® and appears as a droplet logo on many thousands of tonnes of plastic packaging and other plastic products around the world. In some countries, most recently Saudi Arabia, oxo-biodegradable plastic is mandatory. 

In addition, Symphony has developed a range of additives, concentrates and master-batches marketed under its d2p® brand, which can be incorporated in a wide variety of plastic and non-plastic products so as to give them protection against many different types of bacteria, fungi, algae, moulds, and insects, and against fire. d2p products also include odour, moisture and ethylene adsorbers as well as other types of food-preserving technologies. We have also launched d2p anti-microbial household gloves and toothbrushes, and are developing a range of other d2p finished products for retail sale.

Symphony has also developed the d2Detector®, a portable device which analyses plastics and detects counterfeit products.  This is useful to government officials tasked with enforcing legislation, and Symphony's d2t tagging and tracer technology is available for further security.

Symphony has a diverse and growing customer-base and has established itself as an international business with 74 distributors around the world. Products made with Symphony's plastic technologies are now available in nearly 100 countries and in many different product applications. Symphony itself is accredited to ISO9001 and ISO14001.

Symphony is a member of The Oxo-biodegradable Plastics Association (www.biodeg.org) (OPA), the Society for the Chemical Industry (UK), and the Pacific Basin Environmental Council. Symphony is also a strategic partner of the Commonwealth Business Initiative, and actively participates in the Committee work of the British Standards Institute (BSI), the American Standards Organisation (ASTM), the European Standards Organisation (CEN), and the International Standards Organisation (ISO).

Further information on the Symphony Group can be found at www.symphonyenvironmental.com and twitter @SymphonyEnv See also Symphony on Instagram. A Symphony App is available for downloading to smartphones.

 

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