Bus Update & Board Change
Symphony Plastic Technologies PLC
30 April 2007
BUSINESS UPDATE AND BOARD CHANGE
GRANT AWARD
BUSINESS UPDATE
Symphony Environmental Technologies Plc ('The Company,') the degradable plastic
and waste-to-energy Group is pleased to announce that since the last business
update on 22 February 2007 significant progress has been made in a number of key
business areas. In Portugal the country's largest retail group, Sonae, has
adopted d2wTM in all their carrier bags for their Continente, Mondelo and
Mondelo Bonjour supermarket chains, which are estimated to account for more than
500 million bags per year. This is significant not in terms of absolute value,
but for the breakthrough which it represents. This builds on the current
portfolio which includes Marriott, Royal Caribbean Cruise Lines, Tesco and the
Co-op who all presently use d2wTM finished products or our additive technology.
On 22 February 2007, the Company also announced delays in orders in a number of
key overseas markets. Following high level discussions with major clients in
these territories these problems have now been addressed and corrective action
taken to bring sales levels into line with management expectations. Further
updates will be made when the Company's Preliminary Results are announced before
the end of May.
The Company also announces that Matthew Turner, Group Managing Director, left
the Company on Friday 27th April following a review by the Company. There are no
plans to appoint another Group MD.
A strategic review of the organisation of the business is nearing completion.
There are now three operating subsidiaries (see notes to editors), and in future
the Plc itself will be organised into separate operating departments each headed
by a specialist reporting to the Chief Executive and thence to the Board. It is
anticipated that this will improve the efficiency and management control of the
Company and will focus specialist expertise where it is needed.
£50,000 GRANT FROM UK GOVERNMENT
Symphony Energy Resources Ltd. ('SER'), a wholly-owned subsidiary of Symphony
Environmental Technologies Plc, was created to focus on converting
waste-to-energy by innovative processes. It is currently working with two
waste-to-energy reprocessing technologies, Thermal and Microwave Pyrolysis. The
Company, is pleased to announce that SER has accepted an award from the UK
Secretary of State for Trade and Industry of a grant of £50,000 for a
feasibility study into microwave pyrolysis of scrap tyres.
SER will be undertaking this study, in association with Imperial College,
London, to gain a greater understanding of microwave activity in this
application, and of the thermodynamics of microwave degradation of tyres.
The outputs of microwave pyrolysis are a Tyre Derived Oil (TDO) and carbon
black. Microwave energy is more efficient than heat in terms of
processing-power consumed and is expected to give off lower direct and indirect
emissions per ton processed. The output products are expected to be cleaner and
therefore of higher value than their thermal equivalent. The study is due to
start shortly and is expected to run for a period of 20 weeks.
These technologies address two of the world's most significant environmental
concerns, - the disposal of waste, and the reduction of dependence on imported
oil. The Company will announce the findings of this study in due course.
For further information, please contact:
Symphony
Michael Laurier, Group Chief Executive Tel: 020 8207 5900
Citigate Dewe Rogerson
Freida Moore Tel: 020 7638 9571
Ged Brumby
Notes to Editors:
Further information on the Symphony Environmental Technologies Group of
companies:
THE SYMPHONY GROUP has a diverse and growing customer base in the UK and has
successfully established itself as an international business after signing
agreements with companies in Argentina, Brazil, Canada & USA, Chile, Colombia,
India, Mexico, New Zealand, Peru, Portugal, South Africa, the Caribbean, Saudi
Arabia, and Qatar. Its d2wTM products can already be found in more than 40
countries.
SYMPHONY ENVIRONMENTAL LTD is a world leader in oxo-biodegradable plastics. It
develops and supplies environmentally responsible pro-degradent additives as
well as oxo-biodegradable plastic film, and rigid packaging products. The
Company's technology, marketed under the d2w registered trademark, causes
plastic to biodegrade within a short period of time, leaving only water, a
minimal amount of carbon dioxide and trace amounts of non-toxic biomass. These
products can be recycled and can be made from recyclate, and can also be
composted using in-vessel processes.
SYMPHONY ENERGY RESOURCES LTD. is developing innovative waste-to-energy
technology processing plants and is exploring many opportunities where there is
a demand to convert plastics, tyres and other waste streams into valuable
products by cost effective processes.
SYMPHONY PLASTICS LTD has for many years supplied a very popular range of
conventional plastic bags and other plastic packaging products.
Further information on the Symphony Group can be found at
www.symphonyplastics.com and www.degradable.net.
This information is provided by RNS
The company news service from the London Stock Exchange