Change of Auditor

Xeros Technology Group plc

18 September 2023

 

18 September 2023

Xeros Technology Group plc

('Xeros' or the 'Company' or the 'Group')

Change of Auditor

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, announces that following a competitive tender process led by the Audit Committee and the Board, it has approved the appointment of Crowe UK LLP ("Crowe") as the Company's Auditor with immediate effect. Crowe's re-appointment as auditor for the subsequent financial year will be formally proposed to shareholders at the Company's next Annual General Meeting in 2024.

Grant Thornton UK LLP ("Grant Thornton") has been the Auditor for Xeros Technology Group plc since 2019 and the Company's Board of Directors extends its appreciation to Grant Thornton for their services. Grant Thorton has resigned as the Company's Auditor and has confirmed to the Company that there are no matters connected with ceasing to hold office that need to be brought to the attention of the members or creditors of the Company for the purposes of section 519 of the Companies Act 2006.

Enquiries:

Xeros Technology Group plc Neil Austin, Chief Executive Officer Alex Tristram, Director of Finance	Tel: [phone]
Cavendish Capital Markets Limited  (Nominated Adviser and Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM	Tel: [phone]
Belvedere PR Cat Valentine Keeley Clarke	[e-mail] Mob: [phone] Mob [phone]

About Xeros

Xeros Technology plc has developed patented and proven, industry-leading technologies which reduce the environmental impact of how industries make and care for clothes.

In industrial and domestic laundry and garment manufacturing, traditional wet processing methods use billions of litres of fresh water, large amounts of energy and chemicals, damage and weaken fibres, and create environmental pollution. It is estimated that washing machines contribute 35% of the 171 trillion microplastic particles in the ocean.

A range of actors, including consumers, the media NGOs and regulators are exerting pressure on these industries, with legislative action beginning to be taken.

Xeros' three main technologies, Filtration, Finish, and Care, facilitate garment manufacturers, industrial laundries, domestic washing machine manufacturers and consumers to reduce their environmental impact, whilst also significantly improving efficiency in the process.

Xeros' model is to generate revenues from licence fees and royalties. Currently, the are 8 agreements in place. The addressable markets in Filtration, Finish and Care are estimated to be £3bn, £2bn and £2bn respectively.

xerostech.com

 

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