Signs first textiles JDA with garment manufacturer

RNS Number : 9794A

Xeros Technology Group plc

03 June 2019

 

3 June 2019

Xeros Technology Group plc

Xeros signs first textiles JDA with leading Chinese garment manufacturer

Xeros Technology Group plc (AIM: XSG, 'Xeros', 'the Group'), the developer and provider of water saving technologies with multiple commercial applications, has signed a Joint Development Agreement ('JDA') with Dongguan Crystal Knitting and Garment Co. Ltd, a subsidiary of Crystal International Group Limited, the world's largest apparel maker by volume, to trial the use of the Group's technologies in garment production.

This is Xeros' first agreement in textiles and comes after the Group signed an exclusive agreement to develop and license its domestic and commercial washing machine technologies to IFB Industries Limited ('IFB'), India's leading domestic appliance and commercial laundry equipment supplier in South Asia.

The scope of the JDA is to prove the technical and commercial benefits of Xeros' proprietary XOrb™ and XDrum™ technologies in garment production. The development and testing programme is scheduled to complete before the end of 2019. If successful, the agreement allows for both parties to discuss commercialisation terms for the development and future deployment of Xeros' technologies across a broad range of products.

Mark Nichols, Chief Executive of Xeros said:

"We have now secured third party endorsement across all our three divisions - cleaning, tanning and now textiles. 

"Today's announcement is a major milestone in the application of our technology in one of the world's largest water consuming industries. Almost every garment produced in the world is subject to finishing techniques which consume vast amounts of water as well as chemistry, producing significant amounts of effluent in the process.

"We expect our agreement with Crystal International to prove out, at scale, the considerable improvements in sustainability and cost delivered by our technologies and the multiple ways in which they can be applied in the production of garments. We expect to sign further agreements with leading garment manufacturers during 2019."

ENDS

Enquiries:

Xeros Technology Group plc Mark Nichols, Chief Executive Officer Paul Denney, Chief Financial Officer	Tel: [phone]
Jefferies International Limited (Nominated Adviser and Joint Broker) Simon Hardy / Will Soutar	Tel: [phone]
Berenberg (Joint Broker) Chris Bowman / Ben Wright / Laure Fine	Tel: [phone]
Instinctif Partners (Financial PR) Adrian Duffield / Kay Larsen/ Chantal Woolcock	Tel: [phone]

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/

About Crystal International Group Ltd

Crystal International Group Ltd (HKEX: 2232) is the world's largest apparel maker by volume[1] delivering over 470 million pieces of apparel per annum. It has turnover of US$ 2.45bn. Crystal International operates 20 manufacturing facilities in 5 countries and employs approximately 80,000 people.

 

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[1] Euromonitor 2016

 

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