Xeros announces intention to float on AIM

RNS Number : 6300A

IP Group PLC

21 February 2014

 

FOR RELEASE ON

21 February 2014

IP Group plc - Portfolio company Xeros announces intention to float on AIM

 

IP Group plc (LSE: IPO) ("IP Group"), the developer of intellectual property based businesses, is pleased to note that portfolio company Xeros Limited ("Xeros" or "the Group", the developer of a patented polymer bead cleaning system with multiple identified commercial applications, has announced its intention to raise funds and to apply for the admission of ordinary shares to trading on AIM.

Admission and the fundraising are expected to allow the Group to accelerate roll-out in commercial laundry and to fund the research and development process through to commercialisation in other identified applications, not least in domestic laundry. Admission to trading on AIM is expected to take place in March 2014.

IP Group holds an undiluted beneficial stake of 14.6% in Xeros, a spin-out company from the University of Leeds, while a further 8.1% interest is held by IP Venture Fund.

Xeros has developed a patented polymer bead cleaning system that has been shown to provide superior cleaning performance whilst significantly reducing the consumption of water, energy and chemicals throughout the cleaning process. The system is characterised by replacing the majority of the water used in an existing conventional laundry process with reusable and recyclable polymer beads.

The Group is initially targeting the commercial laundry market in the US, the UK, Europe and China with a business model founded on an integrated equipment and service package marketed under Xeros Sbeadycare™.

The first commercial installation of a Xeros washing machine was completed in the UK in July 2011 and in the US in September 2012. Currently, the Group has 30 installed/committed to be installed machines in the US, UK and EU and management estimates that approximately 120 further machine installations are expected for 2014.

Jefferies International Limited is acting for Xeros in relation to the proposed Admission.

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer	[phone]
Liz Vaughan-Adams, Communications	[phone] / [phone] [e-mail]
FTI Consulting
John Dineen, James Melville-Ross	[phone]

Notes for editors

About IP Group

IP Group is a leading UK intellectual property ("IP") commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.

The Company's portfolio comprises holdings in over 70 companies including Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.

The portfolio includes early stage to mature businesses and has exposure to five main sectors - Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials.

For more information, please visit our website at www.ipgroupplc.com.

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