Coffee Machine Collaboration

RNS Number : 1820Z

Strix Group PLC

30 August 2018

 

30 August 2018

Strix Group Plc

("Strix" or the "Group")

Coffee Machine Collaboration

Strix Group Plc (AIM: KETL), the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, is pleased to announce that it has entered into a collaboration with a leading global consumer product company, based in the USA, to develop a new range of coffee machines utilising Strix's proprietary technology.

Specifically, the Company and its partner will focus on developing a new appliance that will produce a single cup of high quality coffee using Strix's patented technology, in particular benefitting from Strix's knowledge and expertise in relation to temperature accuracy and method of water dispense.

Mark Bartlett, Chief Executive of Strix plc, commented: "We are very pleased to have secured this collaboration and we look forward to working with our new partner on this project.  With the support of a global sales platform, this move into a new segment opens up an additional market opportunity for Strix, which to date, has been focussed primarily on water filtration systems and heating technologies for tea drinking, rather than coffee."

For further enquiries, please contact:

Strix Group Plc Mark Bartlett (CEO) Raudres Wong (CFO)	01624 829 829
Zeus Capital Limited (Nominated Advisor) Nick Cowles / Jamie Peel / Jordan Warburton (Corporate Finance) Dominic King (Corporate Broking)	020 3829 5000
IFC Advisory Limited (Financial PR & IR) Graham Herring / Tim Metcalfe / Heather Armstrong	020 3934 6630

About Strix Group Plc

Isle of Man based Strix, is a global leader in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration.

Strix's core product range comprises a variety of safety controls for small domestic appliances, primarily kettles. Kettle safety controls require precision engineering and intricate knowledge of material properties in order to repeatedly function correctly.  Strix has built up market leading capability and know-how in this field since being founded in 1982.

 

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