Second Denim Finishing Licensing Agreement

Xeros Technology Group plc

17 May 2023

 

17 May 2023

This announcement contains inside information

Xeros Technology Group plc

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

Second Denim Finishing Licensing Agreement

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, is pleased to announce the signing of a technology license and distribution agreement for its Garment Finishing technology with KRM Tekstil Boya San. Tic Ltd ("KRM")(the "Agreement"). 

Under the terms of the 10-year, worldwide non-exclusive Agreement, KRM, which will act as a global distributor for Yilmak Makine ("Yilmak"), is licensed to distribute and sell machines manufactured by Yilmak incorporating Xeros' proprietary XDrum^TM and XOrb^TM technology for use in denim processing, garment finishing and garment dyeing processes across Yilmak's full range of garment finishing machines.

Yilmak, headquartered in Istanbul, Turkey, was established in 1968 and is one of the largest manufacturers of garment finishing machines in the world. It exports to more than 35 countries globally and supplies machines to over 500 factories.

The Agreement allows Xeros to significantly increase its market access into new territories including Europe, Brazil and Mexico as well as strengthen its current access into Asia. The Agreement has the potential to deliver substantial revenues over the 10-year term. The textile machinery market is estimated to be worth $52 billion by 2033.¹

Approximately 2 billion pairs of jeans are manufactured globally every year and Xeros' technology significantly reduces the volume of water, chemistry and cycle time used in the finishing processing of raw denim jeans into consumer products.

Under the terms of the Agreement, Xeros will receive a royalty per XDrum^TM machine sold by KRM as well as supplying it with XOrbs.

Neil Austin, CEO of Xeros, said:

"The apparel industry is estimated to consume over 93 billion cubic metres of water every year in the production of clothing.² In an industry under increasing pressure from both consumers and legislators to reduce its impact on the planet, technologies like ours can make a significant impact. We are very pleased to have signed a further contract with like-minded partners that enables us to continue bringing our technologies into the global market."

Enquiries:

Xeros Technology Group plc Neil Austin, Chief Executive Officer Alex Tristram, Director of Finance	Tel: [phone]
finnCap Limited (Nominated Adviser and Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM Yellow Jersey PR Sarah Hollins/Annabelle Wills/Jazmine Clemens	Tel: [phone] Tel: [phone]

Notes to Editors

POWERED BY SCIENCE, XEROS CREATE TECHNOLOGIES ENGINEERED FOR THE FUTURE

Born out of textile research and advancing new standards of performance and responsibility, Xeros' technologies revolutionise the way we make and clean our clothes, conserving water and preventing waste. Designed to impact industries and people on a global scale, Xeros transforms the performance, impact and economics of the fashion and washing machine industry.

Xeros enables the scaling of its innovations and impact by licencing its intellectual property to partners across the globe. Their work has, to date, created 38 patent families.

Xeros' technologies are already in use in major global industries, including commercial and home laundry and garment manufacture. So far, these technologies have saved millions of litres of water and could prevent billions of microfibres from ending in our oceans.

TO THE POWER OF CHANGE

xerostech.com

Sources:

1.     Global News Wire

2.     UN. Facts and Figures, Fashion

 

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