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(Alliance News) - Xeros Technology Group PLC on Tuesday said it will sell its four US-based Marken specialist cleaning sites to an undisclosed buyer for a total of GBP265,000.
The developer and provider of water saving and filtration products said that following the sale, which is expected to complete by the end of March, it will cease to have any physical operations in the US and will have almost 50 members of staff fully dedicated to licensing.
"The sale of these sites completes Xeros's planned transition to a licensing model whereby its intellectual property is commercialised by licensees with royalties paid to the company, Xeros said.
In 2018, the sites to be sold off recorded combined revenue of GBP858,000 and a loss of GBP1.9 million.
Proceeds realised from the sale will be used to fund Xeros's working capital requirements.
"We are very pleased to have reached our objective of becoming an asset-light and IP-rich licensing organisation. We are now working hard to execute the contracts with our license partners in India and China, with evidence and learnings from these being the platform for further geographic and segmental coverage," said Chief Executive Mark Nichols.
Xeros shares were up 7.0% at 0.78 pence each on Tuesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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