Xeros Technology Group PLC - Rotherham, England-based laundry technology developer - Signs a technology license and distribution agreement for its garment finishing technology with KRM Tekstil Boya San Tic Ltd. The non-exclusive worldwide agreement is for a 10-year term. KRM, acting as a distributor for Yilmak Makine, will be licensed to distribute and sell machines made by Yilmak, which use Xeros's proprietary XDrum and XOrb technology. T
The technology will be used in denim processing, garment finishing and garment dyeing processes in Yilmak's garment finishing machines. Yilmak is a Turkish manufacturer of garment finishing machines.
"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," Xeros explains, adding it has the potential to deliver "substantial" revenue over the 10-year term.
Chief Executive Officer Neil Austin says: "The apparel industry is estimated to consume over 93 billion cubic metres of water every year in the production of clothing. 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."
Current stock price: 4.01 pence each, up 29% on Wednesday morning in London
12-month change: down 89%
By Xindi Wei, Alliance News reporter
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Xeros Tech (XSG)