(Alliance News) - Xeros Technology Group PLC said Friday it has signed a binding heads of terms agreement with Ramsons Garment Finishing Equipment Pvt Ltd, an Asian garment finishing equipment supplier.
Shares in Xeros, which develops water saving and filtration technology, were up 3.3% at 6.97 pence on Friday.
Under the agreement, Ramsons will develop, manufacture and sell garment finishing equipment used for manufacturing denim jeans, which will be integrated with Xeros's XOrb and XDrum products across South Asia and Africa on an exclusive basis.
The XOrb is a sphere-shaped polymer which removes dirt and stains from workwear, while XDrum is a laundry system which allows for reduced water and energy use.
Xeros' products will be integrated into Ramsons' range of denim processing machines, which are produced at drum sizes from 500 litres to 5,000 litres.
Xeros expects to finalise a commercial agreement with Ramsons in the fourth quarter of 2019, with the garment finishing equipment to be available in the market by the end of 2020's first quarter.
"Our agreement with Ramsons is yet another major milestone in the commercialisation of our technologies under a license model, and the first with an OEM in the textiles market," said Chief Executive Officer Mark Nichols. "By incorporating Xeros' products in their machines, Ramsons have the capacity to make a significant contribution to extending precious resources throughout South Asia and Africa."
Xeros Tech (XSG)