Accsys Tech Regulatory News (AXS)

AIM: AXS

Euronext Amsterdam: AXS

16 May 2024

Accsys Technologies PLC

("Accsys", the "Group" or the "Company")

Directorate Change

Accsys announces today that Steven Salo will step down from his role as Chief Financial Officer. Steven joined Accsys on 1 April 2023 and has helped navigate the Company through a period of economic headwinds, and has contributed to the successful raising of capital and financing for the completion of our US JV project in Kingsport.

The Board and Steven agreed that his interests and ambitions lie outside of the Group. Therefore, Steven has decided to step down with immediate effect. 

The Board would like to express its appreciation for Steven's contribution and to wish him all the best in his future endeavours.

A search is underway for a replacement CFO and an update will be provided in due course.

Meanwhile, Hans Pauli, currently Director of Corporate Development of the Group, will act as an interim CFO. Hans has been with the Group for over 14 years in various roles, amongst others as its CFO from 2010 to 2012.

Trudy Schoolenberg, Chair of Accsys, commented:

"I would like to thank Steven on behalf of the Board for his service and contribution to Accsys during a challenging period for the Company and wish him all the best for the future."

The Company will shortly publish a statement on its website in compliance with section 430(2B) of the Companies Act 2006 relating to Steven Salo's remuneration.

Ends

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Notes to editors:

Accsys (Accsys Technologies PLC) is a fast-growing business with a purpose: changing wood to change the world. The company combines chemistry, technology and ingenuity to make Accoya wood and Tricoya wood elements: high performance wood products that are extremely durable and stable, opening new opportunities for the built environment and giving the world a choice to build sustainably. Accsys transforms fast-growing, certified sustainable wood into building materials with an up to 50-year warranty, locking carbon stored in the wood into useful products for decades, with performance characteristics that match or better those of non-renewable, resource-depleting and polluting alternatives. Accsys is listed on the London Stock Exchange AIM market and on Euronext Amsterdam, under the symbols 'AXS'. Visit www.accsysplc.com 

Accoya solid wood is sustainable, durable, and stable with exceptional performance, finish and sustainability. Accsys' proprietary acetylation process makes the wood more dimensionally stable and because it is no longer easily digestible, extremely durable. It is one of very few building materials to be Cradle to Cradle Certified™ at the Gold level, with a Platinum rating for Material Health, confirming that no harmful or toxic additives or chemicals are present to leach out into the environment. Primary applications for Accoya wood include windows, doors, cladding and decking, where the combination of performance and sustainability benefits compete favorably against hardwoods, plastics, metals and concrete. Visit www.accoya.com

Tricoya acetylated wood elements are produced for use in the fabrication of panel products such as medium density fibreboard (MDF). Panel products made with Tricoya wood elements are truly durable and stable enough for use outdoors and in wet environments, unlocking new possibilities for design and construction. They have been lauded as the first major innovation in the wood composites industry in more than 30 years and bring the flexibility of traditional panel products and sustainability benefits of wood to a whole new range of applications. Visit www.tricoya.com

Any references in this announcement to agreements with Accsys shall mean agreements with either Accsys or its subsidiary entities unless otherwise specified. 'Accsys' and 'Accsys Technologies' are trading names of Titan Wood Limited ("TWL"), a wholly-owned subsidiary of Accsys Technologies PLC. Accoya, Tricoya and the Trimarque Device are registered trademarks owned by TWL, and may not be used or reproduced without written permission from TWL, or in the case of the Tricoya registered brand trademark, from Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to exploit the Tricoya brand.