Last checked at 16 Feb 2010 07:00
AIM: AXS
NYSE Euronext Amsterdam: AXS
16 February 2010
ACCSYS TECHNOLOGIES PLC("Accsys" or " the Company")
Interim Management Statement
Having redoubled our efforts to seed international markets with Accoya® wood, we are very pleased to announce that since 1 October 2009, we have signed eleven new agency and distribution agreements with partners in the US, Canada, Europe and Asia. We are closely collaborating with our distribution partners, with joint marketing programmes, to encourage and develop markets and applications for Accoya® wood.
Our production facility in Arnhem continued to benefit from the process improvements implemented earlier in the financial year. This allowed us to meet the increasing demand from our distribution partners such that sales volumes of Accoya® wood for the period from 1 October 2009 to 31 January 2010 increased by 36% compared to the same period last year.
We are also encouraged by the increased interest expressed by companies across the world to explore the possibilities of licensing our technologies to produce both Accoya® wood and Tricoya® panel products, although we are aware that many are at an early stage and may or may not be furthered by either party. We are continuing to work with our current licensees and our joint development partner, Medite, and look forward to reporting further progress.
We raised a gross amount of €16.9 million by way of a subscription for shares in Accsys Technologies PLC by various new and existing investors. All conditions to the fundraising, including approval from shareholders, the UKLA and the AFM (the English and Dutch regulators respectively) were satisfied earlier this month. The fundraising has been completed and a prospectus was published on 10 February 2010.
Paul Clegg commented: "We are starting to see improvements in the trading environment and are making good progress on all fronts. The restructuring that was implemented earlier in our financial year is starting to show positive results and we continue to make improvements to best position the Company for the challenges ahead as we exploit the markets for our products".
Ends
For further information, please contact:
| Accsys Technologies PLC | Paul Clegg, CEO Kevin Wood, CFO | +44 208 150 8835
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| Matrix Corporate Capital LLP | Stephen Mischler Anu Tayal | +44 20 3206 7000 |
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Threadneedle Communications
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Graham Herring Josh Royston graham.herring@threadneedlepr.co.uk josh.royston@threadneedlepr.co.uk |
+44 20 7653 9850 |
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| Citigate First Financial B.V. | Wouter van de Putte Menno Delken | + 31 20 575 4080 |
Notes to editors:
Accsys Technologies PLC (www.accsysplc.com) is an environmental science and technology company whose primary focus is on the production of Accoya® wood and technology licensing via its 100% owned subsidiary, Titan Wood Limited (www.titanwood.com), which has manufacturing operations in Arnhem, the Netherlands, a European office in London and an Americas office in Dallas, Texas. Accsys' operations comprise three principal business units: (i) the Accoya® wood production facility located in Arnhem, The Netherlands; (ii) technology development, focused on a programme of continuous improvements to the process engineering and operating protocols for the acetylation of wood which are currently under development and the development of technology for the acetylation of wood fibre; and (iii) the licensing of technology for the production of Accoya® wood and Tricoya™ wood elements across the globe.
Accoya® Wood (www.accoya.info) is produced by using a patented, non-toxic process that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "new wood species" via acetylation. Distinguished by its durability, dimensional stability and, perhaps most importantly of all, its reliability (in terms of consistency of both supply and quality), Accoya® wood is particularly suited to exterior applications where performance and appearance are valued. Unlike most woods, its colour does not degrade when exposed to sunlight. Moreover, the Accoya® wood production process does not compromise the wood's strength or machinability. The combination of UV resistance, dimensional stability, increased coatings life, durability and retained strength means that Accoya® wood offers a wealth of new opportunities to architects, designers and specifiers. Leading applications include external doors and windows, shutters/shading, siding and cladding, decking, outdoor furniture/equipment and glulam beams for structural use.
Tricoya® Wood Elements (www.tricoya.com) is Titan Wood's proprietary technology for the acetylation of wood fibres, chips, and particles for use in the fabrication of wood based composites, including panel products. These composites demonstrate enhanced durability and dimensional stability which allow them to be used in a variety of applications which were once limited to solid wood or man-made products. Tricoya® Wood Elements is lauded as the first major innovation in the wood composites industry in more than 30 years.
Wood Acetylation is a process, which increases the amount of 'acetyl' molecules in wood, thereby changing its physical properties. The environmentally responsible process protects wood from rot by making it "inedible" to most micro-organisms and insects, without - unlike conventional treatments - making it toxic. It also greatly reduces the wood's tendency to swell and shrink, making it less prone to cracking and ensuring that, when painted, it requires dramatically reduced maintenance. Acetylated wood's increased durability offers major carbon sequestration advantages, compared to other woods and man-made building materials such as steel, vinyl, and plastic.
Wood Composites include a range of derivative wood products which are manufactured by binding together the strands, particles, fibres, or veneers of wood together with adhesives to form composite materials. These products are engineered to precise design specifications which are tested to meet national or international standards.
ACCOYA®, TRICOYA®, the Trimarque Device and the Elements logo are registered trademarks owned by Titan Wood Limited and may not be used or reproduced without written permission.