Accsys Tech Regulatory News (AXS)

28 Sep 2006 07:01

Accsys Technologies PLC28 September 2006 28th September 2006 AIM: AXS Accsys to develop marine business for AccoyaTM wood following agreement with SeaQuest Accsys Technologies PLC ("Accsys" or "the Company") announces that its 100%owned subsidiary, Titan Wood Ltd., has entered into an option agreement withSeaQuest Technologies Ltd., of Hong Kong ("SeaQuest"), for SeaQuest to buy alicence to produce AccoyaTM wood, the new ultra-high performance wood. Madefrom sustainably grown softwoods, AccoyaTM wood offers key performanceattributes that are equivalent to or better than the best tropical hardwoods,superior to many artificial material alternatives and is completely non-toxic. SeaQuest will look to partner with a wood industry operator to develop thepotential for AccoyaTM wood, with a specific interest in the marine sector.Under the terms of the agreement, SeaQuest will make an up-front payment and hasa twelve month period in which to exercise its option to build a plant whichwill have an initial capacity of approximately 45,000 cubic metres of AccoyaTMacetylated wood per year in exchange for additional up-front licence paymentsand on-going royalties based upon a combination of nameplate capacity and actualproduction. SeaQuest (www.sqtechnologies.com) is the sister company to SeaQuest MarineProject Management Ltd., a company specializing in shipbuilding, construction,design and repair. SeaQuest Technologies specializes in investing in innovativetechnologies and environmentally friendly products and processes that meetexacting quality standards. The agreement between Titan Wood (www.titanwood.com) and SeaQuest is the thirdof its kind to be announced by Accsys and the Company expects to make additionalannouncements later this year. Accsys is currently on target for start-up andshipping product from its Arnhem plant in the fourth quarter of 2006. "This is an important development for us as we are continually finding a widevariety of uses and demand for AccoyaTM wood beyond our original expectations.We will work very closely with SeaQuest to find the right operational partnerand to explore the full potential of their interest in marine applications forAccoyaTM wood", said Willy Paterson-Brown, Executive Chairman of Accsys(www.accsysplc.com). Sebastiano Portunato, Managing Director of SeaQuest said, "We are delighted tohave come to an agreement with Titan Wood. The quality of AccoyaTM wood clearlymakes it the gold standard for treated wood and we are looking forward to seeingthe development of a series of applications such as decking, trimming, walkwaysand terracing. The environmentally friendly nature of the product and itsreliable performance is of particular appeal for the premium marine market". ENDS For further information, please contact: Accsys Technologies PLC William Paterson-Brown, +44 (0) 20 7598 4040www.accsysplc.com Executive Chairman Collins Stewart Limited Michael O'Brien / Tim Mickley +44 (0) 20 7523 8000 Parkgreen Communications Justine Howarth / Ana Ribeiro +44 (0) 20 7493 3713 Notes to Editors Accsys Technologies - owns the rights to a number of processes, including hightemperature cracking and cellulose modification. Accsys' core technologies haveeither existing patent protection or pending patent applications. Accsys isfocusing its energies on the launch of its Titan Wood business: once thisbusiness has been established, the Directors intend to pursue other technologieswithin its portfolio. Wood Acetylation - Wood acetylation is a process, which increases the amount of'acetyl' molecules in wood, thereby changing its physical properties. Theprocess protects wood from rot by making it "inedible" to most micro-organismsand insects, without - unlike conventional treatments - making it toxic. Italso greatly reduces the wood's tendency to swell and shrink, making it lessprone to cracking and ensuring that when painted it requires dramaticallyreduced maintenance. AccoyaTM wood - AccoyaTM wood is produced using a patented process thateffectively converts sustainably grown softwoods and non-durable hardwoods intowhat is best described as a 'new wood species'. Distinguished by itsdurability, dimensional stability and, perhaps most importantly of all, itsreliability (in terms of consistency of both supply and quality), AccoyaTM woodis particularly suited to exterior applications where performance and appearanceare valued. Unlike most tropical and European hardwoods, its colour does notdegrade when exposed to ultraviolet light. Moreover, the AccoyaTM woodproduction process does not compromise the wood's strength or machineability.The combination of UV resistance, dimensional stability, durability and retainedstrength means that AccoyaTM wood offers a wealth of new opportunities toarchitects, designers and specifiers. For marine uses where weight is alsoimportant, AccoyaTM wood for the first time provides boat builders with a woodthat is strong, lightweight, durable and which retains its natural beauty forfar longer. This information is provided by RNS The company news service from the London Stock Exchange