Accsys Tech Regulatory News (AXS)

20 Nov 2007 07:01

Accsys Technologies PLC20 November 2007 20th November 2007 AIM: AXS NYSE Euronext Amsterdam: AXS Accsys and Celanese New Business Relationship Accsys Technologies PLC ("Accsys" or "the Company") and Celanese Corporation("Celanese") have amended their business relationship by mutual consent, givingboth companies greater flexibility for an "at will" trading/supply relationship. Willy Paterson-Brown, Executive Chairman of Accsys commented: "A new arrangementbetween our two companies is necessary and timely, given the progress Accsys hasmade in its business development. We have built a solid relationship withCelanese and we will both be able to enjoy the full benefits of this. It hasbecome clear that our trading/supply relationship, in conjunction with Accsys'licensees, needs to be negotiated on a case by case basis. This was arestriction for both companies in the original agreement. " John J. Gallagher III, Executive Vice President of Celanese Corporation andPresident Acetyls and Celanese Asia commented: "We are pleased with the newrelationship we have developed with Accsys and have the potential to work withthem on a number of projects in various parts of the world. We now expect to agree to terms in relation to Titan Wood's Arnhem manufacturing facility in duecourse." Under the new agreement Celanese will relinquish its option to acquire furtherordinary shares in the Company to take its equity stake up to 29.9% of theCompany, which would have been exercisable starting in June 2008, and Accsys hasagreed to the orderly placement of Celanese's 5.23% existing share holding inthe Company. ENDS For further information, please contact: Accsys Technologies PLC William Paterson-Brown, +44 (0) 20 8114 2510www.accsysplc.com Executive Chairman Collins Stewart Europe Limited Tim Mickley / Michael O'Brien +44 (0) 20 7523 8000Parkgreen Communications Justine Howarth / +44 (0) 20 7851 7480 Bex Sanders-Hewett Citigate First Financial B.V. Wouter van de Putte / + 31 (0) 20 575 4080 Laurens Goverse Notes to Editors Titan Wood Limited (www.titanwood.com) is a wholly owned subsidiary of theAccsys Technologies PLC (www.accsysplc.com) group of companies. AccsysTechnologies PLC is listed on the London Stock Exchange AIM market and the NYSEEuronext by Euronext Amsterdam, under the symbols 'AXS'. This information is provided by RNS The company news service from the London Stock Exchange