Accsys Tech Regulatory News (AXS)

2 Nov 2006 07:01

Accsys Technologies PLC02 November 2006 London, 2nd November 2006 AIM: AXS Placing of New Ordinary Shares, Raising €9.8M Accsys Technologies PLC ("Accsys" or "the Company") announces today that it hasraised €9,802,295 (before expenses) by way of a placing of 6,623,172 newordinary shares of €0.01 each ("Placing Shares") at €1.48 per Placing Share (the"Placing"). The net proceeds of the Placing, which was arranged by CollinsStewart Europe Limited, will provide the Company with additional funds toaccelerate the development and expansion of its business. Willy Paterson-Brown, Chairman of Accsys, commented, "We have seen significantdevelopment in our business during 2006. The focus of the Company's work hasbeen on our solid wood product, AccoyaTM, which has received a fantasticreception from our target customers. Tests have met or exceeded allexpectations, confirming that AccoyaTM wood offers performance attributes thatare equivalent to or better than the best tropical hardwoods and even superiorto the many artificial material alternatives used today. The combination ofdurability, stability and reliability with sound environmental credentials -AccoyaTM is completely non-toxic and made exclusively from sustainably forestedwood - is proving very attractive. "Alongside AccoyaTM wood we have also been progressing other new and promisingtechnologies. The majority of funds raised by this new placing will be used toaccelerate the launch of our engineered wood products business (based on woodfibre, e.g. MDF). We believe this has as much potential as our solid woodbusiness. "We are extremely confident about the future and are very close to start-up ofthe world's first full-scale commercial acetylation production plant for AccoyaTM wood. This plant will provide much needed supplies of high performance woodboth for our customers across Continental Europe and for our overseas licensees. It will also serve as a demonstration of the process for those companieswishing to add value to their existing products and create new market outlets. "The Board are very pleased at the high level of interest we had from investorsto the Placing, which was oversubscribed. Accsys continues to attract anenviable list of blue-chip investors who clearly support the Company's long-termobjectives". Application will be made to the London Stock Exchange for the Placing Shares tobe admitted to trading on AiM. It is expected that such Admission will occur at08:00am on 8th November 2006. For further information, please contact: Accsys Technologies PLC William Paterson-Brown, +44 20 7598 4040 Executive Chairmanwww.accsysplc.comCollins Stewart Limited Tim Mickley / Michael O'Brien +44 20 7523 8000Parkgreen Communications Justine Howarth +44 20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange