Symphony Env. Regulatory News (SYM)

24 Jun 2005 10:05

Symphony Plastic Technologies PLC24 June 2005 For Immediate Release 24th June 2005 Symphony Plastic Technologies plc Annual General Meeting Statement Symphony Plastic Technologies plc ("Symphony"), the degradable plastics company,is pleased to announce that at its Annual General Meeting ("AGM") held today,all resolutions were unanimously passed. At the AGM, Nirj Deva, Chairman of Symphony, made the following statement toshareholders: "2004 was a challenging year for the Group so I am pleased to be able to reportmeaningful increases in sales and in gross profits. Symphony has continued toexpand its international distribution network for both its finished polytheneproducts and additives over the last twelve months, with new agreements havingbeen signed for North America, Saudi Arabia, Qatar and Colombia. We now havenine overseas distributors and our d2w(R) products are marketed in over 20countries. My executive team is actively engaged on expanding both the domestic andinternational distribution networks. Product development and innovation iscontinuing as we meet the many new challenges for products and applications. Aspreviously reported, environmental concerns together with legislative pressureare creating a good level of interest for our environmentally responsible d2w(R)products and additive. The year also saw success for Symphony in the High Court where the Court foundin favour of Symphony on the significant claims brought against us by EPI. Thislitigation was a particular hindrance to Symphony's progress during the year,taking up much management time. The appeal is expected to be heard by the end ofthis calendar year and we remain confident that the original judgment will beupheld. A total of £870,000 has been paid into court by EPI as security for our costs inthe case. Also since the year end, Symphony has successfully raised £1.8 millionto cover the case costs, strengthen the balance sheet and provide additionalworking capital. Marketing spend has increased over the last year as we believe that building awider awareness of Symphony and our products will be key to the Group's successgoing forward. We look forward to an exciting and challenging year." For more information, please contact: For further information: Symphony Plastic Technologies Plc Michael Laurier, CEO +44 (0)20 8207 5900 Citigate Dewe Rogerson Patrick Toyne Sewell / Ged Brumby +44 (0) 20 7638 9571 Further information on Symphony Plastic Technologies plc Symphony develops and supplies environmentally responsible plastic packagingproducts, which are distributed primarily to the retail, local authority andhealth related sectors. The Group's main technology, d2w(R), allows plastic todegrade, leaving only water, a minimal amount of carbon dioxide and traceamounts of non-toxic biomass over a short time period. The d2w(R) product rangenow includes additives, carrier bags, refuse sacks, mailing wrap, stretch film,aprons, and packaging films. Symphony has a strong blue-chip customer base in the UK and has successfullyestablished itself as an international business after signing distributionagreements with companies in Brazil, Canada & USA, New Zealand, South Africa,the Caribbean, Saudi Arabia, Colombia and Qatar. Further information onSymphony can be found at www.symphonyplastics.com. This information is provided by RNS The company news service from the London Stock Exchange