Symphony Env. Regulatory News (SYM)

30 Apr 2007 16:37

Symphony Plastic Technologies PLC30 April 2007 BUSINESS UPDATE AND BOARD CHANGE GRANT AWARD BUSINESS UPDATE Symphony Environmental Technologies Plc ("The Company,") the degradable plasticand waste-to-energy Group is pleased to announce that since the last businessupdate on 22 February 2007 significant progress has been made in a number of keybusiness areas. In Portugal the country's largest retail group, Sonae, hasadopted d2wTM in all their carrier bags for their Continente, Mondelo andMondelo Bonjour supermarket chains, which are estimated to account for more than500 million bags per year. This is significant not in terms of absolute value,but for the breakthrough which it represents. This builds on the currentportfolio which includes Marriott, Royal Caribbean Cruise Lines, Tesco and theCo-op who all presently use d2wTM finished products or our additive technology. On 22 February 2007, the Company also announced delays in orders in a number ofkey overseas markets. Following high level discussions with major clients inthese territories these problems have now been addressed and corrective actiontaken to bring sales levels into line with management expectations. Furtherupdates will be made when the Company's Preliminary Results are announced beforethe end of May. The Company also announces that Matthew Turner, Group Managing Director, leftthe Company on Friday 27th April following a review by the Company. There are noplans to appoint another Group MD. A strategic review of the organisation of the business is nearing completion.There are now three operating subsidiaries (see notes to editors), and in futurethe Plc itself will be organised into separate operating departments each headedby a specialist reporting to the Chief Executive and thence to the Board. It isanticipated that this will improve the efficiency and management control of theCompany and will focus specialist expertise where it is needed. £50,000 GRANT FROM UK GOVERNMENT Symphony Energy Resources Ltd. ("SER"), a wholly-owned subsidiary of SymphonyEnvironmental Technologies Plc, was created to focus on convertingwaste-to-energy by innovative processes. It is currently working with twowaste-to-energy reprocessing technologies, Thermal and Microwave Pyrolysis. TheCompany, is pleased to announce that SER has accepted an award from the UKSecretary of State for Trade and Industry of a grant of £50,000 for afeasibility study into microwave pyrolysis of scrap tyres. SER will be undertaking this study, in association with Imperial College,London, to gain a greater understanding of microwave activity in thisapplication, and of the thermodynamics of microwave degradation of tyres. The outputs of microwave pyrolysis are a Tyre Derived Oil (TDO) and carbonblack. Microwave energy is more efficient than heat in terms ofprocessing-power consumed and is expected to give off lower direct and indirectemissions per ton processed. The output products are expected to be cleaner andtherefore of higher value than their thermal equivalent. The study is due tostart shortly and is expected to run for a period of 20 weeks. These technologies address two of the world's most significant environmentalconcerns, - the disposal of waste, and the reduction of dependence on importedoil. The Company will announce the findings of this study in due course. For further information, please contact: SymphonyMichael Laurier, Group Chief Executive Tel: 020 8207 5900 Citigate Dewe Rogerson Freida Moore Tel: 020 7638 9571 Ged Brumby Notes to Editors: Further information on the Symphony Environmental Technologies Group ofcompanies: THE SYMPHONY GROUP has a diverse and growing customer base in the UK and hassuccessfully established itself as an international business after signingagreements with companies in Argentina, Brazil, Canada & USA, Chile, Colombia,India, Mexico, New Zealand, Peru, Portugal, South Africa, the Caribbean, SaudiArabia, and Qatar. Its d2wTM products can already be found in more than 40countries. SYMPHONY ENVIRONMENTAL LTD is a world leader in oxo-biodegradable plastics. Itdevelops and supplies environmentally responsible pro-degradent additives aswell as oxo-biodegradable plastic film, and rigid packaging products. TheCompany's technology, marketed under the d2w registered trademark, causesplastic to biodegrade within a short period of time, leaving only water, aminimal amount of carbon dioxide and trace amounts of non-toxic biomass. Theseproducts can be recycled and can be made from recyclate, and can also becomposted using in-vessel processes. SYMPHONY ENERGY RESOURCES LTD. is developing innovative waste-to-energytechnology processing plants and is exploring many opportunities where there isa demand to convert plastics, tyres and other waste streams into valuableproducts by cost effective processes. SYMPHONY PLASTICS LTD has for many years supplied a very popular range ofconventional plastic bags and other plastic packaging products. Further information on the Symphony Group can be found atwww.symphonyplastics.com and www.degradable.net. This information is provided by RNS The company news service from the London Stock Exchange