Symphony Env. Regulatory News (SYM)

4 Apr 2005 07:00

Symphony Plastic Technologies PLC04 April 2005 Symphony Plastic Technologies plc Distribution Agreement - Qatar Symphony Plastic Technologies Plc ("Symphony"), the degradable plastics company,has entered into a five year exclusive distribution agreement with Al Haya WasteManagement & Projects Company, ("Al Haya") of Qatar. The agreement allows Al Haya to market Symphony's d2w(R) degradable additive andproducts exclusively into Qatar. Al Haya has forecast that they will purchasenot less than US$450,000 of additives and products within the first two years.From the third year Al Haya anticipates purchasing US$300,000 of additives andproducts increasing at the rate of 10% per year for each subsequent year. This is Symphony's second distribution agreement in the Middle East and furtherstrengthens its existing marketing base in the region and further expands itsinternational network, which includes Brazil, Canada, Colombia, the Caribbean,New Zealand, Saudi Arabia, South Africa and USA. Al Haya is a Qatari Company, managed by Ali Saeed Al Marri, which is focused oneco-friendly projects in Qatar. Al Haya's other project's are plastic recycling,lubricating oil recycling and hazardous waste management. Michael Laurier, Chief Executive, said: "This is a further expansion of our Middle East distribution network andstrategically places the company's d2w(R) degradable technology into acompletely new market. Both Al Haya and Symphony are confident that the demandfor degradable plastics will develop rapidly in Qatar as a result of increasinglegislative and environmental pressures." Commenting on the agreement, Al Haya said: "We are very pleased to be working with Symphony to market this environmentallyresponsible product in Qatar and the initial response has been very encouraging. Qatar has a serious problem with plastic pollution caused by discarded wastesuch as carrier bags and other forms of packaging and we believe that the marketurgently needs this environmentally responsible degradable product." For further information:Symphony Plastic Technologies plcMichael Laurier, Chief Executive +44 (0) 20 8207 5900 Citigate Dewe RogersonPatrick 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 current d2w(R)product range now includes additives, carrier bags, refuse and waste 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 contracts withcompanies in Brazil, Canada & USA, New Zealand, South Africa, the Caribbean,Saudi Arabia, Colombia and the Middle East. Further information on Symphony canbe found at www.degradable.net. Ends. This information is provided by RNS The company news service from the London Stock Exchange