Symphony Env. Regulatory News (SYM)

21 Aug 2006 07:00

Symphony Plastic Technologies PLC21 August 2006 Symphony Plastic Technologies plc North America Sales Symphony Plastic Technologies Plc ("Symphony" or the "Company"), the degradableplastics company, is pleased to announce that Symphony's North Americandistributor, Degradable Polymer Products Inc., has reached agreement on acommission based, key customer relationship with Rand International LeisureProducts Limited ("Rand"). Rand is a United States based corporationspecialising in sales and market development in the US retail sector. Degradable Polymer Products Inc. has been working with Rand and its counterpartstowards securing key customer approvals and recommendations and in order toincentivise Rand towards the achievement of particular sales objectives, and tosecure Rand's ongoing support for Symphony's d2wTM business development,Symphony has today entered into an option agreement with Rand. Subject to theachievement of defined commercial requirements, Rand will be entitled tosubscribe for up to 5,000,000 ordinary shares in the capital of Symphony at aprice based on the quoted price for such shares at the time of exercise with aminimum subscription price of 12p per share. Other than in respect of the first 1,000,000 shares under option, the optionsgranted by the agreement are subject to Symphony shareholders' approval at anextraordinary general meeting as well as being conditional upon Rand meetingspecific criteria which will deliver substantial benefits and value both toDegradable Polymer Products Inc. and to Symphony. Symphony believes these arrangements are in the best interests of the Companyand intend to work very closely with Degradable Polymer Products Inc., Rand andtheir counterparts to grow its revenues from North America. Roger McLelland, Chief Executive of Degradable Polymer Products Inc. said: "We have worked closely with both Rand and Symphony and are delighted now to bein a position to make meaningful inroads into one of the biggest market sectorsin North America. Rand's customer relationships will be of considerable value inour focused sales efforts." Michael Laurier, Chief Executive of Symphony, said: "We are delighted to have reached agreement with Degradable Polymer ProductsInc and Rand and we firmly believe that this partnership has the potential toadd very substantial value to the development of the North American market andin accelerating the worldwide trend towards the wider adoption of d2wTM totallydegradable technology." For further information, please contact: Symphony Tel: 020 8207 5900Michael Laurier, CEOIan Bristow, FD Panmure Gordon & Co Tel: 020 7614 8385Andrew Godber Citigate Dewe Rogerson Tel: 020 7638 9571Freida MooreGed Brumby Further information on Symphony Plastic Technologies plc Symphony develops and supplies environmentally responsible pro-degradentadditives as well as plastic packaging products. The Group's main technology,marketed under the d2wTM registered droplet trademark, causes plastic todegrade, leaving only water, a minimal amount of carbon dioxide and traceamounts of non-toxic biomass over a short time period. The d2wTM product rangeincludes pro-degradent additives developed for an increasing variety ofapplications as well as a range of finished flexible plastic products. Symphony has a diverse customer base in the UK and has successfully establisheditself as an international business after signing distribution agreements withcompanies in Brazil, Canada & USA, India, New Zealand, South Africa, theCaribbean, Saudi Arabia, Colombia and Qatar. d2wTM products can already befound in more than 40 countries. Further information on Symphony can be found at www.symphonyplastics.com andwww.degradable.net. This information is provided by RNS The company news service from the London Stock Exchange