Symphony Env. Regulatory News (SYM)

7 Mar 2005 10:29

Symphony Plastic Technologies PLC07 March 2005 7th March 2005 Symphony Plastic Technologies plc Distribution Agreement - Saudi Arabia Symphony Plastic Technologies Plc ("Symphony"), the degradable plastics company,through its wholly owned subsidiary Symphony Environmental Ltd, has entered intoa fifteen year exclusive distribution agreement with Gulf Business NetworkTrading Company Ltd., ("GBN") of Saudi Arabia. The fifteen year agreement will allow GBN to sell and market Symphony's d2wdegradable additive products exclusively into The Kingdom of Saudi Arabia. Aspart of the agreement GBN undertakes to purchase not less than US$450,000 ofproducts within six months and not less that US$2.43 million in the first yearwith the volumes increasing by not less than 110% of the preceeding yearthereafter. This is Symphony's first major agreement in Saudi Arabia, building on itsexisting customer base in the Middle East, and further expands its internationaldistribution network, which includes Brazil, Canada, the Caribbean, New Zealand,South Africa and USA. GBN is owned by the Al-Qahtani family, one of the leading families in SaudiArabia., and its businesses are involved in Environmental Services and ContractsManagement, Water Treatment and Fire Fighting Services. Michael Laurier, Chief Executive, said: "This is another valuable distribution contract and strategically places thecompany's d2w additive technology into a completely new market. Both GBN andSymphony are confident that the market for its product will rapidly develop inSaudi Arabia as a result of increasing environmental pressures." Commenting on the agreement, Dr. Said J. Al-Qahtani, President, GBN, said: "We are excited to be working with Symphony to market this environmentallyresponsible product in Saudi Arabia and the initial sales and response have beenparticularly encouraging. Saudi Arabia is plagued with plastic pollution causedby discarded waste and we believe that the market will receive thisenvironmentally responsible technology very well." 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, dog waste sacks 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 andthe Middle East. Further information on Symphony can be found atwww.degradable.net. This information is provided by RNS The company news service from the London Stock Exchange