Last checked at 3 May 2024 07:00
3 May 2024
Xeros Technology Group plc
('Xeros", the "Company" or the "Group")
Appointment of Board Observer
Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, confirms that under the terms of a Board Observer Agreement dated 2 May 2024 (the "Observer Agreement") between the Company and Amati Global Investors Limited ("Amati"), it has appointed Paul Jourdan of Amati as a board observer at an annual fee of £20,000, payable to Amati.
The entering into of the Observer Agreement by the Company with Amati is a related party transaction for the purposes of the AIM Rules by virtue of Amati being the appointed Fund Manager of Amati AIM VCT plc, which is a substantial shareholder of the Company, with a current holding of 12.8 per cent. of Xeros' issued share capital.
The Company's directors consider, having consulted with the Company's Nominated Adviser, Cavendish Capital Markets Limited, that the terms of the Observer Agreement are fair and reasonable insofar as Xeros shareholders are concerned.
Donald Brennikmeijer, who was appointed as a strategic advisor to the Board in May 2020, has now ceased this role but remains with the Company on its Advisory Board.
Enquiries
Xeros Technology Group plc Neil Austin, Chief Executive Officer Alex Tristram, Director of Finance
| Tel: 0114 269 9656 | |
Cavendish Capital Markets Limited (Nominated Adviser and Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM
| Tel: 020 7220 0570 | |
Belvedere Communications Cat Valentine Keeley Clarke | xeros@belvederepr.com Mob: 07715 769 078 Mob: 07967 816 525 | |
About Xeros
Xeros Technology plc has developed patented and proven, industry-leading technologies which reduce the environmental impact of how industries make and care for clothes.
The traditional wet processing methods used in industrial and domestic laundry and garment manufacturing consume billions of litres of fresh water and large amounts of energy and chemicals, as well as damaging and weakening clothing fibres and creating rising levels of environmental pollution. It is estimated that washing machines contribute 35% of the 171 trillion microplastic particles in the ocean.
A range of actors, including consumers, the media NGOs and regulators are exerting pressure on these industries, with legislative action beginning to be taken.
Xeros' three main technologies, Filtration, Finish, and Care, facilitate garment manufacturers, industrial laundries, domestic washing machine manufacturers and consumers, to reduce their environmental impact, whilst also significantly improving efficiency in the process.
Xeros' model is to generate revenue from licensing its technologies, generating royalties and the sale of consumables. Currently there are 8 agreements in place. The addressable markets in Filtration, Finish and Care are estimated to be valued at £350m p.a., £132m p.a. and £3bn p.a. respectively.