Last checked at 1 Jun 2020 07:00
Xeros Technology Group plc
Completion of sale of Marken business
Further to the announcement on 3 March 2020, Xeros Technology Group plc (AIM: XSG), the developer and provider of water saving and filtration technologies with multiple commercial and domestic applications today announces that it has completed the sale of the Marken business. As advised on 24 April 2020, completion of this disposal was delayed beyond the original timetable due to the Covid-19 pandemic. Significantly this now completes the Company's migration to an intellectual property rich, asset light, pure-play licensing business model.
The final cash consideration for the disposed businesses amounted to £175,000 (£90,000 less than previously expected) with some renegotiation necessary, though as part of such renegotiation Xeros elected to remove rights to certain items of proprietary software from the scope of the deal.
Enquiries:
Xeros Technology Group plc Mark Nichols, Chief Executive Officer Paul Denney, Chief Financial Officer | Tel: 0114 321 6328
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finnCap Limited (Nominated Adviser, Broker) Julian Blunt / Teddy Whiley Andrew Burdis / Sunila de Silva
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Notes to Editors
Xeros Technology Group plc is a platform technology Group that is transforming water intensive industrial and commercial processes.
Xeros' patented XOrbTM technology significantly reduces the amount of water used in the washing or dyeing of soft substrates such as garments and fabrics. They enable the remaining water to become far more efficient and effective in either affixing or removing molecules, the result being improvements in economic, operational, product and sustainability outcomes. The Group is applying its technology in the fields of cleaning, tanning and textiles.
Xeros' XDrumTM technology is a patented, simple, low cost machine drum design which enables XOrbsTM to be introduced into and subsequently removed from process cycles in Xeros' chosen markets. The design enables rotating drum machine Original Equipment Manufacturers ("OEMs") in the fields of garment manufacture and cleaning, the ability to make simple and low-cost changes in their production lines to incorporate the Company's XOrbTM technology.
The Group has signed multiple agreements to develop and license its XDrumTM and XOrbTM products in major commercial and domestic markets.
XFiltraTM is a patented in-machine filtration technology which is designed to prevent harmful micro-plastics generated by washing cycles from being released into the aquacycle. Plastics released from synthetic clothing during washing cycles is one of the single largest sources of primary micro-plastic pollution. For more information, please visit - http://www.xerostech.com/