Last checked at 8 Jun 2022 07:00
This announcement contains inside information
8 June 2022
Xeros Technology Group plc
('Xeros' or the 'Company' or the 'Group')
IFB Domestic Machine Launch Update
Xeros Technology Group plc (AIM: XSG), the licensor of proprietary solutions improving the sustainability and economics of the world's clothing and fabrics, today provides an update on the forthcoming domestic market launch in India, by IFB Industries Limited ('IFB') of the world's first Xeros enabled domestic washing machine.
Since the end of regional Covid restrictions in India in late Q1, Xeros and IFB teams in Sheffield and Goa have been finalising machine designs and programming bespoke XOrb wash cycles, which improve performance with less water and energy. With these tasks complete, following an initial limited manufacturing run, IFB will soon be moving a number of machines into consumer homes for user testing and launch planning at the end of June 2022. From mid-June 2022 a Xeros team will be in Goa to assist with the initiation of these trials ahead of the full market launch of two sizes of IFB washing machine which is now planned for Q4 2022. This represents a slight delay from the previous guidance of a Q3 launch.
Factory testing by both IFB and Xeros has confirmed the significant environmental benefits of Xeros' technology, delivering water savings of up to 50% and, importantly for consumers, clear fabric care benefits are already evident after just a few washes.
IFB has re-affirmed its commitment to the launch of their Xeros enabled domestic washing machine in 2022 and is actively working with the Company to achieve this goal.
Xeros also confirms that it will release its final results for the year ended 31 December 2021 on Wednesday, 22 June 2022.
Klaas de Boer, Chairman of Xeros, said:
"We are delighted with the progress made by IFB ahead of the launch later this year of the world's first domestic machine incorporating Xeros' technology. We expect the fabric care benefits, and the water savings delivered by IFB's washing machines will prove to be a strong proposition in the Indian market, especially given the record-breaking heatwaves and climate stress being experienced in the country. We look forward to supporting IFB though their user trials and market launch."
Enquiries:
Xeros Technology Group plc Klaas de Boer, Chairman Mark Nichols, Chief Executive Officer Paul Denney, Chief Financial Officer | Tel: 0114 321 6328
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finnCap Limited (Nominated Adviser and Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM
Yellow Jersey PR Sarah Hollins/Lilian Filips/Laurie Gellhorn | Tel: 020 7220 0570
Tel: 020 3004 9512
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Notes to Editors
With close to 40 patent families, Xeros' revolutionary platform technologies, XTend™ and XFiltra™ set new standards for performance and sustainability across our clothing's lifecycle. By reducing the consumption of valuable natural resources and preventing microfibre and microplastic pollution, Xeros greatly reduces the impact of our clothes on the planet.
Backed by science, we set new standards for significantly reduced water consumption, lower carbon and effluent emissions, and improved garment care/life at the manufacturing stage and throughout laundry processes, in industry, and in the home. Xeros' technologies deliver a unique combination of unbeatable sustainability outcomes, improving performance whilst reducing costs.
The manufacture of clothes and their subsequent care consumes vast amounts of our finite, valuable resources. Xeros licenses new technologies to enable us all to consume less, helping to protect the world for our future.
For more information, please visit - http://www.xerostech.com/