Last checked at 6 Sep 2019 07:00
6 September 2019
Xeros Technology Group plc
Licensing agreement with leading Asian OEM for denim finishing equipment
Xeros Technology Group plc (AIM: XSG, 'Xeros', 'the Group'), the developer and provider of water saving and filtration technologies with multiple commercial and domestic applications, has signed a binding Heads of Terms agreement ('agreement') with Ramsons Garment Finishing Equipment PVT Ltd ('Ramsons').
Under the agreement, Ramsons will develop, manufacture and sell garment finishing equipment used in the manufacture of denim jeans which incorporates Xeros' technology on an exclusive basis across South Asia and Africa.
Ramsons is the largest supplier of garment finishing equipment in South Asia. It has four production facilities and 15 service centres across six countries.
The scope of the agreement is to integrate Xeros' XOrb™ and XDrum™ products across Ramsons' range of denim processing machines which are produced at drum sizes from 500 litres to 5,000 litres.
About 1.2 billion pairs of jeans are manufactured globally every year, each consuming between 40 and 70 litres of water in the finishing stages of their production. The agreement also has potential to incorporate Xeros' XFiltra™ technology, which is being scaled up for use in industrial sized machines.
Xeros expects to finalise a commercial agreement with Ramsons in Q4 2019 with garment finishing equipment which incorporates Xeros' technology to be available in the market by the end of Q1 2020.
Mark Nichols, CEO of Xeros commented:
"Our agreement with Ramsons is yet another major milestone in the commercialisation of our technologies under a license model, and the first with an OEM in the textiles market.
"The clothing industry is the second largest user of water on the planet, with each litre of water consumed also ending up as effluent, often containing unused chemical and particulate matter.
"By incorporating Xeros' products in their machines, Ramsons have the capacity to make a significant contribution to extending precious resources throughout South Asia and Africa."
ENDS
Enquiries:
Xeros Technology Group plc Mark Nichols, Chief Executive Officer Paul Denney, Chief Financial Officer | Tel: 0114 321 6328
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Jefferies International Limited (Nominated Adviser and Joint Broker) Simon Hardy / Will Soutar
| Tel: 020 7029 8000 |
Berenberg (Joint Broker) Chris Bowman / Ben Wright / Laure Fine
| Tel: 020 3207 7800 |
Instinctif Partners (Financial PR) Adrian Duffield / Kay Larsen / Chantal Woolcock
| Tel: 020 7457 2020 |
Notes to Editors
About Xeros
Xeros Technology Group plc (LN: XSG) is a platform technology Group that is reinventing water intensive industrial and commercial processes.
Xeros' patented XOrbTM technologies significantly reduce the amount of water used in a number of major applications with the remaining water becoming far more efficient in either affixing or removing molecules from substrates such as fabrics and garments. The result being significant 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 used to apply XOrbs in world scale commercial and domestic markets and has signed multiple agreements to license its products.
XFiltraTM is Xeros' in machine filtration technology which enables major reductions in the amount of microfibres being released from washing machines into the marine environment.
For more information, please visit - http://www.xerostech.com/
About Ramsons
For more information, please visit - http://www.ramsonsindia.com/