Last checked at 10 Sep 2019 07:00
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10 September 2019
Xeros Technology Group plc
Xeros signs agreement with WashCo in UK
Xeros Technology Group plc (AIM: XSG, 'Xeros', 'the Group'), the developer and provider of water saving and filtration technologies with multiple commercial applications, has signed an agreement with WashCo Ltd ('WashCo').
WashCo has been granted the exclusive rights to take over the servicing of Xeros' hospitality laundry customers in the UK. The Group's hospitality laundry division is branded Hydrofinity.
WashCo, based in Newbury, UK specialises in the specification, installation and lifecycle maintenance of industrial laundry equipment throughout the UK. Following the merger of three former industry specialists: Armstrong Laundry, HughesPro and SLS, WashCo is now one of the largest sales and service providers of commercial laundry equipment in the UK.
Following similar agreements in the US announced at the end of 2018, this agreement reflects the Group's strategy of reducing its physical presence in markets to zero and implementing its licensing model.
Mark Nichols, Chief Executive of Xeros, said:
"Following our recent agreements in the US, initially to outsource our service obligations and then to sell our customer lease contracts, this is another step in the migration of our Hydrofinity business towards a full licensing model."
Enquiries:
Xeros Technology Group plc Mark Nichols, Chief Executive Officer Paul Denney, Chief Financial Officer
| Tel: 0114 321 6328
|
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 |
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 WashCo
WashCo, based in Newbury, Berkshire is a national company specialising in the supply, support and lifecycle maintenance of commercial laundry equipment.
For more information, please visit - http://www.washco.co.uk/