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Accsys TechnologiesAnnouncement

06/09/2014 20:35

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RNS Number : 2932N
Accsys Technologies PLC
25 July 2014 
 
AIM: AXS 
 
NYSE Euronext Amsterdam: AXS 
 
25 July 2014 
 
ACCSYS TECHNOLOGIES PLC 
 
('Accsys' or the 'Company') 
 
Diamond Wood Licence Agreement
(the "Licence Agreement") 
 
Accsys, the chemical technology group focussed on the development and
commercialisation of a range of transformational technologies based upon the
acetylation of solid wood (Accoya®) and wood elements (Tricoya®) for use as
class leading, environmentally sustainable construction materials, today
announces that the arbitration tribunal (the "Tribunal") appointed in relation
to the dispute between Accsys and Diamond Wood China Limited ("Diamond Wood")
has delivered a 'First Partial Final Award' (the "Award"). 
 
In response to Diamond Wood's claim against Accsys, namely for damages in
excess of E100 million as previously published by Diamond Wood, and for the
continuation of the Licence Agreement, the Tribunal has, in the Award, ruled
that Diamond Wood can only claim for limited damages (if any) up to a maximum
of E250,000. 
 
However, Accsys is disappointed to announce that the Tribunal has ruled that
the Licence Agreement is to continue in full force and effect. 
 
As a result of the Award, and with immediate effect: 
 
1.   Diamond Wood has the responsibility for all Accoya® wood promotion
marketing and selling to all customers within  the licensed territories in the
Far East (which excludes various countries including Japan and South Korea,
for which Accsys retains rights); and 
 
2.   Diamond Wood is obliged to resume its endeavours towards the construction
of an Accoya® manufacturing facility in the Far East. 
 
Accsys is currently reviewing and taking advice in respect of the Award,
including its rights of appeal. 
 
Ends 
 
For further information, please contact: 
 
 Accsys Technologies PLC         Paul Clegg, CEOHans Pauli, COOWill Rudge, FD                                                                       via Blytheweigh                                               
 Numis Securities                Nominated Adviser: Oliver CardiganCorporate Broking:  Christopher Wilkinson                             Ben Stoop  +44 (0) 20 7260 1000                                          
 Blytheweigh                     Paul WeighAlex Shilov                                                                                              +44 (0) 20 7138 3204+44 (0) 7989 129 658+44 (0) 7989 394 027  
 Off the Grid (The Netherlands)  Frank NeervoortGiedo Van Der Zwan                                                                                  +31 681 734 236+31 624 212 238                                
 
 
Notes to editors: 
 
Accsys Technologies PLC(www.accsysplc.com) is an environmental science and
technology company whose primary focus is on the production of Accoya® wood
and technology licensing via its subsidiary, Titan Wood Limited, which has
manufacturing operations in Arnhem, the Netherlands (through its subsidiary
Titan Wood B.V.), a European office in Windsor, United Kingdom, and an
American office in Dallas, Texas (via its subsidiary Titan Wood, Inc). All
group subsidiaries are ultimately 100% owned by Accsys and trade as Accsys
Technologies.  Any references in this announcement to agreements with Accsys
shall mean agreements with either Accsys or its subsidiary entities unless
otherwise specified.  Accsys Technologies PLC is listed on the London Stock
Exchange AIM market and on Euronext Amsterdam by NYSE Euronext, under the
symbols 'AXS'. Accsys' operations comprise three principal business units: (i)
Accoya® wood production; (ii) technology development, focused on a programme
of continuous development of and improvements to the process engineering and
operating protocols for the acetylation of solid wood and the development of
technology for the acetylation of wood elements; and (iii) the licensing of
technology for the production of Accoya® wood and Tricoya® wood elements
across the globe. 
 
Accoya® wood (www.accoya.com) is produced using Accsys' proprietary patented
acetylation technology, that effectively converts sustainably grown softwoods
and non-durable hardwoods into what is best described as a "high technology
wood". Distinguished by its durability, dimensional stability and, perhaps
most importantly of all, its reliability (in terms of consistency of both
supply and quality), Accoya® wood is particularly suited to exterior
applications where performance and appearance are valued. Unlike most tropical
and European hardwoods, its colour does not degrade when exposed to
ultraviolet light. Moreover, the Accoya® wood production process does not
compromise the wood's strength or machinability. The combination of UV
resistance, dimensional stability, durability and retained strength means that
Accoya® wood offers a wealth of new opportunities to architects, designers and
specifiers. These benefits result in lower maintenance and total cost of
ownership while using a higher sustainable and environmental responsible
building material. For a full archive of Accoya® news, visit
www.accoya.com/news.asp. 
 
Wood Acetylation is a process which increases the amount of 'acetyl' molecules
in wood, thereby changing its physical properties. When carried out to a
sufficient level throughout the wood, this process protects wood from rot by
making it "inedible" to most micro-organisms and fungi, without - unlike
conventional treatments - making it toxic. It also greatly reduces the wood's
tendency to swell and shrink, making it less prone to cracking and ensuring
that, when painted, it requires dramatically reduced maintenance. 
 
Accsys Technologies is the trading name of Titan Wood Limited. ACCOYA,
TRICOYA® and the Trimarque Device are registered trademarks owned by Titan
Wood Limited ("TWL"), a wholly owned subsidiary of Accsys Technologies PLC,
and may not be used or reproduced without written permission from TWL, or in
the case of the Tricoya® registered trademark, from Tricoya Technologies
Limited, a joint venture between TWL and INEOS Industries Holdings Limited
with exclusive rights to exploit the Tricoya® brand. 
 
This information is provided by RNS
The company news service from the London Stock Exchange