REG - Symphony Environment - AGM Statement

Symphony Environmental TechnologiesAnnouncement

29/06/2022 07:00

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RNS Number : 5481Q  Symphony Environmental Tech. PLC  29 June 2022

 

 

29 June 2022

 

 

 

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

 

("Symphony," the "Company" or the "Group")

 

AGM Statement

 

Symphony Environmental Technologies Plc (AIM:SYM), the global specialists in
technologies that make plastic and rubber products smarter, safer and more
sustainable, is pleased to provide the following update prior to its Annual
General Meeting ("AGM") to be held today at 12.00 noon.

 

At the AGM Nicolas Clavel, Interim Chairman of Symphony, will make the
following statement:

 

Following on from the statement that I made with the preliminary results on 30
March 2022, I am pleased to update shareholders on the continuing
transformation of the Company with strong and growing momentum in the
commercialisation of its pipeline, successful government advocacy, and
progress with important product certifications, all contributing to create a
strong portfolio of environmental and health technologies.

 

As announced yesterday, we have gained our first d2p supply agreement in
relation to our d2p enhanced bread packaging. This important commercial
milestone follows US FDA approval in July 2021 and Canada Health approval in
September 2021. This agreement with Grupo Bimbo, the western world's largest
bread manufacturer, follows extensive trials and nearly a two year period of
evaluation. Symphony has agreed to supply its d2p antimicrobial masterbatch to
Grupo Bimbo's nominated bread packaging manufacturers across the whole of the
American continent for a period of three years.

 

We are very pleased with the development in Peru as reported on Monday (27
June 2022), which represents material progress for d2w biodegradable plastic
technology in a market that had been challenging over the past few years due
to heavy lobbying by other competing technologies such as compostable types.
We are confident that this confirmation will reassure manufacturers and
end-users alike as to the validity of d2w as a cost-effective biodegradable
alternative to ordinary plastic.  Our local distributor expects that this
will generate new d2w customers and increased sales in Peru, and we believe
this should also be the case for the whole Latin American region.

 

The d2p antimicrobial glove development with Meditech is progressing well
through the certification process, having passed the first testing
requirement. We anticipate full EU and UK certification by the end of Q3 of
this year as planned. Certification of this antimicrobial product will allow
the EU and UK sales teams to complete current negotiations for anticipated
deliveries before the end of the year and open new sales opportunities.

 

Our joint venture in India with Indorama Corporation, which has been selling
small amounts of d2w biodegradable masterbatch, is on course to bring in much
larger sales during Q4 of this year.

 

In addition to the recently progressed areas above, we continue to confidently
progress our strong pipeline of products in a number of global markets, and
continue governmental advocacy in key regions, and hope to be able to report
on many of these initiatives in the short term.

 

As in previous years, the Company intends to provide a trading update around
mid-July.

 

 

 

Enquiries

 Symphony Environmental Technologies Plc
 Michael Laurier, CEO                                                  Tel: +44 (0) 20 8207 5900
 Ian Bristow, CFO
 www.symphonyenvironmental.com (http://www.symphonyenvironmental.com)

 Zeus (Nominated Adviser and Joint Broker)
 David Foreman / Kieran Russell / Guy Brinkley (Investment Banking)    Tel: +44 (0) 161 831 1512
 Dominic King / Victoria Ayton (Corporate Broking)                     Tel: +44 (0) 203 829 5000

 Hybridan LLP (Joint Broker)

 Claire Louise Noyce                                                   Tel: +44 (0) 203 764 2341

NOTES TO EDITORS:

 

 

About Symphony Environmental Technologies plc

www.symphonyenvironmental.com (http://www.symphonyenvironmental.com)

 

Symphony has also developed a range of additives, concentrates and
masterbatches marketed under its d(2)p® ("designed to protect") trademark,
which can be incorporated in a wide variety of plastic and non-plastic
products so as to give them protection against many different types of
bacteria, viruses, fungi, algae, moulds, and insects, and against fire. d(2)p
products also include odour, moisture and ethylene adsorbers as well as other
types of food-preserving technologies. The Group has also launched d(2)p
anti-microbial gloves, facemasks, and toothbrushes and is developing a range
of other d(2)p finished products for retail sale.

 

Symphony has also developed and continues to develop, a biodegradable plastic
technology which helps tackle the problem of plastic pollution by turning
ordinary plastic at the end of its service-life into biodegradable materials.
It is then no longer a plastic and can be bioassimilated in the open
environment in a similar way to a leaf. The technology is branded d(2)w®, is
synergistic with d2p, and appears as a droplet logo on many thousands of
tonnes of plastic packaging and other plastic products around the world, much
of which has been recycled before it degraded. In some countries in the Middle
East the use of this type of biodegradable plastic technology is mandatory.

 

The Group has a diverse and growing customer-base and has established itself
as an international business with 74 distributors around the world. Products
made with Symphony's plastic technologies are now available in nearly 100
countries and in many product applications. Symphony itself is accredited to
ISO9001 and ISO14001.

 

Symphony is a member of the BPA (www.biodeg.org) and actively participates in
the Committee work of the British Standards Institute (BSI), the American
Standards Organisation (ASTM), the European Standards Organisation (CEN), and
the International Standards Organisation (ISO).

 

Further information on the Group can be found at www.symphonyenvironmental.com
and twitter @SymphonyEnv. See also Symphony on Instagram. A Symphony App is
available for downloading to smartphones.

 

 

 

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