REG - Xeros Tech Grp plc - AGM Statement

Xeros TechnologyAnnouncement

23/05/2023 07:00

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RNS Number : 2441A  Xeros Technology Group plc  23 May 2023

23 May 2023

Xeros Technology Group plc

('Xeros' or the 'Company' or the 'Group')

AGM Statement

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce
the impact of clothing on the planet, will be holding its Annual General
Meeting ("AGM") today at 10:00 am at Squire Patton Boggs (UK) LLP, 60 London
Wall, London, EC2M 5TQ.

Neil Austin, Chief Executive Officer, will provide the following update at
today's meeting:

"I am delighted to be here today at my first Xeros Technology plc AGM since
taking on the position of Chief Executive Officer in August last year.

"Since reporting our full year 2022 results last month, we have continued to
gain commercial traction, most recently signing a technology licensing and
distribution agreement for our Garment Finishing technology with KRM, who will
act as a global distributor for Yilmak Makine, one of the largest
manufacturers of garment finishing machines in the world. This agreement marks
a significant and exciting development for Xeros and is set to enable the
Group to significantly increase its market access into new territories
including Europe, Brazil and Mexico as well as strengthen its current access
into Asia.

"Further contract wins at the beginning of the year, including two global
domestic XFilter licensing agreements in March, seek to significantly expand
the reach and impact of our filtration technology and have assisted in
increasing the Group's market exposure.

"This positive momentum experienced in recent months highlights not only the
growing market readiness but beyond that the consumer receptiveness to
products that are efficient and considerate to the environment. Currently, the
apparel industry is estimated to consume over 93 billion cubic metres of water
every year in the production of clothing. These processes are not
environmentally friendly, nor sustainable and without the intervention of
technologies such as those offered by Xeros, will fail to reap the rewards of
this consumer-driven ESG macro-trend.

"Many of these pressures are also relevant when considered in the context of
the appliance industry, and have recently been exacerbated by France's
decision to mandate a deadline of 1 January 2025 for a microfibre capture
requirement in all washing machines. The announcement has paved the way for
further reforms and placed increasing pressure on other governments to follow
suit. California has also proposed similar legislation and we are currently
awaiting the European Commission's publication of its initiative to reduce
microplastic pollution. The passing of this legislation will have a
substantive impact on reducing microfibre pollution at scale and improving the
industry's environmental footprint.

"Given the global legislative agenda, Xeros' technologies are vital to
achieving this and are increasingly doing so. We look forward to updating the
shareholders on our progress in due course."

Enquiries:

 

 Xeros Technology Group plc                       Tel: 0114 321 6328

 Neil Austin, Chief Executive Officer

 Alex Tristram, Director of Finance

 finnCap Limited (Nominated Adviser and Broker)   Tel: 020 7220 0570

 Julian Blunt/Teddy Whiley, Corporate Finance

 Andrew Burdis/Sunila de Silva, ECM

 Yellow Jersey PR                                 Tel: 020 3004 9512

 Sarah Hollins/Annabelle Wills/Jazmine Clemens

Notes to Editors

POWERED BY SCIENCE, XEROS CREATE TECHNOLOGIES ENGINEERED FOR THE FUTURE

Born out of textile research and advancing new standards of performance and
responsibility, Xeros' technologies revolutionise the way we make and clean
our clothes, conserving water and preventing waste. Designed to impact
industries and people on a global scale, Xeros transforms the performance,
impact and economics of the fashion and washing machine industry.

Xeros enables the scaling of its innovations and impact by licencing its
intellectual property to partners across the globe. Their work has, to date,
created 38 patent families.

Xeros' technologies are already in use in major global industries, including
commercial and home laundry and garment manufacture. So far, these
technologies have saved millions of litres of water and could prevent billions
of microfibres from ending in our oceans.

TO THE POWER OF CHANGE

xerostech.com

 

 

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