Paragraf – Parkwalk and UCEF V investment
We are delighted to announce that the University of Cambridge Enterprise Fund V and the Parkwalk Opportunities Fund have invested in £2.64m seed financing round in Paragraf, a spin-out from the University of Cambridge.
Paragraf is aiming to deliver the speculated capabilities of graphene and other two-dimensional materials to the real world.
Ionix – Parkwalk closes follow-on investment
We are pleased to announce that the Parkwalk Opportunities EIS Fund has participated in a follow-on financing round into Ionix Advanced Technologies, a Leeds University Spin-out that has developed extreme temperature piezo technology for use in the protection of high value industrial assets. Parkwalk invested alongside existing investor IP Group plc.
The market for piezo technologies –harnessing certain material’s capacity to transform pressure into power or, alternatively, power into pressure – is already widespread and growing. The piezoelectric market is well established but applications are limited by the properties of the materials currently in use.
Xeros Technology Group plc – Signs 10 year contract with leading European tannery
Xeros Technology Group plc has signed a 10 year contract with Wollsdorf Leder Schmidt & Co. Ges.m.b.h (‘Wollsdorf’) to convert its re-tanning operations in Austria to use Xeros’ patented polymer technology. This contract follows the previously announced heads of terms in January 2017.
Xeros Technology Group plc – Expands partnership agreements, entering the Australian commercial laundry market
Xeros Technology Group plc (AIM: XSG, ‘Xeros’), the developer and provider of patented polymer based systems with multiple commercial applications, has entered into a Forward Channel Partner (‘FCP’) agreement to expand its geographic presence into Australia. The agreement demonstrates the rapidly growing acceptance and demand beyond the US and UK Commercial Laundry markets for the sustainability, performance and economic benefits Xeros’ technology delivers.
Xeros’ expansion into Australia has been achieved by adding to its FCP programme through an agreement with Richard Jay Pty Ltd, Australia’s largest importers, distributors and service providers of commercial and industrial laundry machinery. With its national coverage, Richard Jay Pty Ltd will facilitate the delivery of Xeros’ cleaning solutions into the Australian states where severe drought conditions are driving demand for ecologically sustainable solutions.
Xeros’ FCP programme is creating a broad sales network of approved partners who then also deliver lifetime services and consumables to customers under its proprietary Sbeadycare™ programme.
Mark Nichols, Chief Executive of Xeros, said: “This agreement again demonstrates the success and value of our Forward Channel Partners programme, creating a scalable sales and service network that is allowing us to accelerate our growth into new geographic markets.”
Enquiries:
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Xeros Technology Group plc |
Tel: 0114 321 6328
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Jefferies International Limited(Nominated Adviser and Joint Broker) |
Tel: 020 7029 8000 |
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Berenberg (Joint Broker) |
Tel: 020 3207 7800 |
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Instinctif Partners |
Tel: 020 7457 2020 |
Notes to Editors
Xeros Technology Group plc (LN: XSG) is a platform technology company that is reinventing water intensive industrial and commercial processes by reducing water and chemistry usage with its polymer technologies. Its patented technologies have the capacity to provide material economic, operational and sustainability improvements that are unattainable with traditional processes. The Group is currently exploiting its intellectual property in three areas: Cleaning Technologies, Tanning Technologies and Textile Technologies. Xeros has a number of agreements in place with such international organisations as BASF, Hilton and Wollsdorf Leder.
For more information, please visit – http://www.xeroscleaning.com/
Bodle Technologies – Parkwalk closes follow-on investment
We are delighted to announce that the Parkwalk Opportunities fund has completed an investment in Bodle Technologies Limited, following a previous investment by the University of Oxford Innovation Fund .
Bodle have developed a novel, smart material for use in low-energy high-resolution displays and glazing. Bodle’s display device offerings offer high flexibility, ultra-high resolution, and very low energy consumption, making a highly attractive proposition for the global display market.
The invention, by a team led by Professor Harish Bhaskaran and his postdoctoral researcher Peiman Hosseini at the University’s Department of Materials, attracted attention from industry following the publication of a paper in Nature in 2014. The BBC highlighted the technology.
The funding round was led by Oxford Sciences Innovation, the investment company established to provide capital and scaling expertise to Oxford spin-outs.
Itaconix (Revolymer) – Joint development agreement with AkzoNobel
Itaconix (formerly caller Revolymer plc) is pleased to announce that its wholly owned US subsidiary, Itaconix Corporation (“Itaconix”), has signed a joint development agreement with Akzo Nobel Chemicals International B.V. (“AkzoNobel”) to advance commercial collaborations in certain applications for the Itaconix itaconic acid polymer technology platform.
The agreement establishes a broad operating framework for the parties to jointly identify, develop and commercialise new polymers using Itaconix’s patented technology.
“This innovative technology enables the production of polymers from renewable ingredients, which fits closely with our Planet Possible sustainability agenda of doing more with less,” explained Peter Nieuwenhuizen, Research Development & Innovation Director for AkzoNobel’s Specialty Chemicals business. “These bio-based polymers offer unique properties in applications essential to our everyday lives, ranging from water quality to cleaning and hygiene.”
Dr. Kevin Matthews, CEO of Itaconix, commented: “We share AkzoNobel’s commitment to improving the cost and performance of our customers’ formulations with increasingly more sustainable products. We are excited to begin working together to identify and develop attractive commercial opportunities for our novel polymers.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Ends
For further information please contact:
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Revolymer plc |
+44 (0) 1244 283 500 |
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Kevin Matthews / Rob Cridland |
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N+1 Singer |
+44 (0) 207 496 3000 |
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Richard Lindley (Corporate Finance) Nick Owen (Corporate Broking) |
About Itaconix/Revolymer
Itaconix is an AIM quoted company whose objective is to be a leader in functional polymers that improve the safety, performance or sustainability of its customers’ products in the delivery and controlled release of actives, surface modification and water quality improvement for the Homecare & Industrial and Personal Care & Consumer Healthcare markets.
Surrey NanoSystems and SBIR agree Vantablack exclusivity
Exclusive rights to the use of ultra-black Vantablack S-VIS surface coating in blackbody calibration sources has been agreed between Surrey NanoSystems and Santa Barbara Infrared (SBIR).
The unparalleled broadband absorption of Vantablack S-VIS makes it ideally suited to enhancing the performance and utility of Santa Barbara Infrared’s (SBIR) precision electro-optical instrumentation, reinforcing its leadership position in military, aerospace IR/FLIR testing and simulation markets. Initially, SBIR is using Surrey NanoSystems’ UK facility to apply the Vantablack coating, while it establishes a local facility to serve the North American defence, aerospace and electro-optical markets.
Commenting on the agreement, SBIR’s President Steve McHugh notes: “The superb broad band absorption of Vantablack coatings, and the highly uniform deposition layer, helps us to create blackbody sources offering extremely high radiometric performance without caveats – greatly enhancing ease of use.”
Surrey NanoSystems’ CEO David Wong adds: “We’re really pleased to have Vantablack recognised by SBIR, who have a reputation built on performance and precision. We’re also delighted to have a partner to simplify procurement and provide local support for Vantablack coatings in North America. We see this as crucial to serving such an important market.”
Surrey NanoSystems’ Vantablack is the world’s blackest surface coating material for the UV to FIR spectrum. It employs an innovative nanomaterial structure that absorbs virtually all incident light. Vantablack was developed for space-borne imaging applications and offers exceptional IR absorption and excellent thermal, mechanical and environmental stability – attributes which uniquely qualify it for the most demanding applications. The material has already achieved space heritage with its recent deployment on an Earth observation satellite.
The S-VIS version of Vantablack traps over 99.8% of near- and mid-infrared wavelengths hitting its surface. It is applied using a simple spraying technique before being post-processed to achieve its exceptional broad band absorption characteristics and near-perfect Lambertian performance. This absorption is maintained over a wide range of wavelengths and viewing angles, far outstripping conventional black paints and other vacuum-deposited coatings. These characteristics are critical for SBIR’s specialised equipment, where compliance with rigourous US defence standards, long-term stability and traceable precision are essential attributes.
The active element of Vantablack S-VIS is a functionalised carbon nanotube matrix. The coating is applied using a proprietary process that includes a number of pre- and post-application steps to achieve its ultra-low reflectance. The process is scalable and suitable for high-volume production on both small and large substrates, and on complex 3D surfaces. Vantablack S-VIS can be applied to a variety of substrates, with the only major constraint being the ability of the substrate to withstand process temperatures of 100-150 degrees Centigrade, making the coating suitable for application onto many popular types of engineering-grade polymers and composite materials.
Since its launch in spring 2016, well over 100 Vantablack S-VIS projects have already been completed, including in space-borne instrumentation and military optical systems.
The agreement with SBIR provides the next platform for the further adoption of the technology.
Xeros: Interim Results
Major progress in developing and commercialising platform technology
Xeros Technology Group plc (AIM: XSG, ‘the Group’, ‘Xeros’), the developer and provider of patented polymer bead systems with multiple commercial applications, publishes its second unaudited interim results for the six months ended 30 June 2016.
Highlights
Platform technology
· Possess disruptive bead technology platform which can be deployed in numerous global markets
· Good progress in application areas creating considerable interest from industry leaders with capacity for scaling up adoption
Laundry
· Earned income up to £807,000 (comparative period 2015: £325,000)
· Commercial Laundry:
o 116 commercial washing machines installed (comparative period 2015: 50) bringing total estate to 278
o In advanced discussions with industry leaders to increase growth rate
· Consumer Laundry:
o Major strides in fabric care and extended garment life
o Detailed evaluation of domestic technology being carried out by global OEM
Leather
· Six successful scale trials with leading European tannery
· Trials confirmed significant savings in water, chemistry and effluent
· Business plan formulated to introduce technology in up to five tanneries in 2017
New applications
· Detailed studies completed – two soft and one hard substrate
· IP development and applications underway including new bead formulations with the capacity to further reduce chemistry consumption
· Ambition is to achieve successful scale trials in each of the areas by end 2018
Mark Nichols, Chief Executive of Xeros, said:
“It’s now clear that we have a disruptive bead technology platform that can be commercialised across a range of global industries.
In Commercial Laundry, we are increasingly accepted in a customer segment which has the capacity for thousands of machine installations. We are in detailed discussions with a number of leading market participants, and we are confident of achieving an annual installation rate of 2,000 per annum in the year of 2020.
We have developed a low risk pathway to establishing our washing and cleaning technology for use by end consumers. A global OEM is currently evaluating the benefits of our technology.
The pace of our Leather Processing trials in conjunction with our development partners, Wollsdorf Leder Schmidt (“Wollsdorf”) in Austria and LANXESS, has accelerated ahead of our own expectations. We aim to achieve large scale commercialisation by the end of 2018.
We have selected three new application areas for development, which we expect to have the same commercial potential as Laundry and Leather Processing. Whilst there is a great deal of R&D and engineering work to be done, we have set our teams the task of achieving successful scale trials in each of these three new areas by the end of 2018.”
Revolymer – Divestment of nicotine gum business
Further to the announcement published on 20 June 2016, Revolymer (AIM: REVO) announces that, on 16 September 2016, it executed agreements committing it to divest its nicotine gum business to the Danish company Alkalon A/S (“Alkalon”), with completion subject only to the satisfaction of certain customary conditions precedent including the transfer of key customer contracts and the Canadian product licence to Alkalon.
Alkalon has EU regulatory approval for its products and an established European customer base, which complements Revolymer’s Canadian customer base. The business combination offers the potential to grow the combined business in its existing territories as well as to expand in additional territories, benefiting from economies of scale in manufacturing and marketing. At completion, the consideration to Revolymer for the divestment of this business will be a 15% equity holding in the combined new business, which may increase to 20% if certain commercial milestones in the acquired Revolymer nicotine gum business are met in within nine months of completion, namely the award of additional specific contracts in Canada. The consideration is valued at DKK8.2m, equivalent to £0.9m, and Revolymer currently expects to hold the investment in Alkalon for the medium to long term. At completion, Revolymer will have the right to appoint a director to the board of the combined business, that will continue under the Alkalon name.
In addition to the Revolymer customer contracts and Canadian product licence (which constitute goodwill), additional assets to be transferred to Alkalon at completion include stocks of finished goods (i.e. nicotine gum to be sold in Canada), work in progress and raw materials; and certain fixed assets used in the nicotine gum business and no longer required by Revolymer. The value of these assets, excluding goodwill, was £0.5m as at 31 December 2015 (unaudited). For the year ended 31 December 2015, the segment loss attributable to the assets to be transferred to Alkalon was £1.0m, unaudited.
Kevin Matthews, Chief Executive Officer, said: “This transaction marks further progress in the execution of Revolymer’s strategy, focusing its business on becoming a leader in functional polymers that manage the interface between different surfaces and phases to improve the safety, performance or sustainability of its customers’ products. Such functional benefits include the delivery and controlled release of actives, surface modification, and water quality improvement, and the target markets are Homecare & Industrial and Personal Care & Consumer Healthcare. We therefore believe that the transaction will have a positive commercial impact on Revolymer’s business.”
Revolymer – acquisition and sale of nicotine gum business
Revolymer PLC, the AIM-listed specialty chemicals company, on Monday said it agreed to buy Itaconix Corp, a privately owned polymer company based in New Hampshire, for up to USD13.0 million in cash and shares, in an acquisition to be supported by a share placing to raise GBP4.0 million, and to sell its nicotine gum business in a separate move.
Revolymer, which was incorporated in 2005 as a spinout from Bristol University and began trading on AIM in July 2012, said it will pay USD7.0 million up front for Itaconix, with USD3.0 million of that amount in cash and USD4.0 million in the form of 6.3 million shares at an issue price of 44.38 pence each. A deferred amount of up to USD6.0 million will be paid in shares, depending on whether or not performance criteria are met.
Itaconix, which was founded in 2008 by John Shaw, its chief executive officer, and Yvon Durant, its chief technology officer, had a loss before interest, tax, depreciation and amortisation of about USD800,000 on sales of USD1.3 million, based on unaudited 2015 figures, Revolymer said. About USD5.0 million has been invested in the business to date, based on unaudited figures. Shaw and Durant are among Itaconix’s major shareholders.
Revolymer’s £4.0 million fundraising is being conducted through an accelerated bookbuild placing, a process that requires little marketing and allows for shares to be sold in a short period of time. About half of the money raised will fund the cash element of the acquisition, with the other half to provide working capital for the combined business, develop and commercialise products, and pay transactional costs.
Woodford Investment Management, which was established in 2014 by renowned money manager Neil Woodford, and IP2IPO Ltd, part of FTSE 250 investor IP Group PLC, have “indicated a willingness” to maintain their shareholdings in Revolymer, the company said.
In addition, Woodford Investment Management has indicated “in principle” a willingness to invest an additional amount to to increase its shareholding to over 30% and less than 50% of Revolymer.
The company said also that it has agreed heads of terms with a European nicotine gum-focused marketer over a potential transfer of Revolymer’s nicotine gum business in exchange for equity in the enlarged marketer company. The European nicotine gum-focused marketer was not named in the statement. Revolymer expects the transfer of its nicotine gum business to complete in the third quarter of 2016.
Revolymer said the European nicotine gum marketer has EU regulatory approval for its products and an established European customer base, which “complements” Revolymer’s Canadian customer base. The company said it is “anticipated” it would have “no ongoing cost obligation” on completion of the transfer.
Kevin Matthews, chief executive of Revolymer, said the two transactions are a “key step” in the company’s strategy of “building an innovative and differentiated specialty chemical company delivering high performance ingredients to its target markets through the development of novel polymers, responsive encapsulation and targeted delivery systems”.
“Itaconix represents an extremely complementary business in terms of markets and products and also provides a presence in the important North American market. In parallel the asset transfer of Revolymer’s nicotine gum business to a larger business focussed solely on nicotine gum with a management team that has substantial sector experience should create further strategic focus for both segments of Revolymer’s business,” Matthews said in a statement.
Panmure Gordon is acting as nominated adviser, broker and bookrunner on the placing.
Xeros: Successfully Completes Tannery Trials
Full scale trial of Xeros’ technology in leather processing completed
Xeros Technology Group plc (AIM: XSG, ‘Xeros’ or ‘the Group’), the innovative developer of patented polymer bead systems with multiple identified commercial applications, has successfully completed a full scale trial of its technology within a leading tannery.
The trial was part of a multi-phase joint development agreement with LANXESS Deutschland GmbH to advance the application of Xeros’ patented polymer bead technology in the leather processing industry.
The full scale trial which was conducted by a leading independent tannery has shown that material reductions in water, chemistry and effluent are achievable by using Xeros’ technology in the retanning and dyeing phase of leather processing. When Xeros’ technology was applied to this phase of the process, the water used and the effluent generated were reduced by over 50%. The leather produced was judged to be of excellent quality in terms of look, feel, and handle.
The Group intends to continue further trials to determine the maximum potential of its technology in this field whilst simultaneously progressing its commercialisation plan.
Mark Nichols, Chief Executive of Xeros, said:
“This is an important development which hails a step change in the sustainability of the leather processing industry.
“This successful trial provides encouraging evidence of the momentum building across the Group’s activities and demonstrates another application of our platform technology.”
Note:
Leather processing involves four phases: beamhouse, tanning, retanning & dyeing and finishing. The trial just concluded focussed on the third phase in the process.
Xeros: Interim Results: Progress on all fronts
Highlights
- Accelerating roll out in Commercial Laundry
- Group earned income increased to £744,000 in the five months ended 31 December 2015 (prior period 2014: £95,000)
- Delivering on strategy laid out at fundraising in November 2015
- 56 commercial washing machine installations for the five months ended 31 December 2015
- 94 for the seven months ended 29 February 2016
- Installed fleet totalled 200 at end of February 2016
- Developing Leather Processing
- Full scale leather processing trials continuing in leading European leather tannery, as part of joint development agreement with LANXESS
- Increasing scope and scale of polymer science platform
- Detailed studies underway to analyse potential further applications of our polymer science in global industries
Mark Nichols, Chief Executive of Xeros, said:
“Our business development activities have continued in line with the plans laid out during our £40m fundraising in November last year.
“The roll out of Commercial Laundry continues at a good pace. We are now installing machines at an approximate rate of one per working day and expect this rate to progressively increase.
“In Leather Processing, our full scale trials are on track and are scheduled to be completed around the middle of the year. We anticipate that these trials will show that our polymer beads, which were specifically designed for this application, deliver economic, operational and sustainability improvements.
“Studies to identify new potential applications are also progressing on schedule and are providing further evidence that we possess a platform technology.”
Notes to Editors
Xeros Technology Group plc (LN: XSG) is a platform technology company that is reinventing water intensive industrial and commercial processes by replacing water with polymer bead technologies. Its patented technologies have the capacity to provide material economic, operational and sustainability improvements that are unachievable with traditional processes. The Group is well established in the commercial laundry market where immediate opportunities exist for substantial growth and is currently in various stages of development to apply its technology across a range of water intensive industrial and commercial markets. The Group joined AIM in 2014 and in November 2015 raised gross proceeds of £40m by way of a placing to accelerate the commercialisation of its innovative technology across global laundry markets and to further develop its patented technology for other identified industrial and domestic processes.
For more information, please visit – http://www.xeroscleaning.com/
Operational review: progress and plans
We continue to implement successfully the strategy we set out at the time of our fundraising in November 2015: to build and apply our polymer bead science platform to reduce dramatically the consumption of both water and energy in major global industrial and consumer processes, whilst simultaneously improving the quality and sustainability of their outcomes. In so doing, we seek to derive high quality earnings for the Group based upon the savings and performance improvements delivered.
The fundraising is enabling us to accelerate the execution of this strategy, in building out our Commercial Laundry business, in driving progress towards commercialisation in the leather processing business and in rapidly progressing the development of additional attractive applications.
Commercial Laundry
Growth in the machine installation rate continued at a good pace. We are now installing machines at an approximate rate of one per working day, with sales and service margins in line with our expectations. We expect the installation rate to increase progressively. We anticipate broadly equal demand between “Perform” (machine sale) and “Complete” (machine lease) over time, but currently weighted towards “Complete”
We continue to increase the numbers and the accreditation level of our Forward Channel Partners (‘FCPs’) in the US whilst simultaneously increasing customer satisfaction levels, which have consistently exceeded 90% in 2016 to date. FCPs have also generated 50% of our sales since the beginning of the year.
We are also making progress on the strengthening of our supply chain. Our second source manufacturer for 25kg washing machines is now producing and shipping units. 16kg machines, which allow us to address a larger share of the commercial laundry market as a whole, are now also being produced for field trials as a complement to our 25kg machines.
Our Sbeadycare® integrated customer proposition covering polymer beads, chemistry and service is now being supplemented with our industry changing information technology systems, “Pulse 3.0” and “Connect”. These systems which are now being introduced to all of our customer sites, monitor and help manage machines in customers’ laundries and provide information on cleaning performance, energy/water saving and maintenance requirements. The information received is highly valuable in enhancing laundry operations and their sustainability and also enables us to improve the performance of the entire value chain including our FCPs.
Domestic Laundry
Discussions continue with major machine OEMs, who have shown an encouraging level of interest in working with Xeros. Alongside such discussions, we are developing a washing machine for the US market with which to conduct consumer field trials in due course.
In addition, we are studying potential models whereby Xeros could share appropriately in the ongoing benefits which would accrue to end consumers from the use of our technology in the form of reduced utilities and detergent.
Leather Processing
Full scale trials as provided for in our Joint Development Agreement with LANXESS, are proceeding within a leading European leather tannery and are scheduled for completion around the middle of the year.
Results so far have been encouraging and we anticipate that these trials will show that our polymer beads, which were specifically designed for this application, deliver economic, operational and sustainability improvements. We are actively working to optimise a number of dependent variables in these trials to produce the best results from both a quality and an economic perspective.
Bead management systems for use within the industry are now being engineered in our Technology Centre in Sheffield with a view to selecting and producing an optimised system toward the end of the year.
Further applications development
Studies to identify future potential applications are now close to completion and we are about to commence detailed reviews of areas which we have identified as being potentially high in opportunity.
Our expectation is that, over the medium term, we will increase our intellectual property estate and ultimately create additional revenue opportunities.
Organisation
We have continued to build capability in our Commercial Laundry organisation to support its future growth. Our Science and Engineering teams have also been increased and are aligned to opportunity areas in multi-disciplinary teams.
We are in the process of integrating all Commercial Laundry engineering in the US into our new Engineering Centre in Seekonk, Massachusetts. This integration will both speed up the development of our washing machine platforms and also create capacity in our Technology Centre in Sheffield to undertake applications engineering in Leather Processing and beyond.
Summary
It has been a busy four months since we raised £40 million to accelerate our strategy, and we are making good progress on all fronts.
Looking ahead: in Commercial Laundry we are on course to grow from our current installation rate of one machine per working day. In Leather Processing, our full scale trials are also progressing on track and are scheduled to be completed around the middle of the year. Studies to identify new potential applications are on schedule and early signs indicate that we possess a platform technology which can be successfully applied to a number of global industries.
We look forward to the future with confidence.
Symetrica – RadSeeker success for US Department of Homeland Security
Symetrica has announced that its patented radiation detection and identification technology will be deployed in the latest Handheld Radioisotope Identification Devices (RIIDs) that Smiths Detection Inc. has agreed to supply to the U.S. as part of a contract with the Department of Homeland Security (DHS). Symetrica’s Discovery Technology is at the heart of the Smiths Detection RadSeeker handheld radiation detectors for which the DHS Domestic Nuclear Detection Office (DNDO) recently awarded an IDIQ (indefinite delivery/indefinite quantity) contract with a maximum value of $143 million for the technology, its maintenance and associated training.
– See more here
Revolymer – renews and expands contracts to supply nicotine gum in Canada
Revolymer is pleased to announce that it has renewed and expanded the contract to supply its nicotine gum to a Canadian retailer which was first announced in July 2013. During the two and a
half years since the initial contract was signed, the Company has seen continuous growth in its revenue stream from this business.
Read more here.
Xeros: Rapidly gaining traction in Commercial Laundry and proposed £40m Placing
Xeros Technology Group plc (AIM: XSG, ‘the Group’, ‘Xeros’), the innovative developer of patented polymer bead systems with multiple identified commercial applications, today published results for the year ended 31 July 2015.
The Group also intends to raise approximately £40 million via a placing of new Ordinary Shares at a price of 225p per with both new and existing institutional investors – see separate announcement.
Highlights
Significant progress made in Commercial Laundry:
- Increasing US market take-up – 46% of machine sales repeat or affiliated buyers
- Seven out of 10 largest US hotel chains now customers
- Team of seasoned industry professionals recruited and forward channel partner network established
At end of September 2015:
- 103 machines US customer installations – further 39 committed to be installed
- 20 machines installed in Europe – further commitments to install of 15
- Leather Processing – accelerating progress towards scale validation
- Phase 2 covering full scale trials started mid-October 2015, due for completion by the end of H1 2016
- Domestic Laundry – market potential greatly in excess of commercial laundry
- Significant activities planned to develop the opportunity
- Earned income up 52% to £480,000 (2014: £315,000)
- As at 31 July 2015, contracted future revenues of £1.6m (2014: £0.8m)
Proposed Placing to raise approximately £40 million
Funds raised will enable the Group to maintain the momentum seen since IPO over approximately the next two and a half years as it seeks:
- to accelerate its roll out strategy of the Commercial Laundry business in the Americas and Europe
- to continue its development of technologies for the domestic laundry and leather processing markets and
- to increase the scope and scale of its polymer science and engineering platforms in order to capitalise on additional opportunities to apply its polymer bead innovations.
Circular to be sent to Shareholders today, appending a Notice of General Meeting
John Samuel, Chairman of Xeros, said:
“I am very pleased with the progress we have made in the year to 31 July 2015 and believe that we are well placed to capitalise upon that progress in the current year. We have made significant advances in our disruptive technology platform and are increasingly confident of its potential in a number of industries. We plan to continue to invest in the development of the commercial laundry business and also to accelerate the development of other applications of this technology.”
Mark Nichols, Chief Executive Officer of Xeros, said:
“In the short term, we are focusing on driving our commercial laundry business to meet the growing demand, particularly in the US, for our energy and water efficient solutions with superior cleaning performance. This is providing us with increasing forward visibility on revenues. As at 31 July 2015,contracted future revenues amount to £1.6m up from £0.8m.
“In the medium term, we plan to capitalise on the excellent progress we continue to make with our application in leather processing. We are also developing the opportunity in the global domestic laundry market.
“In the longer term, we have the opportunity to commercialise a number of further applications in parallel.
“The fundraising announced today will support the execution of our strategies over these horizons.We look forward to the future with confidence.”
For further information, please contact:
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Xeros Technology Group plc www.xeroscleaning.com |
Via Instinctif Partners |
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Mark Nichols, Chief Executive Officer Chris Hanson, Chief Financial Officer |
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Instinctif Partners |
Tel: 020 7457 2020 |
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Adrian Duffield / Helen Tarbet / James Gray |
Bodle Technologies – Parkwalk closes University of Oxford Isis Fund investment
We are delighted to announce that the University of Oxford Isis Fund II has completed an investment in Bodle Technologies Limited, who have developed a novel, smart material for use in low-energy high-resolution displays and glazing. Bodle’s display device offerings offer high flexibility, ultra-high resolution, and very low energy consumption, making a highly attractive proposition for the global display market.
The invention, by a team led by Professor Harish Bhaskaran and his postdoctoral researcher Peiman Hosseini at the University’s Department of Materials, attracted attention from industry following the publication of a paper in Nature in 2014. The BBC recently highlighted the technology.
The funding round was led by Oxford Sciences Innovation, the £320m investment company established to provide capital and scaling expertise to Oxford spin-outs.
AQDOT – Follow on Investment
We have recently made a follow-on investment into Aqdot on behalf of the Parkwalk Opportunities EIS Fund and the University of Cambridge Enterprise Fund III.
Aqdot is a spin-out from the Department of Chemistry at the University of Cambridge and was founded in late 2012. Its proprietary technology introduces an innovative, simple method for manufacturing structures in the millimetre and nanometre range that are useful for encapsulating valuable cargos. The novelty of the technology was described by the founders in a publication in Science.
Aqdot’s proprietary platform technology and know-how enables valuable active products to be protected, delivered and chemically programmed to release where and when required. It has the potential to be game-changing in a wide range of industries, including household products such as detergents, fragrances, agrochemicals, composites, pharmaceuticals, oil and gas, food, paint, personal products and cosmetics.
Revolymer – Interim Results
Revolymer plc – Interim Results
21 Sep 2015
Unaudited Interim Results for the 6 month period to 30 June 2015
Revolymer plc (AIM: REVO) (“Revolymer”, the “Company” or the “Group”), today announces its unaudited interim results for the 6 month period to 30 June 2015.
Business Highlights
Deals executed in 2015:
- As announced on 3 June 2015, Revolymer closed a global licence to its encapsulation technology with the international chemicals group Solvay in the field of Sodium Percarbonate (“SPC”) for liquid product formulations. Solvay has exclusive rights to apply Revolymer’s encapsulation technology to its bleaching active ingredient SPC, commercialised currently by Solvay under the trademark Oxyper®, in the field of liquid formulations of laundry and automatic dish washing. The geographic territory of the licence is global.
- As announced on 1 September 2015, Revolymer closed a licence to its encapsulation technology with OCI Alabama LLC representing the US-headquartered international chemicals group OCI Chemical Corporation (“OCI”). OCI has rights to apply Revolymer’s encapsulation technology to its SPC based bleaching active ingredients, commercialised currently by OCI under the Provox C and Provox Ultra (which includes an activator) trademark families, in the field of powder and other solid formulations of laundry, automatic dish wash and other cleaning agents. The geographic territory of the Provox C-based licence is global except for the European Union. The geographic territory of the Provox Ultra-based licence is global.
- The Company has further refined its business model, positioning itself as a specialty chemicals business focussed on controlled release, responsive systems and delivery systems that improve the functional performance of its customers’ products, based on its expertise in the design and synthesis of polymers (often in combination with other materials) to manage the interface between different surfaces and phases.
As announced on 18 September 2015, Bryan Dobson was appointed as Chairman of the Board with immediate effect, replacing Jack Keenan. Mr Keenan will remain as an independent non executive director to provide continuity until a replacement is recruited.Financial Highlights - Cash, cash equivalents and short term investments were £12.0m at the period end (30 June 2014: £15.2m, 31 December 2014: £13.2m), benefitting from R&D tax credit receipts of £775k during the period.
- Revenue for the period increased 62% to £594k (2014: £366k) – primarily sales of nicotine gum in Canada to a Canadian retailer.
- Gross profit for the period was £12k (2014: £139k). This reduction is primarily due to the prior period including a release of £157k of deferred sales relating to potential product returns deemed no longer necessary based on actual returns. Gross profit before this release improved by £30k compared to the prior period.
- Administrative expenses for the period reduced to £1.7m (2014: £2.9m), partly due a reduced share based payment charge and a reduction in company overheads. Excluding the share based payment credit/charge, administration expenses were £2.1m (2014: £2.7m)
- Finance income of £48k (2014: £57k) relating to the cash, cash equivalents and short term deposits on hand was credited in the period.
- The loss for the period was £0.3m (2014: loss of £2.7m) after crediting R&D tax credits of £1.3m (2014: £nil) claimed on qualifying expenditure for the three years ended 31 December 2014.Outlook
The business continues to drive its existing product pipeline towards deals, which management expects will include product supply agreements as well as licences; whilst actively pursuing additional product opportunities in new markets complementary to its expertise.Dr Kevin Matthews CEO of Revolymer said: “The business has continued to make commercial progress in the period, and also retains significant cash resources on hand to fund future developments. Accordingly we look forward to achieving further milestones as we pursue our focus on improving the functional performance of our customers’ products.”
For further information please contact:
Revolymer plc
+44 (0) 1244 283 500
Kevin Matthews / Robin Cridland
Xeros: update on joint development programme
Xeros Technology Group said the multi-phase joint development programme between it and LANXESS Deutschland GmbH to advance the application of Xeros’ polymer bead cleaning technology in the leather processing industry is on schedule.
Phase 1 has been concluded satisfactorily and the partnership is going to enter the next phase of technical and commercial validation as planned for the second half of 2015.
The Leather business unit of specialty chemicals group LANXESS is a leading supplier of systems solutions for the leather industry. The unit is part of LANXESS’ Performance Chemicals segment, which posted sales of EUR 2.2 billion in fiscal 2014.
Xeros has developed a process, similar to its patented process already deployed in its established Commercial Laundry business, whereby the majority of water used in leather processing is replaced by Xeros’ high performance polymer beads.
Ionix – Parkwalk closes investment
We are pleased to announce that the Parkwalk Opportunities EIS Fund has participated in a financing round into Ionix Advanced Technologies, a Leeds University Spin-out that has developed extreme temperature piezo technology for use in the protection of high value industrial assets. Parkwalk invested alongside existing investor IP Group plc.
The market for piezo technologies –harnessing certain material’s capacity to transform pressure into power or, alternatively, power into pressure – is already widespread and growing. The piezoelectric market is well established but applications are limited by the properties of the materials currently in use.
Ionix Advanced Technologies was spun-out of the University of Leeds In 2011. The company has developed a proprietary device (modifiable to suit different applications), based on its novel piezoceramic material, which enables the protection of high value industrial assets in extreme temperature conditions.
In addition to being one of the very few high activity piezo technologies capable of operating above 250°C, Ionix’s devices are simpler, lower cost and easier to install than the limited alternatives already in use (largely dominated by manual inspection devices).
