India Licensing Update
Xeros Technology Group plc (AIM: XSG, 'the Group', 'Xeros'), the developer and licensor of platform technologies which transform the sustainability and economics of clothing and fabrics during their lifetime today provides an update on the timings of its licensee's entry into the Commercial and Domestic laundry markets in India.
Following significant interruption from Covid in India, IFB has advised that it has now made its first sale of its Xeros enabled commercial washing machine. The sale has been made to the Radisson Hotel Group. Subject to any further disruptions, IFB are now planning a series of regional market launches with prospective commercial laundry customers starting in August. The launch coincides with an extension to their commercial laundry equipment production facility in Bangalore.
Following joint discussions, market entry into the domestic laundry market is now expected to be towards the end Q1 2022 as opposed to previous expectations of late 2021. The delay, again all Covid related, is not expected to reduce the medium and long term prospects for success but will lead to a reduction in Xeros' expected 2021 licensing revenue with expectations for 2022 unchanged. Product performance to date is in line with expectations and exceeding them in a number of areas.
Mark Nichols , Chief Executive of Xeros, said: 'It is testament to the resilience of IFB that, despite the impact of severe lockdown restrictions and disruptions across India, they extended their production facilities and continued to progress their launch plans with machine designs of both commercial and domestic products now ready for production'.
Xeros Technology Group plc
Mark Nichols, Chief Executive Officer
Paul Denney, Chief Financial Officer
Tel: 0114 321 6328
finnCap Limited (Nominated Advisor & Broker)
Julian Blunt / Teddy Whiley, Corporate Finance
Andrew Burdis / Sunila de Silva, ECM
Tel: 020 7220 0500
Notes to Editors
Xeros Technology Group plc has developed and licenses two platform technologies which transform sustainability, performance and economics in the manufacturing and laundering of garments and fabrics.
The Company's XTend™ technology platform uses XOrbs™ in conjunction with XDrums™ to significantly reduce the amount of water and chemistry used in the dyeing, finishing or laundering of garments and fabrics. XOrbs increase the efficiency of these processes which require molecules to be either affixed or removed from substrates. In the case of laundry, they are proven to significantly increase the life of clothes and fabrics. The results being major improvements in economic, operational, product and environmental outcomes.
XDrum is Xeros' low-cost machine design which enables XOrbs to be introduced into and subsequently removed from process cycles. The design provides Original Equipment Manufacturers with the ability to make simple changes to their products to incorporate the Company's XOrb technology.
The Group has signed multiple license agreements for its XDrum and XOrb technologies with leading OEMs in major commercial and domestic markets.
XFiltra™ is the Company's proprietary washing machine filtration technology platform which prevents harmful microfibres including microplastics, generated during washing cycles, from being released into the world's rivers and oceans. Microfibres released into the environment from clothing and fabrics during their laundering, being a major source of pollution in the environment and contamination in the food chain.
The Company has signed a license agreement with leading commercial laundry equipment manufacturer Girbau for the deployment of XFiltra in commercial laundries and has plans to also license its design into the domestic laundry market.