19 September 2013
AIM: AXS NYSE Euronext Amsterdam: AXS
ACCSYS TECHNOLOGIES PLC
(“Accsys” or "the Company")
Annual General Meeting Statement and Diamond Wood Update
Accsys, the environmental science and technology company whose primary focus is on the production and technology licensing of Accoya® wood and Tricoya® wood elements, announces that at the Company’s Annual General Meeting, to be held at 2pm this afternoon, its Chief Executive, Paul Clegg, will make the following comments:
“I am pleased to report that total revenue, including sales to Medite, increased by 91 per cent to €13.6m in the five months to 31 August 2013 compared to the same period last year.
“This represents an increase in our reported sales growth, demonstrating the continuing momentum that all our products are developing, with growth being attributable to both existing and new distributors.
“This momentum was clearly evident last week when Accsys held its third Worldwide Accoya sales conference where, for two and a half days, around 90 participants representing 40 companies, including leading European coating and iron mongery suppliers, met in Bremen, Germany, home of our distributor, Enno Roggemann. Of the participants, 57 representatives were from 41 existing or potential distributors and customers operating in 30 countries around the world. The conference included visits to a window manufacturer, a distributor and coatings supplier who all endorsed Accoya.
“In addition, the conference was attended by Solvay who re-affirmed their enthusiasm for Accoya and presented to our customers and potential new customers as to why Accoya is a logical new business area for them, building upon their industrial expertise while promoting greater sustainability. Solvay signed a licence agreement with Accsys in 2012 which is expected to become unconditional later this year.”
Following its statement of 16 August 2013, the Company also announces that a notice of arbitration has been served by Diamond Wood, as of 18 September 2013. Accsys will fully engage in the arbitration process and welcomes the opportunity it will provide to ask the arbitrators to confirm the validity of Accsys’ termination of the Diamond Wood licence agreement (“Termination”).
Following robust legal advice firmly supporting Accsys’ Termination, Accsys remains extremely confident that the arbitration will be resolved in its favour. Whilst further details of the arbitration are subject to confidentiality, Accsys will provide a further update once the matter has been settled.
In the meantime, Accsys is now working directly to meet customer needs in China and parts of South East Asia and is exploring new licensing opportunities in the region.