Cleantech Building Materials: China Distribution and Offtake agreement
July 02 2018 - 4:16AM
2 July 2018
CLEANTECH BUILDING MATERIALS PLC, NASDAQ FIRST
NORTH, COPENHAGEN
TICKER: CBM
Cleantech Building
Materials plc
China
Distribution and Offtake agreement
Cleantech Building Materials plc ("CBM" or the
"Company") is pleased to announce that CBM's subsidiary, Diamond
Wood China Limited ("Diamond Wood"), has entered into a
Distribution and Offtake Agreement with Wise Technology of China
("WISE") (the "Agreement").
Under the terms of the Agreement, WISE has
committed to purchase a significant volume of Accoya® wood from
Diamond Wood to be sold to manufacturers and project contractors in
China's Northern regions and Southern interior regions of Sichuan
and Chongqing provinces. The initial duration of the agreement is
for three years.
Diamond Wood benefits from exclusive rights to
manufacture and sell Accoya® wood in China and the ASEAN countries,
through its technology license agreement with Titan Wood Limited, a
subsidiary of Accsys Technologies plc.
Based in Beijing, China, WISE is the pioneer in
the marketing of high performance materials to the Chinese
construction sector, and through this Agreement with Diamond Wood
is extending its portfolio to sustainable construction
materials.
Commenting, Jason Wang, CEO of
CBM and Diamond Wood, said: "We are pleased to partner with
Wise on accelerating the growth of Accoya® sales in the Chinese
market. In China and Asia there is an increasing awareness of the
Accoya® wood brand and its applications in producing
high-performance flooring, decking, siding, outdoor furniture,
windows and doors".
Commenting, Paul Richards,
Chairman of CBM, said: "This three-year distribution and
offtake agreement with WISE builds upon similar large-volume
agreements with STR in Thailand and China's Xinli Group. Diamond
Wood is successfully building a solid order book for the coming few
years in anticipation of the Company's plan to construct its own
Accoya® manufacturing facility in China."
Commenting, Roy Song, General Manager of WISE,
said: "One of the beautiful things about wood is its
uniqueness, with every piece having its special appearance. Accoya®
timber is changing the traditional way of making wood durable,
removing the need for hazardous copper or biocides that can leach
into the environment over time. Moreover, Accoya wood provides
added-value on dimensional stability and its sustainable
credentials. After a decade of literally thousands of reference
projects in Asia and around the world, Accoya® has earned a
reputation as a very reliable product. We believe Accoya® timber
will both diversify our product range, but also strengthen our
relations with innovative manufacturers and architects in
China."
THE DIRECTORS OF CLEANTECH BUILDING MATERIALS PLC
ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
Further information may be found at the Company's
website at www.cbm-plc.com.
Further Enquiries:
Cleantech Building Materials
plc
Adrian Wyn-Griffiths info@cbm-plc.com
+44 20 3053 8671
Keswick Global AG (Certified
Adviser)
info@keswickglobal.com +43 1 740 408045
IFC Advisory Limited (Financial
PR)
Tim Metcalfe, Miles Nolan, Heather Armstrong
+44 20 3934 6630
The information communicated in this announcement
is "inside information" for the purposes of article 7 of the Market
Abuse Regulation 596/2014.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cleantech Building Materials via
Globenewswire
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