TIDMSYM
RNS Number : 6386C
Symphony Environmental Tech. PLC
19 April 2017
19(th) April 2017
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or "the Group")
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this information is considered to be in the public
domain
Saudi Arabia chooses Oxo-biodegradable Plastic
Symphony's d2w awarded SASO Quality-mark
Symphony Environmental Technologies Plc (AIM: SYM and NASDAQ
OTC: SEPTY), a global specialist in products and technologies to
"make plastic smarter", is pleased to announce (further to comments
made in the outlook statement of the Company's Preliminary Results
on 9 March 2017) government initiatives in Saudi Arabia, resulting
from legislation requiring the use of oxo-biodegradable plastic for
a wide range of locally-manufactured and imported plastic products.
These include carrier bags, packaging films, agricultural films,
and many other types of plastic products.
Symphony has been awarded the Quality-mark for its d2w
oxo-biodegradable additive by the Saudi Arabia Standards
Organisation ("SASO"). The Quality-mark is a condition of being an
approved supplier allowed to supply oxo-biodegradable additive for
inclusion in plastic products made or used in Saudi Arabia;
Symphony and its regional distributor Eco-Polymers Ltd., have been
selected as authorised suppliers, whose names have been announced
on the SASO official website. Government seminars have been held to
introduce the legislative changes to manufacturers and importers,
and the government has specified 14 April 2017 as the effective
date post which compliance is required.
Michael Laurier CEO of Symphony said; "It is well known that
plastic waste causes serious environmental problems around the
world on land and in the oceans, and I am delighted that the Saudi
Arabian government has become the latest to understand the
important role which oxo-biodegradable plastic can play in helping
to protect the environment, whilst being fully consistent with a
circular economy. Whilst no orders have yet been received, your
Board is extremely pleased with this development and our
accreditation as an approved supplier of d2w additive. Our sales
teams are now active in the country and we look forward to updating
the market on activities in the region, as appropriate in due
course."
Saudi Arabia is an important manufacturer and consumer of
plastic and the GCC polymer industry is projected to grow by 6% per
annum over the next 5 years, reaching 33.8 million tons by the year
2019 of which 21.6 million tonnes is attributed to Saudi
Arabia.(1)
Contacts
Symphony Environmental Technologies
Plc
Michael Laurier, CEO Tel: +44 (0) 20 8207
5900
Ian Bristow, FD
Cantor Fitzgerald Europe
David Foreman / Michael Reynolds (Corporate Tel: +44 (0) 20 7894
Finance) 7000
David Banks (Sales)
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
Symphony has developed and continues to develop, controlled-life
plastic technology which turns ordinary plastic at the end of its
service-life into biodegradable materials. It is then no longer a
plastic and can be bioassimilated in the open environment in the
same way as a leaf. The technology is branded d(2) w(R) and appears
as a droplet logo on many thousands of tonnes of plastic packaging
and other plastic products around the world. In some countries
oxo-biodegradable plastic is mandatory. For a video of d(2) w(R)
plastic degrading see http://degradable.net/play-videos/4.
In addition, Symphony has developed a range of additives,
concentrates and master-batches marketed under its d(2) p(R) brand,
which can be incorporated in a wide variety of plastic and
non-plastic products so as to give them protection against many
different types of bacteria, fungi, algae, moulds, insects and
fire.
Symphony has also developed the d(2) Detector(R), a portable
device which analyses plastics and detects counterfeit products.
This will be very useful to government officials tasked with
enforcing legislation. Symphony's d(2) t tagging and tracer
technology is also available for further security. See
www.d2t.net
Symphony has a diverse and growing customer-base and has
established itself as an international business with 74
distributors around the world. Products made with Symphony's
plastic technologies are now available in nearly 100 countries and
in many different product applications. Symphony is certified to
ISO9001 and ISO14001.
Symphony is a member of The Oxo-biodegradable Plastics
Association (www.biodeg.org) (OPA), the Society for the Chemical
Industry (UK), and the Pacific Basin Environmental Council.
Symphony actively participates in the Committee work of the British
Standards Institute (BSI), the American Standards Organisation
(ASTM), the European Standards Organisation (CEN), and the
International Standards Organisation (ISO).
Further information on the Symphony Group can be found at
www.symphonyenvironmental.com.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "will" or the negative of those, variations or
comparable expressions, including references to assumptions. These
forward looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such forward
looking statements re ect the Directors' current beliefs and
assumptions and are based on information currently available to the
Directors.
A number of factors could cause actual results to differ
materially from the results discussed in the forward looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements. Accordingly, readers are cautioned not
to place undue reliance on forward looking statements. Subject to
any continuing obligations under applicable law or any relevant AIM
Rule requirements, in providing this information the Company does
not undertake any obligation to publicly update or revise any of
the forward looking statements or to advise of any change in
events, conditions or circumstances on which any such statement is
based.
(1) Source Gulf Petroleum and Chemical Association "GCC Plastic
Industry Indicators 2014."
This information is provided by RNS
The company news service from the London Stock Exchange
END
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