3
May 2024
Xeros Technology Group
plc
('Xeros",
the "Company" or the "Group")
Appointment of Board
Observer
Xeros Technology Group plc (AIM:
XSG), the creator of technologies that reduce the impact of
clothing on the planet, confirms that under the terms of a Board
Observer Agreement dated 2 May 2024 (the "Observer Agreement")
between the Company and Amati Global Investors Limited ("Amati"),
it has appointed Paul Jourdan of Amati as a board observer at an
annual fee of £20,000, payable to Amati.
The entering into of the Observer
Agreement by the Company with Amati is a related party transaction
for the purposes of the AIM Rules by virtue of Amati being the
appointed Fund Manager of Amati AIM VCT plc, which is a
substantial shareholder of the Company, with a current holding of
12.8 per cent. of Xeros' issued share capital.
The Company's directors consider,
having consulted with the Company's Nominated Adviser, Cavendish
Capital Markets Limited, that the terms of the Observer Agreement
are fair and reasonable insofar as Xeros shareholders are
concerned.
Donald Brennikmeijer, who was
appointed as a strategic advisor to the Board in May 2020, has now
ceased this role but remains with the Company on its Advisory
Board.
Enquiries
|
Xeros Technology Group
plc
Neil
Austin, Chief Executive Officer
Alex
Tristram, Director of Finance
|
Tel: 0114
269 9656
|
|
Cavendish Capital Markets
Limited (Nominated Adviser and Broker)
Julian
Blunt/Teddy Whiley, Corporate Finance
Andrew
Burdis/Sunila de Silva, ECM
|
Tel: 020
7220 0570
|
|
Belvedere
Communications
Cat
Valentine
Keeley
Clarke
|
xeros@belvederepr.com
Mob: 07715
769 078
Mob: 07967
816 525
|
|
|
| |
About Xeros
Xeros Technology plc has developed
patented and proven, industry-leading technologies which reduce the
environmental impact of how industries make and care for
clothes.
The traditional wet processing
methods used in industrial and domestic laundry and garment
manufacturing consume billions of litres of fresh water and large
amounts of energy and chemicals, as well as damaging and weakening
clothing fibres and creating rising levels of environmental
pollution. It is estimated that washing machines contribute 35% of
the 171 trillion microplastic particles in the ocean.
A range of actors, including
consumers, the media NGOs and regulators are exerting pressure on
these industries, with legislative action beginning to be
taken.
Xeros' three main technologies,
Filtration, Finish, and Care, facilitate garment manufacturers,
industrial laundries, domestic washing machine manufacturers and
consumers, to reduce their environmental impact, whilst also
significantly improving efficiency in the process.
Xeros' model is to generate revenue
from licensing its technologies, generating royalties and the sale
of consumables. Currently there are 8 agreements in place. The
addressable markets in Filtration, Finish and Care are estimated to
be valued at £350m p.a., £132m p.a. and £3bn p.a.
respectively.