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Accsys JV signs Tricoya Licence Agreement
Accsys JV signs Tricoya Licence Agreement.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 0641J Accsys Technologies PLC 11 July 2013 \n \n\n \nAIM: AXS\nNYSE Euronext Amsterdam: AXS\n11 July 2013\nACCSYS TECHNOLOGIES PLC\n('Accsys' or the 'Company')\nACCSYS JV SIGNS TRICOYA LICENCE AGREEMENT WITH MEDITE\nFirst Tricoya licence agreement through JV with INEOS\nAccsys, the environmental science and technology company whose primary focus is on the production and technology licensing of Accoya® wood and Tricoya® wood elements, today announces that its joint venture with INEOS, Tricoya Technologies Limited ('TTL'), has entered into a joint development, production and distribution Licence Agreement with Medite Europe Ltd ('Medite') tobuild and operate a plant to manufacture, market and sell Tricoya® (the 'licence agreement').\nKey details of the licence agreement are:\n· TTL has granted Medite a licence to build and operate a plant to manufacture an initial capacity of 30,000 metric tonnes per annum of Tricoya® (equivalent to approximately 42,000m3 of Tricoya® MDF panels), with a time limited option to increase capacity upon payment of additional fees \n· Medite has secured exclusive rights to market and sell Tricoya® MDF in Ireland, The Netherlands and the United Kingdom and non-exclusive rights to market and sell Tricoya® MDF or Tricoya® wood elements, subject to certain restrictions, in other territories\n· The licence is conditional on Medite obtaining approval from its Board of Directors prior to proceeding with construction of the plant; Board approval is targeted for mid-2014 with mechanical completion of the plant targeted by the end of 2015\n· The licence has been granted in return for a series of technology-based licence payments that Medite will begin making to TTL upon signature of the agreement, and royalty fees payable per metric tonne of production \n· TTL is responsible for producing a detailed engineering plan, called a Process Design Package ('PDP'), that scopes out the core areas of the plant; part of the PDP is expected to be delivered prior to the licence becoming unconditional following Medite Board approval, with the final PDP delivered after approval \n· Medite will provide, in exchange for cert...