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Diamond Wood
Diamond Wood.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n RNS Number : 7744U Accsys Technologies PLC 21 October 2010 \n \n\n\n\n\n\nRegulatory Announcement\n\n\n\n\n\n\n\n\nCompany\n\n\nAccsys Technologies PLC \n\n\n\n\n\n\n\nTIDM\n\n\nAXS \n\n\n\n\nHeadline\n\n\n\n\n\n\n\nReleased \n\n\n21 October 2010\n\n\n\n\nNumber\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n \nAIM: AXS\nNYSE Euronext Amsterdam: AXS\n21 October 2010\n \nACCSYS TECHNOLOGIES PLC(\"Accsys\" or \"the Company\")\n \nDiamond Wood\n \nAccsys is pleased to announce that it has today received a letter dated 18 October 2010 (the \"Letter\") from Diamond Wood China Limited (\"Diamond Wood\"), the Company's licensee of its acetylation technology in China and other Asian territories, announcing:\n \n\"the recent signing of an agreement with an Asian investor group and the subsequent imminent funding of the first Accoya® factory in Asia by the end of 2010.\" \n \nThe Letter also announces changes to the board of directors of Diamond Wood to facilitate the funding, including the appointment of Mr. Akeyuth Anchanbutra as Chairman.\n \nFurther to the announcement by Accsys on 21 June 2010 that it had entered into a revised licence agreement with Diamond Wood (\"Revised Licence\"), the Letter, addressed to all Diamond Wood shareholders, confirms certain terms of that Revised Licence as follows:\n \n \n• The reduction of upfront License Fee payments by c. €10m euros on the first four reactors of production \n• A 20-year exclusivity for the production and sales of Accoya® in Greater China (China, Hong Kong, Macau, Taiwan) \n• The right of first refusal on Tricoya (MDF) technology in China \n• A ten-year exclusivity for the production and sales of Accoya® in Thailand, Singapore, Vietnam, Philippines, Cambodia, Laos, Burma, Brunei, Indonesia and Malaysia.\n \nIn addition, Accsys confirms that the royalty payments under the Revised Licence have been amended and are now: \n \n• Increased by in excess of 10%, from €22 to €25 per cubic metre of Accoya®\nproduced and sold by Diamond Wood \n•...