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Diamond Wood Licence agreement
Diamond Wood Licence agreement.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 1376S Accsys Technologies PLC 19 September 2014 \n \n\n\nAIM: AXS\nNYSE Euronext Amsterdam: AXS\n \n19 September 2014\nACCSYS TECHNOLOGIES PLC(\"Accsys\" or \"the Company\")\n \nDiamond Wood Licence agreement\n \nAccsys, the chemical technology group, focused on the acetylation of wood, today makes a further announcement in respect of the arbitration tribunal (the \"Tribunal\") appointed in relation to the dispute between Accsys and Diamond Wood China Limited (\"Diamond Wood\").\n \nIn July the Company reported that the Tribunal delivered a ruling (the 'Ruling') that, in response to Diamond Wood's claim for damages in excess of €100 million, Diamond Wood can only claim for limited damages, if any, up to a maximum of €250,000. However, the Tribunal also ruled that the licence agreement between the two parties is to continue.\n \nThe Tribunal has now issued a final award in respect of costs relating to the Ruling which are payable to Diamond Wood, being approximately £1.6m. Accsys has also incurred approximately £0.6m of legal costs in the current financial year in respect of the Arbitration. \n \nSubsequent to paying the award, the company's financial position will continue to be strong and we remain confident of achieving a cash-flow positive position in the foreseeable future, as our sales continue to grow.\n \n \nEnds\nFor further information, please contact:\n \n\n\n\n\nAccsys Technologies PLC\n\n\nPaul Clegg, CEO\nHans Pauli, COO\nWill Rudge, FD\n \n\n\n via Blytheweigh\n\n\n\n\nNumis Securities\n\n\nNominated Adviser: Oliver Cardigan\nCorporate Broking: Christopher Wilkinson\n Ben Stoop\n\n\n+44 (0) 20 7260 1000\n \n\n\n\n\nBlytheweigh\n\n\n \nPaul Weigh\nAlexandra Shilov\n \n\n\n+44 (0) 20 7138 3204\n+44 (0) 7989 129 658\n+44 (0) 7989 394 027\n\n\n\n\nOff the Grid (The Netherlands)\n\n\n \nFrank Neervoort\nGiedo Van Der Zwan\n\n\n \n+31 681 734 236\n+31 624 212 238\n\n\n\n\n \nNotes to editors:\n \nAccsys Technologies PLC(www.accsysplc.com) is a chemical technology group focussed on the development and commercialisation of a range of transf...