Business
Diamond Wood Licence Agreement
Diamond Wood Licence Agreement.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 2932N Accsys Technologies PLC 25 July 2014 \n \n\n \nAIM: AXS\nNYSE Euronext Amsterdam: AXS\n \n25 July 2014\n \nACCSYS TECHNOLOGIES PLC\n('Accsys' or the 'Company')\n \nDiamond Wood Licence Agreement\n(the \"Licence Agreement\")\n \n \nAccsys, the chemical technology group focussed on the development and commercialisation of a range of transformational technologies based upon the acetylation of solid wood (Accoya®) and wood elements (Tricoya®) for use as class leading, environmentally sustainable construction materials, today announces that the arbitration tribunal (the \"Tribunal\") appointed in relation to the dispute between Accsys and Diamond Wood China Limited (\"Diamond Wood\") has delivered a 'First Partial Final Award' (the \"Award\").\nIn response to Diamond Wood's claim against Accsys, namely for damages in excess of €100 million as previously published by Diamond Wood, and for the continuation of the Licence Agreement, the Tribunal has, in the Award, ruled that Diamond Wood can only claim for limited damages (if any) up to a maximum of €250,000. \n \nHowever, Accsys is disappointed to announce that the Tribunal has ruled that the Licence Agreement is to continue in full force and effect. \n \nAs a result of the Award, and with immediate effect:\n \n1. Diamond Wood has the responsibility for all Accoya® wood promotion marketing and selling to all customers within the licensed territories in the Far East (which excludes various countries including Japan and South Korea, for which Accsys retains rights); and\n \n2. Diamond Wood is obliged to resume its endeavours towards the construction of an Accoya® manufacturing facility in the Far East. \nAccsys is currently reviewing and taking advice in respect of the Award, including its rights of appeal.\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...