Business
Medite Europe Partnership
Medite Europe Partnership.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n RNS Number : 5685T Accsys Technologies PLC 09 June 2009 \n \n\n\n\n\nAIM: AXS\nNYSE Euronext Amsterdam: AXS \n\nAccsys Technologies\n\nACCSYS SUBSIDIARY, TITAN WOOD, PARTNERS WITH MEDITE EUROPE\n\nAccsys Technologies PLC ('Accsys' or 'the Company') today announced that its wholly owned subsidiary, Titan Wood Limited ('Titan Wood'), and Medite Europe Limited ('Medite') have signed a joint development agreement to commercialise an economically viable, non-toxic, and stable medium density fibreboard ('MDF') panel made from Tricoya® wood elements ('Licensed Products'). \n\nUnder the agreement Medite is granted an exclusive license to develop, manufacture, market, distribute and sell Licensed Products within the United Kingdom and the Republic of Ireland (the 'Territory'). The terms of the agreement reflect the status of Medite and Titan Wood as partners in the commercial development of the technology following commercialization of the Licensed Products.\n\nAdditionally, Titan Wood agrees to facilitate the location, design, project management, plant commissioning, training of production staff and operating advice regarding the plant envisaged to produce Tricoya® wood elements. Titan Wood will also promote the development, distribution and sale of Licensed Products in the Territory.\n\nTitan Wood and Medite have also agreed to enter into a License Option Agreement regarding the use of Titan's proprietary acetylation technology in respect of oriented strand board ('OSB'). Exercise of the Option will grant Medite a technology license with exclusive rights to develop, manufacture, market and sell OSB panels made from Tricoya® wood elements within the Territory.\n\nTitan Wood's technology, based on wood acetylation, is a process which increases the amount of 'acetyl' molecules in wood, thereby changing its physical properties. The environmentally responsible process protects wood from rot and significantly improves the dimensional stability and durability of the composite without making it toxic. This will enable the Licensed Products to be used in new and exciting applications, including those that are in high moisture areas, especially outdoors. \n\nMedite has been a major-player in...