Business
Option Agreement
Option Agreement.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n Accsys Technologies PLC\n19 December 2005\n\n19 December 2005 AIM: AXS\n\n Accsys to expand into the Middle East\n following agreement with Skanfore LLC\n\nAccsys Technologies PLC ('Accsys' or 'the Company') announces that its 100%\nowned subsidiary, Titan Wood Ltd., has entered into an option agreement with\nSkanfore LLC, of Abu Dhabi, to buy a wood acetylation licence for the United\nArab Emirates (UAE). The agreement puts Accsys well ahead of schedule for its\nregional licensing expansion programme.\n\nTerms of the agreement include up front payments as well as exclusivity to\nproduce Accoya(TM) acetylated wood in the UAE, based on volume commitments, with\nan initial capacity of 50,000 cubic metres.\n\n'We are delighted to enter into this agreement at a relatively early stage of\nour development. There is no question that the UAE is a tremendous potential\nmarket for Accoya and we are pleased to have an influential local partner who\nshares the same vision for our environmentally friendly wood modification\nbusiness', said Willy Paterson-Brown, Executive Chairman of Accsys\n(www.accsysplc.com).\n\nHoward Moss, General Manager of Skanfore said, 'We are very happy to be\nassociated with Accsys. Having followed its development for some time, we\nbelieve there is an exciting future for Accoya(TM) wood in the Emirates. We will\nbe presenting Accoya(TM) at the Dubai International Wood Trade Show next April'.\n\nThe agreement between Titan Wood (www.titanwood.com) and Skanfore\n(www.skanfore.com) is the first of what the Company anticipates will be a series\nof agreements leading to licences to produce Accoya(TM) during 2006, although the\nannouncement of this agreement is ahead of the Company's expectations.\n\nAccoya(TM) offers key performance attributes that are equivalent to or better\nthan the best tropical hardwoods and superior to many artificial material\nalternatives. It is produced using a patented process that effectively converts\nsustainably grown softwoods and non-durable hardwoods into what is best\ndescribed as a 'new wood species' by increasing the amount of acetyl molecules\npresent in the wood. Since acetyl molecules are already present in all wood\nspecies, the process does not introduce anything that does not occur naturally\nin wood and Accoya(TM) is therefore completely non-toxic.\n\nDistinguished by its d...