Business
Bus Update & Board Change
Bus Update & Board Change.
About this update from Symphony Environmental Technologies Plc
[{"type":"text","content":"\n Symphony Plastic Technologies PLC\n30 April 2007\n\n\n BUSINESS UPDATE AND BOARD CHANGE\n GRANT AWARD\n\n\n BUSINESS UPDATE\n\n\nSymphony Environmental Technologies Plc ('The Company,') the degradable plastic\nand waste-to-energy Group is pleased to announce that since the last business\nupdate on 22 February 2007 significant progress has been made in a number of key\nbusiness areas. In Portugal the country's largest retail group, Sonae, has\nadopted d2wTM in all their carrier bags for their Continente, Mondelo and\nMondelo Bonjour supermarket chains, which are estimated to account for more than\n500 million bags per year. This is significant not in terms of absolute value,\nbut for the breakthrough which it represents. This builds on the current\nportfolio which includes Marriott, Royal Caribbean Cruise Lines, Tesco and the\nCo-op who all presently use d2wTM finished products or our additive technology.\n\n\nOn 22 February 2007, the Company also announced delays in orders in a number of\nkey overseas markets. Following high level discussions with major clients in\nthese territories these problems have now been addressed and corrective action\ntaken to bring sales levels into line with management expectations. Further\nupdates will be made when the Company's Preliminary Results are announced before\nthe end of May.\n\n\nThe Company also announces that Matthew Turner, Group Managing Director, left\nthe Company on Friday 27th April following a review by the Company. There are no\nplans to appoint another Group MD.\n\n\nA strategic review of the organisation of the business is nearing completion.\nThere are now three operating subsidiaries (see notes to editors), and in future\nthe Plc itself will be organised into separate operating departments each headed\nby a specialist reporting to the Chief Executive and thence to the Board. It is\nanticipated that this will improve the efficiency and management control of the\nCompany and will focus specialist expertise where it is needed.\n\n\n\n £50,000 GRANT FROM UK GOVERNMENT\n\n\n\nSymphony Energy Resources Ltd. ('SER'), a wholly-owned subsidiary of Symphony\nEnvironmental Technologies Plc, was created to focus on converting\nwaste-to-energy by innovative processes. It is currently working with two\nwaste-to-energy reprocessing technologies, Thermal and Microwave Pyrolysis. The\nCom...