Business
Sales Agreement
Sales Agreement.
About this update from Symphony Environmental Technologies Plc
[{"type":"text","content":"\n Symphony Plastic Technologies PLC\n21 August 2006\n\n\n\n Symphony Plastic Technologies plc\n North America Sales\n\n\n\nSymphony Plastic Technologies Plc ('Symphony' or the 'Company'), the degradable\nplastics company, is pleased to announce that Symphony's North American\ndistributor, Degradable Polymer Products Inc., has reached agreement on a\ncommission based, key customer relationship with Rand International Leisure\nProducts Limited ('Rand'). Rand is a United States based corporation\nspecialising in sales and market development in the US retail sector.\n\nDegradable Polymer Products Inc. has been working with Rand and its counterparts\ntowards securing key customer approvals and recommendations and in order to\nincentivise Rand towards the achievement of particular sales objectives, and to\nsecure Rand's ongoing support for Symphony's d2wTM business development,\nSymphony has today entered into an option agreement with Rand. Subject to the\nachievement of defined commercial requirements, Rand will be entitled to\nsubscribe for up to 5,000,000 ordinary shares in the capital of Symphony at a\nprice based on the quoted price for such shares at the time of exercise with a\nminimum subscription price of 12p per share.\n\nOther than in respect of the first 1,000,000 shares under option, the options\ngranted by the agreement are subject to Symphony shareholders' approval at an\nextraordinary general meeting as well as being conditional upon Rand meeting\nspecific criteria which will deliver substantial benefits and value both to\nDegradable Polymer Products Inc. and to Symphony.\n\nSymphony believes these arrangements are in the best interests of the Company\nand intend to work very closely with Degradable Polymer Products Inc., Rand and\ntheir counterparts to grow its revenues from North America.\n\n\n\nRoger McLelland, Chief Executive of Degradable Polymer Products Inc. said:\n\n'We have worked closely with both Rand and Symphony and are delighted now to be\nin a position to make meaningful inroads into one of the biggest market sectors\nin North America. Rand's customer relationships will be of considerable value in\nour focused sales efforts.'\n\n\nMichael Laurier, Chief Executive of Symphony, said:\n\n'We are delighted to have reached agreement with Degradable Polymer Products\nInc and Rand and we firmly believe that th...