Business
AGM Statement
AGM Statement.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n\n23 May 2023\nXeros Technology Group plc\n('Xeros' or the 'Company' or the 'Group')\nAGM Statement\nXeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, will be holding its Annual General Meeting (\"AGM\") today at 10:00 am at Squire Patton Boggs (UK) LLP, 60 London Wall, London, EC2M 5TQ.\nNeil Austin, Chief Executive Officer, will provide the following update at today's meeting:\n\"I am delighted to be here today at my first Xeros Technology plc AGM since taking on the position of Chief Executive Officer in August last year.\n\"Since reporting our full year 2022 results last month, we have continued to gain commercial traction, most recently signing a technology licensing and distribution agreement for our Garment Finishing technology with KRM, who will act as a global distributor for Yilmak Makine, one of the largest manufacturers of garment finishing machines in the world. This agreement marks a significant and exciting development for Xeros and is set to enable the Group to significantly increase its market access into new territories including Europe, Brazil and Mexico as well as strengthen its current access into Asia.\n\"Further contract wins at the beginning of the year, including two global domestic XFilter licensing agreements in March, seek to significantly expand the reach and impact of our filtration technology and have assisted in increasing the Group's market exposure.\n\"This positive momentum experienced in recent months highlights not only the growing market readiness but beyond that the consumer receptiveness to products that are efficient and considerate to the environment. Currently, the apparel industry is estimated to consume over 93 billion cubic metres of water every year in the production of clothing. These processes are not environmentally friendly, nor sustainable and without the intervention of technologies such as those offered by Xeros, will fail to reap the rewards of this consumer-driven ESG macro-trend.\n\"Many of these pressures are also relevant when considered in the context of the appliance industry, and have recently been exacerbated by France's decision to mandate a deadline of 1 January 2025 for a microfibre capture requirement in all washing machines. The announcement has paved the way for further reforms and placed incr...