Business
Domestic and Commercial Laundry agreement secured
Domestic and Commercial Laundry agreement secured.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n \nRNS Number : 1653X Xeros Technology Group plc 26 April 2019 \n\n26 April 2019\n \nXeros Technology Group plc\n \nDomestic and Commercial Laundry agreement secured with leading Indian OEM\n \nXeros Technology Group plc (AIM: XSG, 'Xeros', 'the Group'), the developer and provider of water saving technologies with multiple commercial applications, has today signed an exclusive agreement to develop and license the Group's domestic and commercial washing machine technologies to IFB Industries Limited ('IFB'). IFB is the leading domestic appliance and commercial laundry equipment supplier in South Asia and is listed on the National Stock Exchange of India.\n \nThe Development and Licensing Agreement has a 10 year duration and covers the incorporation and commercialisation of Xeros' water saving XOrb™ and XDrum™ technologies into selected ranges of IFB's domestic and commercial sized washing machines.\n \nXeros will receive immediately a one-off exclusivity fee and during the development phase further payments when various milestones are reached. IFB will have access to Xeros' technology and has been granted rights to the Indian market on an exclusive basis and for other South Asian territories on a non-exclusive basis. The contract has the provision to add additional territories on a non-exclusive basis.\n \nXeros will also receive royalties based upon sales revenues after the machines have completed development.\n \nSales of commercial washing machines and domestic washing machines incorporating Xeros' technologies are planned to commence in India in 2020 and 2021 respectively.\n \nMark Nichols, Chief Executive of Xeros commented: \n \n\"This licensing agreement with the leading Indian OEM for both the domestic appliance and commercial laundry markets is another major milestone in the commercialisation of our cleaning technologies. \n \n\"IFB's capabilities and market reach make them a very strong commercialisation partner in a country where water demand is expected to increase by more than 60% over the next 30 years with some 80% of the current population already impacted by water scarcity. \n \n\"With this agreement, IFB's customers will be able to reduce water, detergent and energy consumption whilst simultaneously benefitting from improved cleaning performance...