Business
India Licensing Update
India Licensing Update.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3079I\n Xeros Technology Group plc\n 11 August 2021\n \n \n \n \n Xeros Technology Group plc\n \n \n \n \n \n India Licensing Update\n \n \n \n \n \n Xeros Technology Group plc (AIM: XSG, 'the Group', 'Xeros'), the developer and licensor of platform technologies which transform the sustainability and economics of clothing and fabrics during their lifetime today provides an update on the timings of its licensee's entry into the Commercial and Domestic laundry markets in India. \n \n \n \n \n \n Following significant interruption from Covid in India, IFB has advised that it has now made its first sale of its Xeros enabled commercial washing machine. The sale has been made to the Radisson Hotel Group. Subject to any further disruptions, IFB are now planning a series of regional market launches with prospective commercial laundry customers starting in August. The launch coincides with an extension to their commercial laundry equipment production facility in Bangalore. \n \n \n \n \n \n Following joint discussions, market entry into the domestic laundry market is now expected to be towards the end Q1 2022 as opposed to previous expectations of late 2021. The delay, again all Covid related, is not expected to reduce the medium and long term prospects for success but will lead to a reduction in Xeros' expected 2021 licensing revenue with expectations for 2022 unchanged. Product performance to date is in line with expectations and exceeding them in a number of areas.\n \n \n \n \n \n \n Mark Nichols\n \n , Chief Executive of Xeros, said: \"It is testament to the resilience of IFB that, despite the impact of severe lockdown restrictions and disruptions across India, they extended their production facilities and continued to progress their launch plans with machine designs of both commercial and domestic products now ready for production\".\n \n \n \n \n \n \n \n \n Enquiries: \n \n \n \n \n Xeros Technology Group plc\n \n \n Mark Nichols, Chief Executive Officer\n \n \n Paul Denney, Chief Financial Officer\n \n \n \n \n Tel: 0114 321 6328\n \n \n \n \n \n \n \n \n \n finnCap Limited (Nominated Advisor & Broker)\n \n \n Julian Blunt / Teddy Whiley, Corporate Finance \n \n \n Andrew Burdis / Sunila de Silva, ECM\n \n \n \n \n Tel: 020 7220 0500\n \n \n ...