Business
Second Denim Finishing Licensing Agreement
Second Denim Finishing Licensing Agreement.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n\n17 May 2023\nThis announcement contains inside information\nXeros Technology Group plc\n('Xeros' or the 'Company' or the 'Group')\nSecond Denim Finishing Licensing Agreement\nXeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, is pleased to announce the signing of a technology license and distribution agreement for its Garment Finishing technology with KRM Tekstil Boya San. Tic Ltd (\"KRM\")(the \"Agreement\"). \nUnder the terms of the 10-year, worldwide non-exclusive Agreement, KRM, which will act as a global distributor for Yilmak Makine (\"Yilmak\"), is licensed to distribute and sell machines manufactured by Yilmak incorporating Xeros' proprietary XDrumTM and XOrbTM technology for use in denim processing, garment finishing and garment dyeing processes across Yilmak's full range of garment finishing machines.\nYilmak, headquartered in Istanbul, Turkey, was established in 1968 and is one of the largest manufacturers of garment finishing machines in the world. It exports to more than 35 countries globally and supplies machines to over 500 factories.\nThe Agreement allows Xeros to significantly increase its market access into new territories including Europe, Brazil and Mexico as well as strengthen its current access into Asia. The Agreement has the potential to deliver substantial revenues over the 10-year term. The textile machinery market is estimated to be worth $52 billion by 2033.1\nApproximately 2 billion pairs of jeans are manufactured globally every year and Xeros' technology significantly reduces the volume of water, chemistry and cycle time used in the finishing processing of raw denim jeans into consumer products.\nUnder the terms of the Agreement, Xeros will receive a royalty per XDrumTM machine sold by KRM as well as supplying it with XOrbs.\nNeil Austin, CEO of Xeros, said:\n\"The apparel industry is estimated to consume over 93 billion cubic metres of water every year in the production of clothing.2 In an industry under increasing pressure from both consumers and legislators to reduce its impact on the planet, technologies like ours can make a significant impact. We are very pleased to have signed a further contract with like-minded partners that enables us to continue bringing our technologies into the global market.\"\nEnquiries:\n &...