Business
Signs agreement with Eastern Laundry Systems in US
Signs agreement with Eastern Laundry Systems in US.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n \nRNS Number : 2686G Xeros Technology Group plc 05 November 2018 \n\n5 November 2018\n \nXeros Technology Group plc\n \nXeros signs agreement with Eastern Laundry Systems in US\n \nXeros Technology Group plc (AIM: XSG, 'Xeros', 'the Group'), the developer and provider of water saving technologies with multiple commercial applications, has signed an agreement with Eastern Laundry Systems Inc ('ELS'). ELS has been granted the exclusive rights to take over the servicing of Xeros' commercial laundry customers in nine states across the East Coast of the US, including New York, New Hampshire and Massachusetts. The Group's commercial laundry business is branded Hydrofinity.\n \nELS, based in Taunton, Massachusetts is a large full-service distributor of commercial laundry equipment, parts and chemistry to both the on-premise laundry and laundromat markets. It will now service all Hydrofinity's existing and future customers in the region with significant savings accruing to Xeros. ELS will also continue to stock and sell Hydrofinity commercial washing machines. \n \nThis agreement reflects the Hydrofinity strategy to reduce its physical presence in markets and progressively move to a licensing model. This model has already been rolled-out in international markets with agreements in place in South Africa, UAE, Australia and China. The Group is planning to implement similar arrangements for the remainder of the US.\n \nMark Nichols, Chief Executive of Xeros, said: \n \n\"Following our recent agreements in China, Dubai and South Africa, this is another important step in the migration of our Hydrofinity business towards a licensing model.\n \n\"This agreement, and we anticipate further agreements for other US regions in the near future, will enable Hydrofinity to increase revenues from a lower cost base whilst continuing to provide customers with excellent service.\"\n \nEnquiries:\n \n\n\n\n\nXeros Technology Group plc\nMark Nichols, Chief Executive Officer\nPaul Denney, Chief Financial Officer\n \n\n\nTel: 0114 321 6328\n \n\n\n\n\nJefferies International Limited (Nominated Adviser and Joint Broker)\nSimon Hardy / Will Soutar\n \n\n\nTel: 020 7029 8000\n\n\n\n\nBerenberg (Joint Broker)\nChris Bowman / Ben Wright / Laure Fine\n \n\n\nTel: 02...