Business
Symphony Project Development Agreement
Symphony Project Development Agreement.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n \nRNS Number : 9616Q Xeros Technology Group plc 18 September 2017 \n\n18 September 2017 \n \nXeros Technology Group plc\n \nFirst Symphony Project development agreement signed with major OEM\n \nXeros Technology Group plc (AIM: XSG, 'Xeros'), the developer and provider of polymer based technologies with multiple commercial applications, has signed its first Symphony Project development agreement with a leading manufacturer of commercial washing machines ('the OEM'). \n \nThe OEM is a leader in commercial laundry machines with a significant presence in many major markets across the world. Under the terms of the development agreement, Xeros will incorporate its 'open source' technology in the OEM's machine for the purposes of technical validation and testing. Following the testing phase the parties anticipate the commencement of commercial negotiations.\n \nIn April 2017, Xeros announced Symphony Project, providing 'open source' access to its innovative polymer technology to manufacturers of commercial washing machines, which it subsequently launched at the Clean Show in Las Vegas in June to demonstrate its first fully working prototype to the industry. \n \nSymphony Project will enable manufacturers to sell their own-branded products as well as receiving a share in the long-term savings that the Xeros technology delivers. \n \nThe development of the Symphony Project is in line with Xeros' strategy to commercialise its technology with partners, who already have strong market positions. It will enable the Group to make a financial return on its intellectual property and know-how with relatively low capital intensity.\n \nA website providing a full explanation of Symphony Project is available here: www.symphonyproject.com\n \nMark Nichols, Chief Executive of Xeros, said:\n \n\"This represents a significant milestone for our Cleaning Technologies business. The scale and market presence of our OEM partner demonstrates the industry's increasing understanding and acceptance of our technology. \n \n\"With a proven technology, and growing demand for the sustainability, performance and economic benefits our technology delivers, Symphony Project will enable us to significantly accelerate the commercialisation of our technology.\"\n \nEnquiries:\n \n\n\n\n\...