Symphony Plastic Technologies PLC
30 January 2006
Symphony Plastic Technologies PLC
Judgment in the Court of Appeal
Symphony Plastic Technologies ('Symphony'), the degradable plastics company,
today reports that the formal handing down of the Judgment by the Court of
Appeal has taken place following the Appeal brought by EPI Environmental
Products Inc ('EPI') against the Judgment of the High Court of 21st December
2004 in favour of Symphony.
In addition to documenting the reasons for its decision (announced on 19th
December 2005) to dismiss the Appeal, the Court also considered the question of
costs. Symphony has been awarded its full costs for the Appeal which are to be
assessed against EPI on an indemnity basis. In addition, an interim award to
Symphony of £600,000 was ordered for immediate settlement from funds previously
lodged by EPI with the Court as security for Symphony's costs.
Michael Laurier, Chief Executive Officer of Symphony, said:
'The dismissal of all aspects of EPI's Appeal in December has now been clearly
reflected in the Court's decision on the award of costs to Symphony. Now that
the legal process on the central issues is largely completed we are very pleased
to be able to re-focus our attention on the opportunities facing us'.
For more information, please contact:
For further information:
Symphony Plastic Technologies Plc
Michael Laurier, CEO
Allan Blacher, COO +44 (0)20 8207 5900
Citigate Dewe Rogerson
Patrick Toyne Sewell / Ged Brumby +44 (0)20 7638 9571
Further information on Symphony Plastic Technologies plc
Symphony develops and supplies environmentally responsible plastic packaging
products and additives, which are distributed primarily to the retail, local
authority and health related sectors. The Group's main technology, d2w(R),
allows plastic to degrade, leaving only water, a minimal amount of carbon
dioxide and trace amounts of non-toxic biomass over a short time period. The d2w
(R) product range now includes additives, carrier bags, refuse sacks, mailing
wrap, stretch film, and packaging films.
Symphony has a strong blue-chip customer base in the UK and has successfully
established itself as an international business after signing distribution
agreements with companies in Brazil, Canada & USA, New Zealand, South Africa,
the Caribbean, Saudi Arabia, Colombia and Qatar. Further information on Symphony
can be found at www.symphonyplastics.com.
This information is provided by RNS
The company news service from the London Stock Exchange