Symphony Plastic Technologies PLC
21 August 2006
Symphony Plastic Technologies plc
North America Sales
Symphony Plastic Technologies Plc ('Symphony' or the 'Company'), the degradable
plastics company, is pleased to announce that Symphony's North American
distributor, Degradable Polymer Products Inc., has reached agreement on a
commission based, key customer relationship with Rand International Leisure
Products Limited ('Rand'). Rand is a United States based corporation
specialising in sales and market development in the US retail sector.
Degradable Polymer Products Inc. has been working with Rand and its counterparts
towards securing key customer approvals and recommendations and in order to
incentivise Rand towards the achievement of particular sales objectives, and to
secure Rand's ongoing support for Symphony's d2wTM business development,
Symphony has today entered into an option agreement with Rand. Subject to the
achievement of defined commercial requirements, Rand will be entitled to
subscribe for up to 5,000,000 ordinary shares in the capital of Symphony at a
price based on the quoted price for such shares at the time of exercise with a
minimum subscription price of 12p per share.
Other than in respect of the first 1,000,000 shares under option, the options
granted by the agreement are subject to Symphony shareholders' approval at an
extraordinary general meeting as well as being conditional upon Rand meeting
specific criteria which will deliver substantial benefits and value both to
Degradable Polymer Products Inc. and to Symphony.
Symphony believes these arrangements are in the best interests of the Company
and intend to work very closely with Degradable Polymer Products Inc., Rand and
their counterparts to grow its revenues from North America.
Roger McLelland, Chief Executive of Degradable Polymer Products Inc. said:
'We have worked closely with both Rand and Symphony and are delighted now to be
in a position to make meaningful inroads into one of the biggest market sectors
in North America. Rand's customer relationships will be of considerable value in
our focused sales efforts.'
Michael Laurier, Chief Executive of Symphony, said:
'We are delighted to have reached agreement with Degradable Polymer Products
Inc and Rand and we firmly believe that this partnership has the potential to
add very substantial value to the development of the North American market and
in accelerating the worldwide trend towards the wider adoption of d2wTM totally
degradable technology.'
For further information, please contact:
Symphony Tel: 020 8207 5900
Michael Laurier, CEO
Ian Bristow, FD
Panmure Gordon & Co Tel: 020 7614 8385
Andrew Godber
Citigate Dewe Rogerson Tel: 020 7638 9571
Freida Moore
Ged Brumby
Further information on Symphony Plastic Technologies plc
Symphony develops and supplies environmentally responsible pro-degradent
additives as well as plastic packaging products. The Group's main technology,
marketed under the d2wTM registered droplet trademark, causes 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 d2wTM product range
includes pro-degradent additives developed for an increasing variety of
applications as well as a range of finished flexible plastic products.
Symphony has a diverse customer base in the UK and has successfully established
itself as an international business after signing distribution agreements with
companies in Brazil, Canada & USA, India, New Zealand, South Africa, the
Caribbean, Saudi Arabia, Colombia and Qatar. d2wTM products can already be
found in more than 40 countries.
Further information on Symphony can be found at www.symphonyplastics.com and
www.degradable.net.
This information is provided by RNS
The company news service from the London Stock Exchange RUWANRNVRWAAR