AGM Statement

RNS Number : 5481Q

Symphony Environmental Tech. PLC

29 June 2022

 

29 June 2022

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

("Symphony," the "Company" or the "Group")

AGM Statement

Symphony Environmental Technologies Plc (AIM:SYM), the global specialists in technologies that make plastic and rubber products smarter, safer and more sustainable, is pleased to provide the following update prior to its Annual General Meeting ("AGM") to be held today at 12.00 noon.

At the AGM Nicolas Clavel, Interim Chairman of Symphony, will make the following statement:

Following on from the statement that I made with the preliminary results on 30 March 2022, I am pleased to update shareholders on the continuing transformation of the Company with strong and growing momentum in the commercialisation of its pipeline, successful government advocacy, and progress with important product certifications, all contributing to create a strong portfolio of environmental and health technologies.

As announced yesterday, we have gained our first d2p supply agreement in relation to our d2p enhanced bread packaging. This important commercial milestone follows US FDA approval in July 2021 and Canada Health approval in September 2021. This agreement with Grupo Bimbo, the western world's largest bread manufacturer, follows extensive trials and nearly a two year period of evaluation. Symphony has agreed to supply its d2p antimicrobial masterbatch to Grupo Bimbo's nominated bread packaging manufacturers across the whole of the American continent for a period of three years.

We are very pleased with the development in Peru as reported on Monday (27 June 2022), which represents material progress for d2w biodegradable plastic technology in a market that had been challenging over the past few years due to heavy lobbying by other competing technologies such as compostable types. We are confident that this confirmation will reassure manufacturers and end-users alike as to the validity of d2w as a cost-effective biodegradable alternative to ordinary plastic.  Our local distributor expects that this will generate new d2w customers and increased sales in Peru, and we believe this should also be the case for the whole Latin American region.

The d2p antimicrobial glove development with Meditech is progressing well through the certification process, having passed the first testing requirement. We anticipate full EU and UK certification by the end of Q3 of this year as planned. Certification of this antimicrobial product will allow the EU and UK sales teams to complete current negotiations for anticipated deliveries before the end of the year and open new sales opportunities.

Our joint venture in India with Indorama Corporation, which has been selling small amounts of d2w biodegradable masterbatch, is on course to bring in much larger sales during Q4 of this year. 

In addition to the recently progressed areas above, we continue to confidently progress our strong pipeline of products in a number of global markets, and continue governmental advocacy in key regions, and hope to be able to report on many of these initiatives in the short term.

As in previous years, the Company intends to provide a trading update around mid-July.

Enquiries

Symphony Environmental Technologies Plc
Michael Laurier, CEO	Tel: [phone]
Ian Bristow, CFO
www.symphonyenvironmental.com
Zeus (Nominated Adviser and Joint Broker)
David Foreman / Kieran Russell / Guy Brinkley (Investment Banking)	Tel: [phone]
Dominic King / Victoria Ayton (Corporate Broking)	Tel: [phone]
Hybridan LLP (Joint Broker) Claire Louise Noyce	Tel: [phone]

NOTES TO EDITORS:

About Symphony Environmental Technologies plc

www.symphonyenvironmental.com  

Symphony has also developed a range of additives, concentrates and masterbatches marketed under its d₂p® ("designed to protect") trademark, which can be incorporated in a wide variety of plastic and non-plastic products so as to give them protection against many different types of bacteria, viruses, fungi, algae, moulds, and insects, and against fire. d₂p products also include odour, moisture and ethylene adsorbers as well as other types of food-preserving technologies. The Group has also launched d₂p anti-microbial gloves, facemasks, and toothbrushes and is developing a range of other d₂p finished products for retail sale.

Symphony has also developed and continues to develop, a biodegradable plastic technology which helps tackle the problem of plastic pollution by turning ordinary plastic at the end of its service-life into biodegradable materials. It is then no longer a plastic and can be bioassimilated in the open environment in a similar way to a leaf. The technology is branded d₂w®, is synergistic with d2p, and appears as a droplet logo on many thousands of tonnes of plastic packaging and other plastic products around the world, much of which has been recycled before it degraded. In some countries in the Middle East the use of this type of biodegradable plastic technology is mandatory.

The Group has a diverse and growing customer-base and has established itself as an international business with 74 distributors around the world. Products made with Symphony's plastic technologies are now available in nearly 100 countries and in many product applications. Symphony itself is accredited to ISO9001 and ISO14001.

Symphony is a member of the BPA (www.biodeg.org) and actively participates in the Committee work of the British Standards Institute (BSI), the American Standards Organisation (ASTM), the European Standards Organisation (CEN), and the International Standards Organisation (ISO).

Further information on the Group can be found at www.symphonyenvironmental.com and twitter @SymphonyEnv. See also Symphony on Instagram. A Symphony App is available for downloading to smartphones.

 

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