AGM Statement

Xeros Technology Group plc

23 May 2023

 

23 May 2023

Xeros Technology Group plc

('Xeros' or the 'Company' or the 'Group')

AGM Statement

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, will be holding its Annual General Meeting ("AGM") today at 10:00 am at Squire Patton Boggs (UK) LLP, 60 London Wall, London, EC2M 5TQ.

Neil Austin, Chief Executive Officer, will provide the following update at today's meeting:

"I am delighted to be here today at my first Xeros Technology plc AGM since taking on the position of Chief Executive Officer in August last year.

"Since reporting our full year 2022 results last month, we have continued to gain commercial traction, most recently signing a technology licensing and distribution agreement for our Garment Finishing technology with KRM, who will act as a global distributor for Yilmak Makine, one of the largest manufacturers of garment finishing machines in the world. This agreement marks a significant and exciting development for Xeros and is set to enable the Group to significantly increase its market access into new territories including Europe, Brazil and Mexico as well as strengthen its current access into Asia.

"Further contract wins at the beginning of the year, including two global domestic XFilter licensing agreements in March, seek to significantly expand the reach and impact of our filtration technology and have assisted in increasing the Group's market exposure.

"This positive momentum experienced in recent months highlights not only the growing market readiness but beyond that the consumer receptiveness to products that are efficient and considerate to the environment. Currently, the apparel industry is estimated to consume over 93 billion cubic metres of water every year in the production of clothing. These processes are not environmentally friendly, nor sustainable and without the intervention of technologies such as those offered by Xeros, will fail to reap the rewards of this consumer-driven ESG macro-trend.

"Many of these pressures are also relevant when considered in the context of the appliance industry, and have recently been exacerbated by France's decision to mandate a deadline of 1 January 2025 for a microfibre capture requirement in all washing machines. The announcement has paved the way for further reforms and placed increasing pressure on other governments to follow suit. California has also proposed similar legislation and we are currently awaiting the European Commission's publication of its initiative to reduce microplastic pollution. The passing of this legislation will have a substantive impact on reducing microfibre pollution at scale and improving the industry's environmental footprint.

"Given the global legislative agenda, Xeros' technologies are vital to achieving this and are increasingly doing so. We look forward to updating the shareholders on our progress in due course."

Enquiries:

Xeros Technology Group plc Neil Austin, Chief Executive Officer Alex Tristram, Director of Finance	Tel: [phone]
finnCap Limited (Nominated Adviser and Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM Yellow Jersey PR Sarah Hollins/Annabelle Wills/Jazmine Clemens	Tel: [phone] Tel: [phone]

Notes to Editors

POWERED BY SCIENCE, XEROS CREATE TECHNOLOGIES ENGINEERED FOR THE FUTURE

Born out of textile research and advancing new standards of performance and responsibility, Xeros' technologies revolutionise the way we make and clean our clothes, conserving water and preventing waste. Designed to impact industries and people on a global scale, Xeros transforms the performance, impact and economics of the fashion and washing machine industry.

Xeros enables the scaling of its innovations and impact by licencing its intellectual property to partners across the globe. Their work has, to date, created 38 patent families.

Xeros' technologies are already in use in major global industries, including commercial and home laundry and garment manufacture. So far, these technologies have saved millions of litres of water and could prevent billions of microfibres from ending in our oceans.

TO THE POWER OF CHANGE

xerostech.com

 

END