Announcement
Xeros Tech Grp plc : Xeros completes outsourcing of Hydrofinity
RNS Number : 1700K
Xeros Technology Group plc
12 December 2018
RNS Reach
12 December 2018
Xeros Technology Group plc
Xeros completes outsourcing of Hydrofinity servicing in US
Xeros Technology Group plc (AIM: XSG, 'Xeros', 'the Group'), the developer and provider of water saving technologies with multiple commercial applications, has completed the transfer of servicing of Xeros' commercial laundry customers, across the whole of the US, with the signing of a series of regional agreements with full-service distributors. The Group's commercial laundry business is branded Hydrofinity.
As previously announced in November with the signing of the first agreement with ELS, these regional distributors will now service all Hydrofinity's existing and future customers in the US with significant savings accruing to Xeros. These distributors will continue to stock and sell Xeros commercial washing machines.
Agreements have recently been signed with organisations such as Viking Services to cover California and Consolidated Laundry Equipment Inc to cover the mid-Atlantic region of the US, extending the sales and service coverage of Hydrofinity.
This agreement reflects the Hydrofinity strategy to reduce its physical presence in the US market and to move to a licensing model. This model has already been rolled-out in international markets with agreements in place in South Africa, UAE, Australia and China.
Mark Nichols, Chief Executive of Xeros, said:
"These agreements in the US follow similar agreements recently signed covering China, Dubai and South Africa. They will enable our Hydrofinity business to increase revenues from a lower cost base whilst continuing to provide customers with excellent service."
Enquiries:
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Xeros Technology Group plc Mark Nichols, Chief Executive Officer Paul Denney, Chief Financial Officer
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Tel: 0114 321 6328
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Jefferies International Limited (Nominated Adviser and Joint Broker) Simon Hardy / Will Soutar
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Tel: 020 7029 8000 |
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Berenberg (Joint Broker) Chris Bowman / Ben Wright / Laure Fine
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Tel: 020 3207 7800 |
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Instinctif Partners (Financial PR) Adrian Duffield / Kay Larsen / Chantal Woolcock |
Tel: 020 7457 2020 |
Notes to Editors
Xeros Technology Group plc (LN: XSG) is a platform technology company that is reinventing water intensive industrial and commercial processes.
Xeros' uses its patented XOrbTM technologies to significantly reduce the amount of water used in a number of major applications with the remaining water becoming far more efficient in either affixing or removing molecules from substrates such as fabrics and garments. The result being significant improvements in economic, operational and sustainability outcomes.
Xeros has three divisions working in the garment finishing (Textile Technologies), tanning (Tanning Technologies, branded Qualus) and cleaning/laundry (Cleaning Technologies) markets. In cleaning/laundry, the company has three applications covering domestic laundry, commercial laundry (branded "Hydrofinity") and the cleaning of high performance workwear (branded "Marken").
For more information, please visit - http://www.xerostech.com/
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