Breakthrough Launch Agreement
Xeros Technology Group plc announced a breakthrough launch agreement with a top-ten global washing machine manufacturer that sells around seven million domestic washing machines annually, primarily in North and Latin America. The agreement, anticipated to take 12-18 months, involves a paid-for process with defined milestones, aiming for mass production of domestic washing machines using Xeros' laundry care technology. Post completion, revenue will be generated from royalty payments for each Product Certification Mark used and from the sale of XOrbs. Xeros anticipates similar agreements, with three more global washing machine manufacturers currently undergoing technical verification.
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The Board of Xeros Technology Group plc (AIM:XSG), the creator of technologies that reduce the impact of clothing on the planet, is delighted to announce that it has signed a breakthrough launch agreement with a global leading washing machine manufacturer.
| · | Development and Product Launch Agreement ("Launch Agreement") signed with one of the world's largest, branded washing machine manufacturers |
| · | A global leader selling around seven million domestic washing machines per year, operating predominantly across North and Latin America |
| · | A paid-for, time-bound process with defined milestones and deliverables, anticipated to complete in around 12-18 months |
| · | The intended outcome of the Launch Agreement is the mass production of domestic washing machines using Xeros' laundry care technology |
| · | The Group anticipates similar paid for agreements will follow, as it currently has three further global washing machine manufacturers in technical verification |
The Group is thrilled that it has signed a significant Launch Agreement with one of the world's largest, branded washing machine manufacturers to develop a domestic washing machine under the manufacturer's global brand using Xeros' Laundry Care technology and Product Certification Mark*.
The manufacturer, which cannot be named due to commercial sensitivity, is a global leader, and top ten brand, selling around seven million domestic washing machines per year, operating predominantly across North and Latin America. The intended outcome of the Launch Agreement is the mass production of domestic washing machines using Xeros' Laundry Care technology (XDrum and XOrbs) under the manufacturer's brand, with the inclusion of Xeros, as a sub-brand, by way of its Product Certification Mark.
The Launch Agreement will follow a paid-for, time-bound process with defined milestones and deliverables, and is anticipated to complete in around 12-18 months. Post completion, revenue will come from a royalty payment for each Product Certification Mark used, and from the sale of XOrbs.
The Group anticipates similar paid for agreements will follow, with three further global washing machine manufacturers currently in technical verification.
Commenting on the Launch Agreement, Neil Austin CEO said:
"The Agreement to develop a Laundry Care machine with a top ten global brand is a game changer for the Group and on a personal level the key moment I have been working towards since joining the business. We are absolutely thrilled to be working with them and believe this is the strongest evidence yet for the global adoption of Xeros' Care Technology."
| * | The Product Certification Mark has been developed by Xeros and is intended to be applied to all licensed technology going forward. It is a holographic badge with Xeros' logo and a QR Code linking to a technology information webpage. It is applied to each unit at the point of manufacture, and signals that Xeros' patented innovative technology has been used. In addition, it provides a clear trigger point for Royalty payment, rather than at point of sale. |
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