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Green Chemicals plc (the "Company") Scheduled Announcement of Financial Results; Trading
for the Year Ending 31 March 2010 Signing of Co-operation Agreement |
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green chemicals plc, the PLUS-quoted
developer of "cleaner, greener and safer" alternatives for widely-used
chemical processes, will issue the preliminary announcement of its results
for the financial year to 31st March 2010 as soon as practicable following
the end of the accounting reference period. The loss before tax for the year
is anticipated to be in line with management's expectations and not to exceed
£850,000, of which a significant part will be represented by non-cash items
(amortisation of goodwill). The Company is pleased to announce
a co-operation agreement (the "Agreement") with Clariant
International Ltd. ("Clariant"), the Basel-based multi-national which
last year had sales of £4.07
billion (Swiss Francs 6.6 billion). The parties have entered into the Agreement
with the intention of bringing to market a new generation of flame retardant for the treatment of
cellulose and cellulose-based materials, including paper and fabrics
containing cotton. The product will be based on the technology for a durable
flame retardant developed and patented by the Company; this technology is
less environmentally hostile than conventional fire retardant treatments as
it neither contains, produces nor uses formaldehyde or halogen products, the
former being a known carcinogen and the latter being bio-accumulative. Clariant is a global company with over 100
subsidiaries spanning five continents; as such, the Directors view it as an
ideal partner with which to work in the final stages of product development. Both
parties intend that, at the end of a successful, six-month collaboration,
Clariant shall have the right to enter into and the Company shall grant to
Clariant an exclusive, worldwide licence to produce and market the product
under a conventional licensing agreement. The commercial terms of the Agreement are
confidential between the parties. The Company may, however, disclose that it
receives a payment upon signing and further, monthly payments during the six
months' currency of the Agreement. Describing the Agreement as a "major
step forward", CEO Stephen Winston said, "We are pleased that a leader
within the chemical sector has chosen to formalise the process of developing
a new fire retardant solution using our technology. We see this as a
significant recognition of the commercial potential of our scientific team's
work." Dr. Alison Fielding, Chairman, green chemicals plc This announcement has been made by
green chemicals plc after due and careful enquiry and the Directors of the
Company accept responsibility for its contents. Enquiries: Stephen Winston, FCA, green
chemicals plc: +44 (0)7968 864 914 Daniel Briggs, Relig‹re Capital
Markets plc: +44 (0)20 7444 0503 |
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