Accsys, the environmental science and wood technology company, announces that Titan Wood Limited ("Titan Wood"), its wholly-owned subsidiary, has entered into a licence option agreement (the "Option Agreement") with a major multinational corporation in relation to the production and sale of Accoya® using Titan Wood's proprietary acetylation technology (the "Technology").

Under the Option Agreement, Titan Wood has granted an exclusive option to enter into a licence agreement, pursuant to which rights over the Technology may be granted in certain states within Europe. There can be no certainty that the parties will enter into any licence agreement and the detailed terms of any licence agreement, including payment of licence fees and royalties, are currently being negotiated, but yet to be agreed.

Paul Clegg, Accsys CEO, commented: "As outlined in our recent Interim Results, we have been engaged in a number of discussions in relation to major licensing, fundraising and other strategic opportunities for some while. This Option Agreement represents an important step forward and we are excited about the opportunities that it presents. We shall continue to work extremely closely with this counterparty and very much hope we can agree full licensing terms in the near future. "
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