Accsys Technologies PLC (“Accsys” or “the Company”) today announced that its wholly owned subsidiary, Titan Wood Limited (“Titan Wood”), and Medite Europe Limited (“Medite”) have signed a joint development agreement to commercialise an economically viable, non-toxic, and stable medium density fibreboard (“MDF”) panel made from Tricoya® wood elements (“Licensed Products”).

Under the agreement Medite is granted an exclusive license to develop, manufacture, market, distribute and sell Licensed Products within the United Kingdom and the Republic of Ireland (the “Territory”). The terms of the agreement reflect the status of Medite and Titan Wood as partners in the commercial development of the technology following commercialization of the Licensed Products.

Additionally, Titan Wood agrees to facilitate the location, design, project management, plant commissioning, training of production staff and operating advice regarding the plant envisaged to produce Tricoya® wood elements. Titan Wood will also promote the development, distribution and sale of Licensed Products in the Territory.

Titan Wood and Medite have also agreed to enter into a License Option Agreement regarding the use of Titan’s proprietary acetylation technology in respect of oriented strand board (“OSB”). Exercise of the Option will grant Medite a technology license with exclusive rights to develop, manufacture, market and sell OSB panels made from Tricoya® wood elements within the Territory.

Titan Wood’s technology, based on wood acetylation, is a process which increases the amount of ‘acetyl’ molecules in wood, thereby changing its physical properties. The environmentally responsible process protects wood from rot and significantly improves the dimensional stability and durability of the composite without making it toxic. This will enable the Licensed Products to be used in new and exciting applications, including those that are in high moisture areas, especially outdoors.

Medite has been a major-player in the European MDF market since 1976 and has exhibited a consistent commitment to research and development. As a result, Medite has established itself as a leading innovator in the MDF market with a matchless range of added value high specification panels, each one with specific properties for particular applications.

Gerry Britchfield, Managing Director of Medite parent division, Coillte Panel Products, explained, “Medite has a long history of leading the panel products industry and prides itself on being an innovator and pioneer. We’ve been closely monitoring the development of Titan Wood’s technology as it is a natural marriage with our current product line. After an extensive period of joint research and development, we are pleased to officially partner with Titan Wood in introducing the world’s most durable MDF product to international markets.”

Finlay Morrison, Chief Executive Officer of Accsys Technologies, added, “Tricoya® wood elements will offer manufacturers the opportunity to develop high value, high performance, innovative wood composite products that can be used with absolute confidence in new and challenging applications. When considering partners with which to launch our new technology we could think of no better partner than established market leader Medite Europe. Together we will revolutionise the industry.”

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