London Stock Exchange welcomes Xeros Technology to AIM
Tuesday 25 March 2014
London Stock Exchange today welcomes Xeros Technology Group plc in an 8am welcome ceremony to mark the admission of the company’s shares for trading on AIM under the ticker XSG.
Xeros has developed a patented reusable and recyclable polymer bead cleaning system with multiple identified commercial applications. Xeros has targeted the commercial laundry market and has begun the roll-out of 25kg capacity washing machines which exclusively use Xeros’s patented polymer bead cleaning system. In trials with customers, this system has been shown to achieve superior cleaning performance as well as material reductions in water, energy and chemical usages compared to conventional commercial laundry methods.
In addition to the commercial laundry market, the Group’s polymer bead technology has a range of potential applications in other industries including domestic laundry, leather processing, garment finishing and metal cleaning. Xeros is currently in various stages of development and preparation for commercialisation of other identified applications, the most advanced of which is domestic laundry.
Xeros has successfully raised £30 million via the placing with institutional investors of 22,421,953 New Ordinary Shares at an issue price of 123 pence per share, giving Xeros a market capitalisation on admission of approximately £80 million.
Xeros is initially targeting the commercial laundry market in the US, the UK, Europe and China and these proceeds will be used to accelerate the roll-out of its 25kg capacity washing machines in these markets. The proceeds will also fund the research and development through to commercialisation in the other identified applications.
Bill Westwater, CEO of Xeros, said:
“Xeros’s patented reusable and recyclable polymer bead cleaning systems have the potential to transform a number of industries globally. At Xeros, we all take great pride in the achievements to do date and are excited about the opportunity the Placing and our Admission to AIM brings to help accelerate our roll-out in commercial laundry and fund development through to commercialisation in other identified markets.
I am very confident and enthusiastic about our future as we begin the next stage of significant growth as a public company and British university spin-out. I look forward to working with and creating value for all our stakeholders.”
Jefferies International Limited is acting as Nominated Adviser and Sole Broker to Xeros.