By Iain Gilbert
Date: Wednesday 23 Jan 2019
LONDON (ShareCast) - (Sharecast News) - Water saving technology outfit Xeros has inked a joint-development agreement with a Chinese domestic washing machine original equipment manufacturer.
Xeros will partner with Wuxi Little Swan - a subsidiary of Midea, one of the world's largest manufacturers of domestic appliances - to incorporate its products into the 12.4m washing machines the company sells in China every year.
The AIM-listed firm said the non-exclusive agreement would also see the duo develop and design a prototype which, if successful, could lead into commercial discussions under a separate agreement and timetable.
Chief executive Mark Nichols said: "Following our agreement last July to license our commercial washing machine technology in China, this JDA represents a major step forward for Xeros in the domestic washing machine market."
As of 0935 GMT, Xeros shares had soared 18.04% to 22.25p.
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Currency | UK Pounds |
Share Price | 1.40p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 4.05 |
52 Week Low | 1.30 |
Volume | 0 |
Shares Issued | 225.00m |
Market Cap | £3.15m |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Chair | Klaas de Boer |
CEO | Neil Austin |
Finance Director | Alex Tristram |
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