19 September 2014
ACCSYS TECHNOLOGIES PLC (“Accsys” or "the Company")
Diamond Wood Licence agreement
Accsys, the chemical technology group, focused on the acetylation of wood, today makes a further announcement in respect of the arbitration tribunal (the “Tribunal”) appointed in relation to the dispute between Accsys and Diamond Wood China Limited (“Diamond Wood”).
In July the Company reported that the Tribunal delivered a ruling (the ‘Ruling’) that, in response to Diamond Wood’s claim for damages in excess of €100 million, Diamond Wood can only claim for limited damages, if any, up to a maximum of €250,000. However, the Tribunal also ruled that the licence agreement between the two parties is to continue.
The Tribunal has now issued a final award in respect of costs relating to the Ruling which are payable to Diamond Wood, being approximately £1.6m. Accsys has also incurred approximately £0.6m of legal costs in the current financial year in respect of the Arbitration.
Subsequent to paying the award, the company’s financial position will continue to be strong and we remain confident of achieving a cash-flow positive position in the foreseeable future, as our sales continue to grow.
Ends
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