(MENAFNEditorial) 9 February 2018
CLEANTECH BUILDING MATERIALS PLC, NASDAQ FIRST NORTH, COPENHAGEN
CLEANTECH BUILDING MATERIALS PLC
THAILAND DISTRIBUTION AND OFFTAKE AGREEMENT
Cleantech Building Materials PLC ("CBM" or the "Company") is pleased to announce that CBM's subsidiary, Diamond Wood China Limited ("Diamond Wood") has entered into a Distribution and Offtake Agreement with the Seedatanarice Group of Thailand ("STR") ("Agreement").
Under the terms of the Agreement, STR has committed to purchase a significant volume of Accoya® wood from Diamond Wood to be sold to manufacturers and project contractors in the Thai region. The initial duration of the agreement is for three years.
Diamond Wood benefits from exclusive rights to manufacture and sell Accoya® wood in China and the ASEAN countries, through its technology license agreement with Titan Wood Limited, a subsidiary of Accsys Technologies plc.
Based in Bangkok, Thailand, STR is a pioneering company which focuses on premium eco-friendly product in the energy and construction sectors, and is extending its development of sustainable construction materials.
Commenting, Jason Wang, CEO of CBM and Diamond Wood, said "We are pleased to partner with STR on accelerating the growth of Accoya® wood sales in the Thai market. In China and Asia there is an increasing awareness of the Accoya® wood brand and the applications in producing high-performance flooring, decking, siding, outdoor furniture, windows and doors"
Commenting, Paul Richards, Chairman of CBM, said "This three-year distribution and offtake agreement with STR builds upon a similar large volume agreement with China's Xinli Group in Q4 2017. Diamond Wood is successfully building a solid order book in anticipation the Company's plan to construct its own Accoya® wood manufacturing facility in China."
Commenting, Mr.Thawat Chanthawat, Managing Director of Seedatanarice, said "Accoya® wood has already been used in some high profile Thai resort projects during the past few years with much success. It has a reputation as a top-quality, high-performance product. Through our local relations with architects, manufacturers, and contractors we anticipate strong sales in the coming years."
THE DIRECTORS OF CLEANTECH BUILDING MATERIALS PLC ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
Further information may be found at the Company's website at
For further information, please contact:
Cleantech Building Materials plc
+44 20 3934 6630
Keswick Global AG (Certified Adviser)
+43 1 740 408045
IFC Advisory Limited (Financial PR)
Heather Armstrong +44 20 3934 6630
The information communicated in this announcement is "inside information" for the purposes of article 7 of the Market Abuse Regulation 596/2014.
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