Symphony Environmental Technologies Plc LON:SYM), the global specialists in technologies that make plastic and rubber products smarter, safer and more sustainable, has provided the following update prior to its Annual General Meeting to be held today at 12.00 noon.
At the AGM Nicolas Clavel, Interim Chairman of Symphony, will make the following statement:
Following on from the statement that I made with the preliminary results on 30 March 2022, I am pleased to update shareholders on the continuing transformation of the Company with strong and growing momentum in the commercialisation of its pipeline, successful government advocacy, and progress with important product certifications, all contributing to create a strong portfolio of environmental and health technologies.
As announced yesterday, we have gained our first d2p supply agreement in relation to our d2p enhanced bread packaging. This important commercial milestone follows US FDA approval in July 2021 and Canada Health approval in September 2021. This agreement with Grupo Bimbo, the western world’s largest bread manufacturer, follows extensive trials and nearly a two year period of evaluation. Symphony has agreed to supply its d2p antimicrobial masterbatch to Grupo Bimbo’s nominated bread packaging manufacturers across the whole of the American continent for a period of three years.
We are very pleased with the development in Peru as reported on Monday (27 June 2022), which represents material progress for d2w biodegradable plastic technology in a market that had been challenging over the past few years due to heavy lobbying by other competing technologies such as compostable types. We are confident that this confirmation will reassure manufacturers and end-users alike as to the validity of d2w as a cost-effective biodegradable alternative to ordinary plastic. Our local distributor expects that this will generate new d2w customers and increased sales in Peru, and we believe this should also be the case for the whole Latin American region.
The d2p antimicrobial glove development with Meditech is progressing well through the certification process, having passed the first testing requirement. We anticipate full EU and UK certification by the end of Q3 of this year as planned. Certification of this antimicrobial product will allow the EU and UK sales teams to complete current negotiations for anticipated deliveries before the end of the year and open new sales opportunities.
Our joint venture in India with Indorama Corporation, which has been selling small amounts of d2w biodegradable masterbatch, is on course to bring in much larger sales during Q4 of this year.
In addition to the recently progressed areas above, we continue to confidently progress our strong pipeline of products in a number of global markets, and continue governmental advocacy in key regions, and hope to be able to report on many of these initiatives in the short term.
As in previous years, the Company intends to provide a trading update around mid-July.
