CLEANTECH BUILDING MATERIALS PLC, NASDAQ FIRST NORTH, COPENHAGEN
TICKER: CBM
2 April 2019
Cleantech Building Materials plc
Hong Kong/Macau 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 (“Agreement”) with OWLAA Hong Kong Limited (“OWLAA”).
Under the terms of the Agreement OWLAA has committed to purchase Accoya ® wood from Diamond Wood to be sold to project contractors and end users in the Hong Kong and Macau regions. The initial duration of the Agreement is for two years.
Diamond Wood benefits from exclusive rights to manufacture and sell Accoya ® wood in China and the ASEAN countries, through its technology licence agreement with Titan Wood Limited, a subsidiary of Accsys Technologies plc.
Based in Hong Kong, OWLAA distributes a wide range of environmental solutions mainly focusing on construction materials. The adoption of OWLAA solutions helps to reduce the use of energy and natural resources, improving return on investment and reducing carbon footprints. OWLAA is also an installation specialist, providing a one stop service to its end users, and professional technical support to the company’s local channel partners.
Commenting, Jason Wang, CEO of CBM and Diamond Wood, said : “We are pleased to partner with OWLAA to accelerate the growth of Accoya ® wood sales in Hong Kong, Macau, and the greater China market. Hong Kong is a dynamic construction market seeking innovative new materials, like Accoya ® wood. Hong Kong architecture firms are also important prescribers for mainland China construction projects, and a reference for the ASEAN region. Through the co-operation with OWLAA we expect to increase both sales of Accoya ® wood, and further increase awareness of the Accoya ® wood brand for high-performance flooring, decking, siding, outdoor furniture, windows and doors.”
Commenting, Paul Richards, Chairman of CBM, said : “This two-year distribution and offtake agreement with OWLAA complements similar agreements we have to address well-defined market segments in the greater China region. 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. Danny Ho, Director of OWLAA, said : “The innovation in Accoya ® wood is one of the best material solutions to solve our planet’s problem from head to toe. Accoya ® wood is certified to be safe to use, environmentally friendly, and highly durable in the holistic product life cycle - which is very important to stakeholders. Moreover, OWLAA strongly believes that the C2C (Cradle to Cradle) certified Accoya ® wood helps designers and architects to present their wooden design with their own special features”.
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 www.cbm-plc.com
Further Enquiries:
| Cleantech Building Materials plc Adrian Wyn-Griffiths | info@cbm-plc.com +44 20 3934 6630 |
| Keswick Global AG (Certified Adviser) | info@keswickglobal.com +43 1 740 408045 |
| IFC Advisory Limited (Financial PR) Tim Metcalfe Miles Nolan | +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
