Symphony signs exclusive 20-year distribution agreement for China
This is Symphony’s first exclusive distribution agreement for China, and represents an important sales initiative for d2w in one of the world’s largest markets.
The Agreement is for d2w and d2Detector technologies, and SSI has placed a firm and material order for d2w for delivery within 90 days of the agreement signature date. In addition, and within 90 days of the date of the agreement, SSI will purchase one d2detector unit.
The Agreement details minimum purchase orders for each 12 month period in order to maintain exclusivity which, if reached, would make a material contribution to revenues of the Group. The parties will consider extending the Agreement to include d2p in due course.
Michael Laurier CEO of Symphony said: “We are very pleased to have completed negotiations for this Agreement with SSI. This is a very important step for Symphony and also for China as it moves forward by adopting these technologies to help protect its environment from persistent plastic pollution. We are excited to be associated with Mr Wang Liming (Chairman of Dongguan Energy Saving and Environmental Protection Co. Ltd) who has formed SSIfor the purpose of distributing d2w and the d2detector in China.”
Eddie Yue Chi Cheong CEO of Super Success International Limited said: "This is an exciting project. The market in China is extremely large with PE capacity alone expected to reach more than 10 million tons by 2013. The environmental effect of plastic pollution is a big issue in China for both Government and consumers and I see d2w as playing an important role in resolving this continuing problem. It is not only a visual eye-sore, but also creates long term damage to our fragile environment. I am delighted to be able to help give our children a better life by putting a drop of d2w in plastic products from now."
Symphony’s d2w technology turns plastic at the end of its service-life into a material with a completely different molecular structure. At that stage it is no longer a plastic and can be bioassimilated in the open environment in the same way as a leaf.