Symphony Environmental Technologies PLC (LON:SYM)

Symphony Environmental Technologies PLC (LON:SYM)


Share Price
9.50 p
Change
1.75 (22.58 %)
Market Cap
£14.68 m
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Symphony Environmental Technologies PLC RNS Release

JUDGE FINDS CASE FOR OXO-BIODEGRADABLE TECH PROVEN


RNS Number : 3065G
Symphony Environmental Tech. PLC
05 November 2018
 

 

 

 

 

 

5  November 2018

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

("Symphony", the "Company" or "the Group")

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain

 

UK JUDGE FINDS THE CASE FOR SYMPHONY'S
OXO-BIODEGRADABLE PRODUCTS PROVEN

 

Symphony Environmental Technologies Plc (AIM: SYM), a global specialist in products and technologies to "make plastic smarter", has today welcomed a report by the distinguished lawyer and former deputy Judge of the High Court in England, Peter Susman QC, which has declared the scientific case for oxo-biodegradable technology to be "clear and compelling".

 

To bring clarity to the debate on biodegradable plastics, Symphony commissioned Peter Susman QC, to conduct an independent review of scientific evidence relating to the effectiveness of oxo-biodegradable technologies. 

 

The evidence considered by Mr. Susman included the January 2018 report of the EU Commission, the Loughborough Report for the UK Government, and the 2016 Eunomia Report for the EU Commission.  Mr. Susman examined the processes of abiotic and biotic degradation of plastics, and then looked specifically at degradation in air and degradation in seawater. 

 

He concluded, in a 14-page written opinion, that oxo-biodegradable technology:

 

·      does facilitate the ultimate biodegradation of plastics in air or seawater by bacteria, fungi or algae, within a reasonable time, so as to cause the plastic to cease to exist as such, far sooner than ordinary plastics, without causing any toxicity;

·      that "the benefit is obvious of reducing future contributions to the scourge of plastic pollution of land and sea";

·      that oxo-biodegradable technology is compatible with composting and recycling; and

·      that "the criticism alleging that oxo-biodegradable plastic technology would materially encourage littering [can only be regarded] as fanciful and unrealistic."

Commenting on his findings, Peter Susman QC said:

 

"I have been asked to imagine that I have been appointed as the sole member of an independent tribunal with jurisdiction to review, on a balance of probabilities, and in the light of the available scientific evidence, the effectiveness and utility of Oxo-biodegradable plastic technology in facilitating the speedier final degradation of certain plastics.

 

"It is no longer tenable to conclude that there is 'no firm evidence either way' whether oxo-biodegradable plastic technology is effective. I consider that recent research provides clear and compelling evidence that oxo-biodegradable plastic is indeed effective in facilitating very significantly speedier degradation than is the case when that technology is not used."

 

Michael Laurier, Chief Executive of Symphony Environmental said:

 

"We are delighted that Peter Susman QC has found the scientific case for Symphony's d2w oxo-biodegradable technology to be proven.

 

"This is a pivotal period for Symphony, with growing demand for our products across the world.

 

"In addition to Mr Susman's reasoned Opinion, d2w oxo-biodegradable technology is validated in terms of degradability, biodegradability, and ecotoxicity by reference to existing European and US Standards, and also conforms with the EU Packaging Waste Directive. It is the only oxo-biodegradable product to have been awarded an ABNT Eco-label."

 

ENDS

 

Enquiries

 

Symphony Environmental Technologies Plc

 

Michael Laurier, CEO

Tel: +44 (0) 20 8207 5900

Ian Bristow, CFO

 

www.symphonyenvironmental.com

 

 

 

Cantor Fitzgerald Europe (Nominated Adviser and Broker)

 

David Foreman, Richard Salmond, Michael Boot (Corporate Finance)

Tel: +44 (0) 20 7894 7000

Caspar Shand Kydd (Sales)

 

 

 

FTI Consulting (Financial PR)

 

Daniel Hamilton

Tel: +44 (0) 20 3727 1794

 

 

 

 

NOTES TO EDITORS:

 

About Peter Susman QC

 

Peter Susman QC has over 25 years' experience of adjudicating cases in the Technology and Construction Court branch of the High Court in England, involving the evaluation of expert evidence.  He has declared in his Opinion that he has not entered into any arrangement where the amount or payment of a fee for his Opinion is in any way dependent on its content or conclusions.

 

About Symphony Environmental Technologies plc

 

Symphony has developed and continues to develop, controlled-life plastic technology which helps tackle the problem of microplastics by turning ordinary plastic at the end of its service-life into biodegradable materials. It is then no longer a plastic and can be bioassimilated in the open environment in the same way as a leaf. The technology is branded d2w® and appears as a droplet logo on many thousands of tonnes of plastic packaging and other plastic products around the world. In some countries, most recently Saudi Arabia, oxo-biodegradable plastic is mandatory. 

 

In addition, Symphony has developed a range of additives, concentrates and master-batches marketed under its d2p® brand, which can be incorporated in a wide variety of plastic and non-plastic products so as to give them protection against many different types of bacteria, fungi, algae, moulds, and insects, and against fire. d2p products also include odour, moisture and ethylene adsorbers as well as other types of food-preserving technologies. We have also launched d2p anti-microbial household gloves and are developing a range of other d2p finished products for retail sale.

 

Symphony has also developed the d2Detector®, a portable device which analyses plastics and detects counterfeit products.  This is useful to government officials tasked with enforcing legislation, and Symphony's d2t tagging and tracer technology is available for further security.

 

Symphony has a diverse and growing customer-base and has established itself as an international business with 74 distributors around the world. Products made with Symphony's plastic technologies are now available in nearly 100 countries and in many different product applications. Symphony itself is accredited to ISO9001 and ISO14001.

 

Symphony is a member of The Oxo-biodegradable Plastics Association (www.biodeg.org) (OPA), the Society for the Chemical Industry (UK), and the Pacific Basin Environmental Council. Symphony is also a strategic partner of the Commonwealth Business Initiative, and actively participates in the Committee work of the British Standards Institute (BSI), the American Standards Organisation (ASTM), the European Standards Organisation (CEN), and the International Standards Organisation (ISO).

 

Further information on the Symphony Group can be found at www.symphonyenvironmental.com and twitter @SymphonyEnv See also Symphony on Instagram. A Symphony App is available for downloading to smartphones.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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