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Accsys Technologies shares lifted by news of Accoya wood licensing option deal

Last updated: 00:37 26 Jan 2011 AEDT, First published: 01:37 26 Jan 2011 AEDT

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Shares in Accsys Technologies PLC (LON:AXS) were among the top risers on the London Stock Exchange, trading up nearly 23.4 percent in early afternoon deals at 0.40 pence, after the group announced a licensing option deal this morning.

Accsys’ wholly-owned subsidiary Titan Wood Ltd has entered into a licence option agreement with a major multinational corporation in relation to the production and sale of Accoya wood using Titan Wood's proprietary acetylation technology.

Under the agreement, Titan Wood has granted an exclusive option to enter into a licence agreement, pursuant to which rights over the Technology may be granted in certain states within Europe.

There can be no certainty that the parties will enter into any licence agreement and the detailed terms of any licence agreement are currently being negotiated, Accsys said.

Accsys chief executive Paul Clegg said: "We have been engaged in a number of discussions in relation to major licensing, fundraising and other strategic opportunities for some while. This Option Agreement represents an important step forward and we are excited about the opportunities that it presents.”

Accsys focuses on the production of Accoya wood and technology licensing via its Titan Wood subsidiary, which has manufacturing operations in Arnhem, the Netherlands, a European office in London and an Americas office in Dallas, Texas.

Accoya wood is produced by using a proprietary, non-toxic process that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "high technology wood" via acetylation. Its durability and dimensional stability lends it to exterior applications where performance and appearance are valued, the company says.

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