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18.09.2017 08:00:07
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Deflamo AB: Major customer phases out Apyrum, Deflamo decides to divest some operations
Karlshamn on September 18, 2017
Deflamo's largest customer has announced that it intends to discontinue the use of Apyrum in the beginning of 2018 in view of the fact that the fire demands on the product produced have been lowered and that they expect to meet the lower fire requirements without the addition of Apyrum.
In addition to the current 4-tonne order book, Deflamo has received another order of 12 tonnes at a new higher price, which means that the order book totalled just over SEK 1 million. In addition to this order, no new orders are expected from the customer, although additional orders during transitional period is not excluded.
Deflamo has developed technology for the environmentally friendly flame retardant Apyrum over the years. This has provided deep and valuable knowledge of Apyrum's use in plasticised plastic and many other materials. The technology has resulted in a strong patent portfolio and new products which has raised great interest in the market.
Two patent applications, which has been described in previous press releases, were granted by The Swedish Patent and Registration Office, PRV on 28 August. Associated PCT agreements have been signed to extend the patents globally. The patents granted provide a basis for continued commercialization on a world market.
In view of the forthcoming loss of the company's major customer and the strained financial situation in the company, the Board has concluded that the company will not be able to independently develop the business area to its full potential.
The Board has therefore decided to instruct the management to sell part of its business and the relevant patent portfolio. The decision is based upon the Boards belief that Apyrum has a commercial potential on the global market if managed by a major specialty chemical company.
This divestment is expected to bring funds to Deflamo, thereby improving the financial situation and creating an opportunity for further development of commercial and environmentally friendly flame retardant products for the benefit of current and future generations.
For further information, please contact:
Fredrik Westin, VD
Telephone: +46 70 418 49 59
E-mail: fredrik.westin@deflamo.com
Read about Deflamo AB at www.deflamo.com
About Deflamo
Deflamo is a specialty chemical company that develops, produces and markets environmentally superior flame retardants under the product name Apyrum. Apyrum is a patented, environmentally-friendly and biodegradable alternative to hazardous flame retardants that are harmful to the environment and health. The company is listed on Nasdaq First North. Avanza is the company's Certified Advisor.
This information is the information that Deflamo AB is required to disclose under the EU Market Abuse Regulation. The information was provided by the above contact person for publication on September 18, 2017 at. 08.00 CET.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Deflamo AB via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Deflamo AB via Globenewswire
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