Accsys Technologies PLC (AIM: AXS) said its Titan Wood Inc unit has signed a joint development agreement with Medite Europe Ltd to commercialise an economically viable, non-toxic, and stable medium density fibreboard (MDF) panel made from Titan’s proprietary Tricoya wood elements.
Under the agreement Medite is granted an exclusive license to develop, manufacture, market, distribute and sell the licensed products arising from this cooperation within the UK and the Republic of Ireland.
Additionally, Titan Wood agrees to facilitate the location, design, project management, plant commissioning, training of production staff and operating advice regarding the plant envisaged to produce Tricoya wood elements.
Titan Wood and Medite have also agreed to enter into a license option agreement regarding the use of Titan's proprietary acetylation technology in respect of oriented strand board (OSB). Exercise of the Option will grant Medite a technology license with exclusive rights to develop, manufacture, market and sell OSB panels made from Tricoya wood elements within the UK and Ireland.
Medite has been a major-player in the European MDF market since 1976 and has exhibited a consistent commitment to research and development, Accsys said.