Accsys Terminates Licence Agreement with Diamond Wood China
OREANDA-NEWS. August 28, 2013. Accsys has terminated its Accoya licence agreement with Diamond Wood China Limited. Accsys entered a licence agreement with Diamond Wood in 2007 which was subsequently amended and superseded on various occasions, the last being in August 2010, as the company said in the press release received by Lesprom Network.
Under the terms of the licence agreement, Diamond Wood was granted exclusive rights to construct and then run an Accoya acetylation plant in China and parts of South East Asia. However as the Company has previously reported, Diamond Wood has failed to make progress in this respect despite the significant amount of support and work carried out by Accsys since 2007.
Following legal advice, notice of termination of the licence agreement has been served by Accsys, in accordance with Accsys’ contractual and legal rights, as a result of Diamond Wood’s failure to comply with its contractual obligations.
Accsys will work to ensure the continuity of supply of Accoya to meet the demand from end-customers in China and South East Asia. Accsys remains confident that this region offers substantial opportunities and now looks forward to progressing Accoya sales and exploring new licence opportunities.
Accsys is the environmental science and technology company whose primary focus is on the production and technology licensing of Accoya® wood and Tricoya® wood elements.