30th Oct 2015 12:45
LONDON (Alliance News) - Environmental Recycling Technologies PLC Friday said the recycling industry continues to face difficulties in a weakened economic and commodity environment but that it is working to address the challenges.
At the company's annual general meeting held on Friday, Chairman Michael Rowan noted that a number of large recyclers have encountered financial difficulties with their existing operations due to a weak market.
"ERT and its proprietary PIM process continue to address the challenges of dealing with un-separated polymers and recycling processes. ERT has continued to progress its intellectual property and more importantly its own recycling know how over the last 12 months. The challenge for ERT has been to achieve commercial progress in the context of a weak market background," Rowan said.
Powder impression moulding is a form of plastic waste disposal.
The chairman added that ERT's joint venture agreement with Axion Polymers has continued to provide "valuable information" to the company and has become an important component in addressing the technical support required for existing licencees and in assessing new commercial opportunities.
Meanwhile, ERT's licensee Contour Showers, has consistently delivered high-value product using the PIM process, despite modest volumes, Rowan said.
"ERT's immediate focus is on the new North American PIM production line being installed at Waste Not Recycling in Colorado. It is expected that the new line will be operational before the calendar year-end, and this will represent a further advancement in the commercialization of PIM. Other commercial enquiries continue to develop both in the UK and internationally," Rowan said.
"I believe that there are some exciting opportunities before ERT, and I look forward to updating shareholders in due course," he added.
Shares in ERT were untraded on Friday, last quoted at 0.151 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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