Oct 10, 2012. /Lesprom Network/. Further to the recently announced heads of terms, Accsys is pleased to announce that it has entered into a new 50:50 joint venture with INEOS to exploit Accsys’ intellectual property surrounding its proprietary Tricoya® wood elements acetylation technology and processes, which is now expected to lead to the accelerated global deployment of Tricoya. The new company, Tricoya Technologies Limited (“TTL”), will develop and exploit Accsys' Tricoya technology for use within MDF, particle board and wood plastic composites in a worldwide panel products market estimated to be worth more than €60 billion annually, as the company said in the press release received by Lesprom Network. The Tricoya technology gives engineered wood products, such as MDF, a level of durability and dimensional stability that is comparable with or superior to non-wood products, while offering all of the advantages of wood – including a high strength to weight ratio and excellent mechanical and machining properties. Significantly, Tricoya® enables MDF wood to be competitive with non-wood materials, opening up markets in a huge number of new applications which have hitherto been the preserve of plastics, metals, resin and cement based products. INEOS is one of the world’s biggest petrochemical companies. INEOS will contribute not only its significant market reach but also its impressive technology, licensing and intellectual property expertise. As part of the transaction, TTL has been granted rights to exploit Accsys’ Tricoya® technology and will also benefit from a licence of any intellectual property held by INEOS that may assist the joint venture in maximising the value of the Tricoya® proposition. Profits generated by TTL are to be shared between Accsys and INEOS in a way that reflects each party’s interest. The contribution of Accsys’ Tricoya® intellectual property to the Joint Venture will be reflected through a disproportionate future profit share which will create significant value for Accsys. In addition to INEOS’s joint investment programme with Accsys into the Tricoya business, INEOS Industries Holdings Limited has subscribed for 23,529,412 new ordinary shares in Accsys, at a price of €0.17 per share. Admission of these shares onto the London Stock Exchange and Euronext Amsterdam markets is expected to take place no later than 19 October 2012 following receipt by Accsys of subscription monies totalling €4,000,000. The new ordinary shares issued to Ineos will represent 5.4% of the issued share capital of Accsys. The Company has also executed a warrant instrument in favour of INEOS, allowing INEOS the opportunity to purchase up to a further 16,468,236 shares at a price of €0.21 per share at certain times during the course of the next four years.