BOCA RATON, Fla., May 04, 2022 (GLOBE NEWSWIRE) -- Xeriant, Inc. (OTCQB: XERI) (“Xeriant” or “The Company”), an aerospace company dedicated to Advanced Air Mobility and associated specialty chemicals and materials, announced today a significant regulatory step in the prohibition of toxic flame retardants in Europe, positioning Retacell to become a leading replacement for these chemicals. In the largest ever ban on hazardous substances, the European Union last week unveiled a “Restrictions Roadmap,” a proposal to eliminate up to 12,000 toxic chemicals, including flame retardants, which have been linked to a number of illnesses, including cancer, hormonal disruption and neurological damage, as well as environmental issues. Last month, Xeriant entered into a joint venture with 26-year-old Slovakian chemical company, Movychem s.r.o. (“Movychem”), which acquired exclusive worldwide rights to their groundbreaking eco-friendly Retacell fire retardant technology.
“There has been growing awareness of the adverse environmental and human health effects of toxic flame retardants, and this ban by the European Union will likely become the catalyst for similar initiatives across the globe. The transition to safer and more sustainable alternatives presents a substantial market opportunity for Retacell, which we plan to exploit,” commented Xeriant CEO, Keith Duffy.
Flame retardants are added or applied to a variety of industrial and consumer products made with combustible materials to prevent or slow the spread of fires. There are generally five categories of flame retardants based on their properties and chemical structure: halogenated (bromine and chlorine), inorganic (aluminum and magnesium hydroxide), nitrogen (melamine and graphite), phosphorous and intumescent coatings, some of which work in synergy. The most common flame retardant additives for plastics are halogenated.
According to the European Environmental Bureau, a network of approximately 170 environmental organizations in more than 35 countries, the chemical industry fought the European Commission for two years in a legal battle to overturn a ban on the use of halogenated flame retardants (HFRs) used in electronic displays, a measure aimed at improving the recycling of plastic parts of televisions and monitors. It is currently not feasible for recyclers to distinguish these halogenated components from plastics derived from safer sources, and as a result, dangerous HFRs may be found in recycled plastic used in children’s toys, kitchen equipment and other household items. Retacell can be integrated into a variety of plastics and is non-toxic and biodegradable.
“The EU’s recent directive restricting the use of detrimental flame retardant chemicals was monumental and will likely lead the way for major reforms in the U.S., the largest market for these additives. Retacell has the potential to transform the industry because it is effective, environmentally safe, and has wide applicability,” stated Dave Zajac, Xeriant Senior Advisor.
In January 2022, the State of New York passed the Family and Fire Protection Act, a law which regulates the use of flame retardant chemicals in upholstered furniture, mattresses and electronic enclosures. The legislation is primarily aimed at protecting firefighters who are subjected to toxic smoke from fire retardant chemicals in the line of duty, and children who are at risk for developmental problems due to exposure. Delaware, Georgia, Iowa and West Virginia also passed this type of legislation and a dozen more states have adopted policies leading to future action. On the federal level, the Environmental Protection Agency (EPA) is in the process of updating regulations for potentially harmful chemicals, including flame retardants.
About Xeriant, Inc.
Xeriant, Inc. (d.b.a. Xeriant Aerospace) is an aerospace company dedicated to the emerging aviation market called Advanced Air Mobility (AAM), the transition to eco-friendly on-demand flight, and is partnering with and acquiring strategic interests in visionary companies that accelerate this mission. Xeriant is focused on the development and deployment of next-generation electrically powered aircraft capable of vertical takeoff and landing (VTOL), breakthrough technologies and advanced materials which can be successfully integrated and commercialized, and the critical infrastructure components needed to support operations. Xeriant is located at the Research Park at Florida Atlantic University in Boca Raton, Florida adjacent to the Boca Raton Airport.
For more information, please go to www.xeriant.com.
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We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
This press release does not constitute an offer of any securities for sale.
Xeriant, Inc.
Investor Relations Dept.
(561) 491-9595
IR@xeriant.com
www.xeriant.com
