Update on Distribution Agreement in India

RNS Number : 0608K

Nanosynth Group PLC

27 August 2021

 

27 August 2021

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside is now considered to be in the public domain.

nanosynth group plc

("nanosynth" or the "Company")

Update on Distribution Agreement in India

The Board of nanosynth notes commentary in relation to its distribution agreement with Vivek Kohli Enterprises OPC Private Ltd ("VKE"), and in particular that VKE considers that such partnership could generate over £17m in revenue.

As announced in the Company's RNS relating to the distribution agreement on 24 June 2021, the Company considers that India represents a significant opportunity for the Company and its Pro Larva anti-viral mask.  Following the recent launch of the product in India, the Company is looking to make delivery of 250,000 masks in the next few weeks, with the remainder of the initial order to follow.   These masks will, in part, be distributed to interested parties in India, with whom VKE have been in discussions, to help establish the level of demand and timeframes for future orders.  The Company is delighted with VKE's support and enthusiasm for the Pro Larva mask and naturally hopes that further significant orders will follow although there can be no guarantee of such.

The Company looks forward to providing shareholders with further updates in relation to this partnership as it continues to develop.

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ENQUIRIES :

Remote Monitored Systems plc	[phone]
Antony Legge (Executive Chairman)
SP Angel Corporate Finance LLP	[phone]
Nominated Adviser and Joint Broker
Stuart Gledhill
Caroline Rowe
Peterhouse Capital Limited	[phone]
Joint Broker
Lucy Williams
IFC Advisory Ltd	[phone]
Graham Herring
Zach Cohen

 

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