Development Contract with Fortune 150 Company
11 May 2011
Byotrol plc
Global leader chooses Byotrol
for consumer products development contract
Byotrol plc ('Byotrol'), the developer of anti microbial hygiene technologies, is pleased to announce that it has agreed a significant joint development contract between a Fortune 150 company (the 'Partner') and its 50% owned subsidiary Byotrol Consumer Products Ltd ('BCP'). The goal of this agreement is to develop a range of products containing Byotrol's unique technology for global consumer markets.
Under the 9 month contract, BCP will receive between US$500,000 and US$1,000,000 in upfront, milestone-based payments, and offsets. The agreement entitles the Partner to exclusivities in certain global consumer markets and product forms, whilst providing funding for BCP's product development activities. Both parties will commit technical, testing, market insight and customer testing resources to the project.
On 21 December 2009 it was first announced that the two companies had entered into an option agreement, and in the intervening period they have been working jointly to evaluate the technology.
This contract is complementary to other development and distribution contracts recently announced by Byotrol, including the Robert McBride Group, P Z Cussons, and Tommee Tippee with Mayborn.
Commenting on the contract, Gary Millar, CEO of Byotrol, said:
"This contract is a landmark deal for the business both in terms of its commercial potential and the collaborative nature of the joint development agreement.
"Our strategy recognises that the full potential for Byotrol will be best achieved by working closely in partnership with leading companies and this agreement is an important step towards bringing Byotrol to consumers globally.
"I am very pleased to add that negotiations in reaching this agreement have been extremely positive; our partners in this have made a significant commitment of capital, management time and resource in developing Byotrol based products under their brand label. This demonstrates considerable faith in Byotrol and its technology by a successful multinational corporation and is a further endorsement of the potential for Byotrol."
Enquiries:
Byotrol plc 0161 277 9518
Gary Millar, Chief Executive
Richard Bell, Finance Director
Arbuthnot Securities 020 7012 2000
Nominated Adviser and broker
Antonio Bossi / Henry Willcocks
Winningtons 020 3176 4722
Tom Cooper / Paul Vann 0797 122 1972
Notes to Editors:
Byotrol plc (BYOT.L), quoted on AIM, is a leading microbial technology hygiene company, operating globally in the Health, Food, Leisure, Consumer, Industrial and Agriculture sectors, providing a low toxicity product with a broad-based and long lasting efficacy across all microbial classes; bacteria, viruses, fungi, moulds, microbacteria and algae.
The Byotrol product can be used as a standalone product or as a complementary biocide additive to existing products to improve their performance in personal hygiene, domestic and industrial disinfection, odour control, food production and food management.
Founded in 2005, the Company has prioritised the development of a technology that creates easier, safer and cleaner lives through partnering with providers of essential goods and services. Byotrol is the catalyst behind the aptly named global 'Hygiene Revolution'.
This information is provided by RNS
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