Symbol: EKO / TSX
MONTREAL, Oct. 15 /CNW Telbec/ - Noveko International Inc. ("the Company") is pleased to announce that its subsidiary, Noveko Inc. ("Noveko"), has concluded an exclusive distribution agreement for its antimicrobial masks and respirators (collectively the "masks") and its AZURO(TM) hand sanitizers with Malaysian-based SappTech Sdn Bhd ("SappTech"). This agreement, which has an initial term of three years (the "Term"), covers the distribution of these products in Malaysia, Singapore, Indonesia, Thailand, and in the State of Brunei Darussalam (collectively the "Territory"). This agreement also covers Epurair Inc. air purifiers.
SappTech has undertaken to purchase a minimum of 100 million masks (the "Minimum Purchase") over the Term of the agreement for an estimated value of approximately $25 million. In order to maintain its exclusive distribution rights in the Territory throughout the Term, SappTech must proceed, on a yearly basis, with purchases of masks equal to at least one third of the Minimum Purchase.
"We are very proud to be partnering with SappTech, a key player which has the organization and the know-how necessary to optimize the commercialization of our antimicrobial products in these high-growth South East Asian markets. We are also happy that this agreement will provide a large group of people with innovative and effective means to protect themselves against the spread of germs and diseases," stated Mr. Alain Bolduc, President and Chief Operating Officer of the Company.
"Our alliance with Noveko will allow us to offer superior solutions to our clients for a healthier and safer environment. In selecting Noveko's products, we have considered their innovative properties and effective antimicrobial protection, crucial features to limit the risk of pandemics," added Mr. C.M. Chan, President of SappTech.
SappTech is a manufacturer and distributor of technological products, including air, water and surface disinfection systems, to the health, industrial and domestic market segment in South Asia. SappTech has offices in Malaysia, Singapore, Indonesia, the Philippines, Thailand and Brunei.
Noveko International Inc. offers innovative solutions in the environmental and medical fields worldwide. Through its subsidiaries, the Company specializes primarily in the following business segments: the development, manufacturing and marketing of derivative products from its patented antimicrobial filtration technology, including air filters, surgical masks and respirators, along with other products with antimicrobial properties such as AZURO(TM) hand sanitizers - and the development, manufacturing and marketing of medical equipment, primarily portable real-time ultrasound scanners for use in human and veterinary medicine.
Certain statements set forth in this press release constitute forward-looking statements. In some cases, these statements are identified by the use of terms such as "may", "could", "might", "intend", "should", "expect", "project", "plan", "believe", "estimate" or other comparable variants. These statements are based on the information available at the time they are written, on assumptions made by management and on the expectations of management, acting in good faith, regarding future events, including those relating to economic conditions, fluctuations in exchange rates and operating expenses, and the absence of unusual events entailing supplementary expenditures. Although management considers these assumptions and expectations reasonable based on the information available at the time they are written, they could prove inaccurate. Forward-looking statements are also subject, by their very nature, to known and unknown risks and uncertainties such as those related to the industry, acquisitions, labor relations, credit, key officers, supply and product liability. The actual results of Noveko International Inc. could differ materially from those indicated or underlying these forward-looking statements. The reader is therefore recommended not to unduly rely on these forward-looking statements. Forward-looking statements do not reflect the potential impact of special items, any business combination or any other transaction that may be announced or occur subsequent to the date hereof. Unless otherwise required under securities laws, the Company does not intend and undertakes no obligation to update or revise the forward-looking statements to account for new information, new events or new circumstances.
SOURCE Noveko International Inc.
For further information: For further information: Chantal Vennat, Director, Investor Relations and Corporate Communications, Noveko International Inc., (514) 875-0606, http://www.noveko.com