nanosynth group plc (LON:NNN) the AIM quoted company has announced that it has entered into a new Joint Venture Agreement with, inter alia, Volz Holding v.o.s forming the basis upon which the Parties intend to develop, market and sell an anti-pathogenic product for the global filtration market. The Company will initially own 51% of the JV.
nanosynth and Volz have each agreed to licence their respective proprietary filtration and manufacturing technologies to the JV for the purpose of producing an anti-pathogen product for the global filtration market. Specifically, P2F have licenced their antipathogenic IP (PCT/GB2021/052733, NANOPARTICLES FOR USE IN ANTI PATHOGENIC APPLICATIONS) to the JV. The JV agreement has been entered into on the basis of an agreed business plan and marketing and sales strategy. Each of the Parties will be represented on the JV board of directors.
Up to £50,000 of funding for initial working capital for the JV will be provided by the Company under the terms of a loan agreement which has also been entered into.
The Volz Group is predominately a major manufacturer of air filtration media and filter products for use in HVAC systems, with production facilities in Germany, Slovakia and the U.K. totalling more than 80,000m2. The group has a diversified platform and specialist Tier 1 CNC engineering processing capabilities.
Further updates on the progress of the JV will be made as and when significant milestones are achieved.
Mark Duffin, nanosynth CEO commented: “I am delighted to be able to report the signing of the JV agreement with Volz which has the potential for us to develop an outstanding HVAC product at a time of great need around the globe. With the unfortunate prospect of further COVID variants likely in the future, we envisage excellent longer term sales prospects. We very much look forward to working with Volz on this innovative project using our proprietary technology.”
