Technology company Nanoveu (ASX: NVU) has inked an exclusive agreement with Asia-Pacific fitness equipment and wellness provider AIBI Pte Ltd for the distribution of its NanoShield antiviral protection technology in Singapore.
Under the terms of the 12-month agreement, AIBI will incorporate Nanoveu’s technology into a new range of gym and home exercise equipment to be distributed to businesses throughout the country.
It will distribute Nanoveu’s antiviral products in health care and retail applications, and provide marketing and promotional activities within the region with all packaging to be approved by Nanoveu.
To retain exclusivity, AIBI is required to achieve minimum purchase volumes ranging from $51,382 in the first month through to $205,533 in months seven to 12, for a total commitment of $513,832.
If it achieves these milestones and complies with all other terms and conditions, the agreement will automatically renew beyond the initial 12 month term.
AIBI said Nanoveu’s technology fits with its corporate safety objectives.
“Safety is our top priority and we believe NanoShield products will be of great benefit for our customers, not just in gyms and home fitness areas, but into shopping malls, hospitals, train stations where we have a long history of being a reputable supplier to top businesses, hospitals and companies in Singapore,” the company said.
“With over 35 years of bringing fitness and health-related products to the Singapore market and the broader Asia-Pacific region, AIBI is poised to take a leading position, providing safe, antiviral products into the market as the country rekindles from lock down.”
NanoShield antiviral technology has been proven capable of eliminating 99.99% of human coronavirus OC43 (a known COVID-19 surrogate) in 30 minutes.
The technology has also been validated against other bacteria and viruses including e.Coli, Influenza A (subtype H3N2) and coronavirus MHV-A59.
Executive chairman and chief executive officer Alfred Chong said NanoShield will provide a first line of defence for AIBI’s fitness and health-related products.
“This agreement is a major step forward in the commercialisation of our revolutionary antiviral technology,” he said.
“For most of us living in Singapore, [AIBI is] an icon with an enviable distribution network and we look forward to working closely with their team.”
Mr Chong said increasing interest in antiviral solutions had allowed a broader market opportunity for NanoShield to be used on a large array of other surfaces which could benefit from innate antiviral protection including mobile phone cases and screens.
To this end, Nanoveu last week announced it had signed an agreement with a subsidiary of Thai telecommunications provider Advanced Info Service for the supply of its Customskins laminating machines in that country.
The machines are designed to enable fast and simple application of screen protectors to smartphones and other mobile devices.
Application typically takes 60 seconds, with an alignment accuracy of 150 microns, and eliminates the frustrations associated with manual methods.
Nanoveu will initially trial two Customskins in high-traffic retail sites operated by AIS for an initial 60-day period, with the intention of extending to full commercial deployment.
It will also supply the screen protectors, with revenue generated to be shared between Nanoveu and AIS.
“Thailand’s telecommunications market is an ideal location to commence our initial trials, as it consists of millions of mobile device users and [has] continually strong mobile device uptake,” Mr Chong said.
“Thailand is also close to our existing Asian operations, ensuring further supply chain synergies.”
At mid-morning, shares in Nanoveu were trading 13.04% higher at $0.078.