Nanoveu marches on to Turkey and Hong Kong as share price surges 14pc
Health & Biotech
Health & Biotech
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Singapore-based nanotech devices company, Nanoveu (ASX:NVU), has continued its inroads into international markets, announcing an exclusive distribution agreement with Turkey, and a non-exclusive one with Hong Kong.
The Turkey agreement is a 12-month deal for the distribution of Nanoveu’s Nanoshield product with Turkey’s Vital Medikal. While there is no explicit sales guarantee in the agreement, an annual purchase target of US$575,000 has been agreed.
According to the release, Vital Medikal has 25 years of experience in supplying medical equipments to Turkish hospitals and medical clinics. The company is also a licensed distributor in Turkey of major US brands, including Teleflex and MedXL.
The Hong Kong deal meanwhile, is a non-exclusive distribution agreement for Nanoshield signed with Asia Prolab. The contract is also for 12 months, and involves an initial “non-material” purchase of Nanoshield product. The contract can be terminated by both parties on a 30-day notice.
Asia Pro Labs, according to the release, is a supplier of detailing and customisation for the enthusiast automotive industry, typically through the use of vinyl wrapping.
Nanoveu’s flagship product Nanoshield is an antiviral protector which is available in a variety of mobile phone screen covers and cases, and as a commercial film, is capable of being applied to a number of other surfaces.
The clear plastic cover contains a layer of charged copper nanoparticles which have antiviral and antimicrobial properties. The company says the protector is capable of eliminating 99.9 per cent of the virus or bacteria that come in contact with the phone.
Interestingly, studies have shown that the product can eliminate HCoV-OC43, a type of coronavirus that’s responsible for the common cold, and which has been linked to COVID-19.
Due to this study, the use case for Nanoshield has been expanded beyond mobile phones, and can now be applied to surfaces such as ATMs and EFTPOS devices, as well as handrails and public transport.
In addition to Nanoshield, Nanoveu also produces other tech devices including EyeFly3D. This product converts 2D digital displays into 3D without the need for 3D glasses, and is currently available for Apple iPhones and Google Pixel 3 phones.
It’s also currently filing a patent in Singapore for EyeFyx, which helps farsighted people see computer screens clearly.
Nanoveu’s full year results ending 31 December 2020 showed that the company made a net loss of $1.76 million. However, top line revenue surged by 500% to $368,000 during the year.
The company has a pipeline of pre-commercialised products in various stages of testing,
Its share price has risen by 50 per cent from a year ago, and is trading at 5.7c today.