Nanoveu optimistic on UK market after fielding approach from local distributor
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Smartphone protection company Nanoveu (ASX:NVU) has inked a new distribution deal in the UK.
The company, which has existing partnerships across Singapore, Thailand and Malaysia as well as Aus/NZ, said the UK was the latest target in its global distribution strategy.
The UK deal is with CuVira — a newly formed company founded by local business partners Crerar Adams and Mike Tierney.
Nanoveu said there’s no guarantee the distribution partnership will result in product sales.
But in order to maintain exclusivity, CuVira will have to leverage its distribution channels to drive sales of at least $10,000 in the first month, and $4 million over the course of the first year.
Nanoveu’s product suite includes an antiviral technology, Nanoshield, that can be applied to hardware devices such as smartphone cases.
Last May, the company flagged the effectiveness of its application in a COVID-19 adjacent viral strain emerging from mice.
At the height of the pandemic, that news flow briefly saw the stock surge by 200 per cent to more than 10c.
Share in NVU rose by around 11 per cent in morning trade following today’s UK distribution deal, to seven cents.
The company’s technology has now been proven to “eliminate 99.99pc of OC43 — a viral strain affecting humans that is also a surrogate for COVID-19, in 30 minutes”, NVU said.
With reference to the UK distribution deal, Nanoveu CEO Alfred Chong said it was “exceptionally pleasing” that the deal was struck as the “result of an inquiry from CuVira expressing interest in our unique Nanoshield technology”.
The approach demonstrates that NVU is “building traction in major markets”, Chong said.
Taking a partnership approach allows the company to build out its distribution network with low capital costs, NVU added.
CuVira will look to sell Nanshield products with a focus on B2C channels, including retail outlets for its smartphone case devices along with door handle covers and medical PPE (personal protective equipment).