Oakville, Ontario--(Newsfile Corp. - April 12, 2023) - FendX Technologies Inc. (CSE: FNDX) (the "Company" or "FendX") a nanotechnology company developing surface protection coatings, is pleased to announce that the Company has signed a development stage agreement (the "Agreement") with Dunmore International Corp. ("Dunmore"), a Steel Partners Holdings L.P. (NYSE: SPLP) operating company, to provide their engineering expertise to scale-up the Company's REPELWRAP film to create intermediate-sized prototype films for testing.
Dr. Carolyn Myers, CEO of FendX states, "We have successfully completed testing a lab prototype with McMaster University and are now ready to transfer the process for making REPELWRAP film to Dunmore to continue with our prototype development milestones to create larger versions of REPELWRAP film. The engagement of Dunmore is an important milestone for us as this is the first step to assessing and creating an automated manufacturing process. We look forward to continuing to execute on our scale-up and development milestones with highly experienced collaborators and are excited to work with an experienced manufacturer such as Dunmore." Dr. Myers continues, "We are committed to the further development and testing of REPELWRAP film, with the intention of developing a commercial product. Leveraging our robust patent portfolio and nanotechnology, the Company also plans to research and develop a pipeline of other products to contribute to the global effort to reduce the spread of pathogens."
REPELWRAP film is the Company's first product under development and is a protective surface coating film that leverages the Company's award-winning nanotechnology. REPELWRAP film has demonstrated unique repelling properties that prevent the adhesion of pathogens, bacteria and viruses, reducing their transmission on surfaces prone to contamination. The Company believes REPELWRAP film will have applications in healthcare settings and other industries.
The Company announces it has signed an amendment agreement dated April 11, 2023, with an effective date of January 1, 2023, with McMaster University to the Collaborative Research Agreement (the "CRA") dated July 7, 2021 with an effective date of August 1, 2021. The amendment with McMaster amends the CRA to update the payment schedule related to the timing of payments including two payments of $87,500 and $75,000 originally scheduled to be made in 2022 to be amended to be made in 2023.
The Company announces it has entered into an agreement with Triple Bull Consulting Inc. ("Triple Bull") for Triple Bull to provide investor communications services to the Company in exchange for an aggregate amount of $40,000, payable within 10 days of signing. The services will include analytics and web traffic tracking set up, market research and persona development, content creation and publishing, digital marketing campaign set up and management, weekly analytics reports and other related investor communication services. Triple Bull may conduct certain of these services on social media platforms. The term of the Triple Bull agreement is for a period of four months ending on August 11, 2023. Triple Bull's contact information is as follows: 119 Duncan Dr., Arnprior, Ontario K7S 0E1, attention: William McClain, email: william.mcclain@triplebullconsulting.com, telephone: (604) 773-9423.
The Company announces it has entered into an agreement with ARU Global Inc. ("ARU") for ARU to provide investor relations and communications services to the Company in exchange for an aggregate amount of $500,000 USD, payable in installments as follows: $100,000 USD upon execution of the agreement, $100,000 USD paid 30 days prior to campaign launch, $150,000 USD after month two of the campaign launch and $150,000 USD after month three of the campaign launch. The services will include advertorial landing page long-copy and design, lead-generation drip sequence, Yahoo, Google, Retargeting ad creation and audience optimization and email teasers and other related investor relations services. The term of the ARU agreement is for a period of 12 months ending on April 11, 2024. ARU's contact information is as follows: Calle Punto Colon, Punta Pacifica, attention: Brian Uppal, email: brian@aruglobalinc.com, telephone: 507-6532-8900.
About Dunmore International Corp.
Dunmore is a global manufacturer of engineered coated and laminated films and foils with manufacturing facilities in the U.S. and Germany. Dunmore offers film conversion services such as coating, metallizing and laminating along with contract film manufacturing and custom film product development. Dunmore services a diverse group of industries including aircraft, spacecraft, photovoltaic, graphic arts & labels, packaging, and insulation. Dunmore is a subsidiary of Steel Partners and is ISO 9001:2015 and OSHA VPP Star certified.
About FendX Technologies Inc.
FendX is a Canada-based nanotechnology company focused on developing products to make people's lives safer by reducing the spread of pathogens. Our first product under development, REPELWRAP film, is a protective surface coating film that, due to its repelling properties, prevents adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners including McMaster University. The Company has an exclusive world-wide license to its technology, including an IP portfolio, from McMaster.
ON BEHALF OF THE BOARD
"Carolyn Myers"
Carolyn Myers
Chief Executive Officer and Director
For further information, please contact:
Carolyn Myers
Telephone: 1-800-344-9868
For Media and Investor Relations Inquiries:
investor@fendxtech.com
For more information please visit https://fendxtech.com/ and the Company's profile on SEDAR at www.sedar.com.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; statements regarding Dunmore and the scale up and testing of an intermediate prototype; the Company's plans to research and develop a pipeline of other products; the Company's belief that REPELWRAP will have applications in healthcare settings and other industries; and products under development and any pathogen reduction benefits related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: product candidates only being in formulation/reformulation stages; limited operating history; research and development activities; dependence on collaborative partners, licensors and others; effect of general economic and political conditions; and other risk factors set forth in the Company's final prospectus dated January 31, 2023 under the heading "Risk Factors". The reader is urged to refer to the Company's prospectus and other filings, publicly available through SEDAR at www.sedar.com for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162106
