Visualant, a company engaged in color-based identification and diagnostic solutions, today announced the signing of a suite of agreements with Sumitomo Precision Products Co., Ltd. (SPP) of Japan.
The agreements center on Visualant’s optical sensing and data capture technology, Spectral Pattern Matching (SPM), which Visualant develops and distributes through wholly owned subsidiary TransTech Systems Inc.
SPP, a publicly listed Japanese corporation, will invest US $2.25 million into Visualant in exchange for 17,307,693 shares of restricted common shares priced at $0.13 per share.
In addition, the companies have inked a one-year joint development agreement regarding the commercialization of Visualant’s SPM technology and a license agreement that names SPP as an exclusive license holder of the SPM technology in identified Asian territories. Per this arm of the agreement, SPP will pay Visualant an initial payment of US $1 million for the license agreement along with a running royalty for the license, which will be negotiated at the close of the joint development agreement.
“The investment by Sumitomo Precision Products is a significant milestone in the history of Visualant,” Visualant founder and CEO Ron Erickson stated in the press release. “SPP is a splendid partner. Pursuant to our Joint Development Agreement, we look forward to working with SPP to bring our Spectral Pattern Technology to the marketplace where we can provide elegant and efficient solutions in security and authentication, as well as medical, environmental and agricultural diagnostics.”
For more information visit www.visualant.net
About QualityStocks
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://gotstocks.qualitystocks.net
Please see disclaimer on the QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment