Nanotech Industries (dba Hybrid Coating Technologies, or HCT) has entered into a memorandum of understanding (MOU) with Shunfa from Jiande City, China to manufacture and distribute HCT’s Green Polyurethane technology in China and South East Asia.
Nanotech Industries is a San Francisco-based innovator focused on improving the quality and safety of coatings and paint for industrial and commercial customers around the world. They are the exclusive licensee of Green Polyurethane coatings and paint, the world's first patent protected polyurethane-based coatings and paint products, according to the company.
Under the terms and conditions of the MOU, Nanotech Industries will supply its technology and know-how to a jointly owned Chinese-based LLC and Shunfa Company will be responsible for supplying the necessary capital and management of the LLC, including manufacturing, marketing and sales.
HCT will receive a royalty on all sales from the LLC and a portion of the profits. The LLC will have exclusive rights to HCT’s technology for China and South East Asia subject to satisfying certain minimum sales quotas. HCT, Shunfa Co. and the LLC will enter into an intellectual property agreement to protect HCT’s technology and the LLC will apply for certain Chinese patents based on HCT’s technology.
“We look forward to working with Shunfa Co. in developing one of the world’s fastest growing markets for our technology,” said Joseph Kristul, CEO and president of HCT, “and we expect to generate a significant amount of business in the near future.”
China has been the world leader in polyurethane (PU) production since 2007 and is also a significant consumer of polyurethane-based consumer goods. By 2012 total global production of PU is predicted to be 18,668,250 tons and China will produce roughly 34 percent, or 6,347,205 tons, of all global PU.