Hybrid Coating Technologies Inc. has entered into an exclusive licensing agreement with its new partner Hybrid Coatings Canada Inc. (HCC) for the territory of Canada. As part of the agreement, HCC paid an upfront licensing fee of $150,000 to Hybrid Coating Technologies out of a total fee owing of $300,000. Other parties to the agreement were Nanotech Industries International Inc. (NTII) the company's wholly owned subsidiary and Nanotech Industries Inc. (Nanotech), the company's licensor. The balance of the fee is payable to Nanotech.
"We are looking forward to working with our partner in Canada to penetrate this large potential market for our coatings products," said Joseph Kristul, CEO, Hybrid Coating Technologies. "This licensing agreement is an important step towards securing multiple partners in different parts of the world as we continue to execute on our global marketing plan. We are presently in discussions with multiple other potential partners for other territories in the world."
The combined revenue for the Canadian industrial and specialty coatings industry is estimated at $1 billion per year said the company.
Hybrid Coating Technologies Inc. is based in San Francisco-Ca. and is the exclusive licensee of Green Polyurethane coatings and paint, the world's first-ever patent protected polyurethane-based coatings and paint products, which eliminate toxic isocyanates from the entire production process and is licensed by Nanotech Industries, Inc.