NEWS!!!
Hybrid Provides Update on Potential $20M Per Annum Definitive Agreement With Fortune 500 Partner
1 hour ago - ACQUIREMEDIA
SAN FRANCISCO, Aug. 12, 2015 (GLOBE NEWSWIRE) -- Hybrid Coating Technologies Inc. (OTCBB:HCTI) is pleased to provide an update to the press release issued on April 7th, 2015. Hybrid is currently finalizing negotiations and review of the definitive agreement with its Fortune 500 Partner and expects to execute the agreement by end of September 2015. As mentioned in the previously issued April 7th press release, Hybrid will work with its Fortune 500 partner to modify and then commercialize one of its products based on its non-isocyanate polyurethane platform technology. Upon successful completion of the product modifications, Hybrid will co-own any new patents based on these modifications with this partner and will give to the partner, subject to agreed upon mandatory minimum order quantities to be placed by the partner, worldwide exclusive rights of the modified product for commercialization within the partner's respective industry. Once commercialized and after a reasonable ramp up period, management expects, based on estimates provided by the partner, that revenues to Hybrid from the sale of this product would reach $20M per annum.
