HCTI Just about 90 days this week: Hybrid Coating Technologies Inc. (HCTI: OTCBB) is pleased to announce that it has recently entered into an agreement with a Fortune 500 company to modify and then commercialize one of its products based on its non-isocyanate polyurethane platform technology. Upon successful completion of 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. "We are very happy to be working with this household brand as we continue to execute our strategic plan of partnering with industry leaders in the foam, coatings, and adhesive markets to commercialize products based on our platform technology," said Joseph Kristul, President and CEO, “This agreement demonstrates the commercial value of Hybrid’s technology as perceived by the major companies that sell polyurethane based products.” As per the agreement, the parties will enter into a subsequent definitive supply agreement within approximately 90 days. Hybrid has now commenced work on product modifications. As part of a nondisclosure agreement, Hybrid is not at liberty to divulge the identity of the partner. Hybrid is in advanced discussions and testing with several other similar sized companies manufacturing polyurethane-based applications and expects to enter into agreements with some of these in the near future. Hybrid’s patented technology is the only formulation in the world today that produces hybrid polyurethane without the using any toxic isocyanates throughout the entire production process.
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