Itaconix PLC New Licence Agreement with New Wave (4512J)
05 December 2018 - 6:00PM
UK Regulatory
TIDMITX
RNS Number : 4512J
Itaconix PLC
05 December 2018
5 December 2018
Itaconix plc ("Itaconix")
Licence Agreement for Non-Phosphate Automatic Dishwasher
Detergent Formula Based on its Itaconix(R) CHT(TM) Polymer
Itaconix (AIM: ITX), a leading innovator in sustainable
specialty polymers, is pleased to announce that it has signed a
licence agreement with New Wave Global Services Inc. ("New Wave")
of Mississauga, Ontario, Canada for a new proprietary non-phosphate
automatic dishwasher ("ADW") detergent formula based on its
Itaconix(R) CHT(TM) polymer. New Wave will use the formula to
market and produce a new triple-chamber ADW detergent sachet for
North American retailers in the private label market.
Itaconix's advanced detergent laboratory develops new product
formulations for potential customers based on the unique properties
and value of Itaconix's polymers. Under the arrangement with New
Wave, Itaconix developed and licensed a proprietary formula for New
Wave's exclusive use. Itaconix will receive revenues from this
formula through the sale of its polymer to produce the new
detergent.
Sunil Bahadoorsingh, CEO of New Wave, said, "We chose Itaconix
to develop our new ADW detergent based on the combination of
outstanding performance and competitive price that Itaconix's
polymers give us in the $600 million per year North American
private-label ADW detergent market. Their detergent team optimized
a formula specific for our proprietary triple-chamber design to
deliver us a breakthrough ADW detergent."
Dr. Jim Gordon, Director of Cleaning & Hygiene at Itaconix,
said, "We work closely with customers to achieve new levels of
cleaning performance using our bio-based Itaconix(R) CHT(R)
polymer. Customers can get the added benefit of more sustainable
products based on higher use of renewable ingredients and less
plastic packaging from more compact formulas."
John R. Shaw, CEO of Itaconix stated, "The use of our
Itaconix(R) CHT(R) polymer in New Wave's ADW detergent represents
significant potential new revenues for us, helping to support our
current forecasts for 2019 and beyond."
About New Wave
New Wave is a privately-held developer and supplier of
private-label brands for major retailers across North America and
Europe with manufacturing plants in Canada and the USA. New Wave's
commitment to specialized product development, package design,
product launch and display merchandising, has secured its position
as a preferred supplier to major private labels.
Ends
For further information please contact:
Itaconix
John R. Shaw / Michael Norris +1 (603) 775 4400
N+1 Singer
Richard Lindley / James Moat (Corporate
Finance) +44 (0) 207 496 3000
About Itaconix
Itaconix develops and produces novel bio-based specialty
polymers that improve the safety, performance or sustainability of
consumer and industrial products, with technology and market
leadership positions in non-phosphate detergents, odor control, and
hair styling.
www.itaconix.com
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END
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