Announces Major Milestones In Licensing And Distribution Agreement
BELLINGHAM, Wash., Aug. 19, 2013 /PRNewswire/ -- Integral Technologies, Inc. (OTC-BB: ITKG), an emerging leader in hybrid conductive plastics, announced today they will host global high-tech materials maker Hanwha L&C at Jasper Rubber Products, Inc., the US manufacturer of Integral's proprietary ElectriPlast® product line. The Hanwha visit, which will take place later this month, will allow for the exchange of Integral's proprietary processes involved in the science and manufacture of ElectriPlast, marking a milestone toward the further execution of a major licensing and distribution agreement announced between the parties earlier this year.
Integral also reported that it has received the first installment payment from Hanwha for the initial license fee under the terms of the Agreement. "We thank Hanwha L&C for their swift efforts to bring ElectriPlast to the Asian markets and look forward to further building on the partnership," said Doug Bathauer, CEO of Integral Technologies. "They are a top global supplier in both automotive and consumer goods materials. In ElectriPlast we have a versatile material that offers increased functionality and lightweight composition within numerous applications in these industries."
Integral and Hanwha L&C recently signed a 10-year agreement granting Hanwha L&C an exclusive right to sell, distribute and manufacture ElectriPlast in South Korea. Additionally, Hanwha has acquired non-exclusive sales and distribution rights to ElectriPlast in Japan, Taiwan and China.
Hanwha L&C is part of the Hanwha Group of companies that collectively form one of the largest conglomerates in South Korea. Headquartered in Seoul with annual sales exceeding $30 billion USD, Hanwha's businesses include chemicals, munitions, plastics and similar materials for aerospace, automotive and consumer goods industries, as well as solar, pharmaceuticals, financial services, renewable energy, manufacturing and construction. Hanwha Group is on Forbes' list of Top Global Companies.
Integral Technologies, Inc. (OTCBB: ITKG) ("Integral"), and wholly owned subsidiary, ElectriPlast Corp, (http://www.electriplast.com/) engages in the discovery, development, and commercialization of electrically conductive hybrid plastics used primarily as raw materials in the production of industrial, commercial and consumer products and services worldwide. Its core material, ElectriPlast®, is a non-corrosive, electrically conductive resin-based material whose properties allow it to be molded into any of the infinite shapes and sizes associated with plastics, rubbers and other polymers while reducing component weight by 40 to 60%. Integral is a leader in conductive hybrid plastics with a broad Intellectual Property portfolio referencing its ElectriPlast® technology. Applications for ElectriPlast® include: Shielding Wire, Power Electronics, Connectors, and Cables; Shielding , Conduction, Batteries, Semiconductors, Heated Elements, Sensors, Antennas, Medical Devices, Consumer Electronics and Acoustics, Fuses, Capacitors, Resistors, RFID, Busbars and Terminals. Follow us on Facebook and Twitter.
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Director of Global Sales ElectriPlast Corp.
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SOURCE Integral Technologies, Inc.