Nanotech Industries International Enters Into MOU With Shunfa Co.
November 23, 2010
SAN FRANCISCO -- EPOD Solar Inc. announced that its wholly owned subsidiary, Nanotech Industries International Inc., doing business as Hybrid Coating Technologies (HCT), has entered into a memorandum of understanding (MOU) with Shunfa Co., Jiande City, China, to manufacture and distribute HCT's Green Polyurethane™ technology in China and Southeast Asia. Under the terms and conditions of the MOU, Nanotech will supply its technology and know-how to a jointly owned Chinese-based LLC, and Shunfa Co. will be responsible for supplying the necessary capital and management of the LLC, including manufacturing, marketing and sales. HCT will receive a royalty on all sales from the LLC and a portion of the profits. The LLC will have exclusive rights to HCT's technology for China and Southeast Asia, subject to satisfying certain minimum sales quotas. HCT, Shunfa Co. and the LLC will enter into an intellectual property agreement to protect HCT's technology, and the LLC will apply for certain Chinese patents based on HCT's technology.