DETROIT - Nano Labs Corp. has signed a letter of intent agreement with RSD Investment S. de R.L de C.V. (Fintegra) to form a joint venture company that utilizes Nano Labs’ proprietary nano-coatings technology.
The agreement outlines the principal terms of the partnership between Nano Labs and Fintegra, and sets the groundwork to complete formal contracts in connection with the development, manufacturing, distribution and business development of Nano Labs’ nano coatings and paint technology.
According to terms of the agreement, Nano Labs Corp. and Fintegra will each own 50 percent equity of the newly formed company, Nano Coatings Technology Corp.
The LOI agreement sets the framework for the companies to complete a formal joint venture and financing business agreement (JVFBA). Both companies are currently completing due diligence to outline marketing and sales budgets, product order financing, production manufacturing facilities, and financials and financing.
Conditional of the JVFBA, Fintegra has committed to invest up to $2,000,000 to launch a manufacturing facility to produce 400,000 liters per month, and a marketing and sales development team.
Conditional of the JVFBA, Nano labs has undertaken to support a comprehensive process to reinvigorate the marketing of the company and its nano-coatings product lines, and specifically launch supporting nano coating brand(s), marketing, business development and sales programs.
The newly formed company will identify and develop the markets for novel nano-coatings products that may generate new revenue from marketing products, including but not limited to: insecticides coatings, water-repellant coatings, thermal and fire-retardant products, and intumescent coatings.