EQS-News: FRX Innovations Inc
FRX Innovations (TSXV:FRXI) (FSE:W2A) (“FRX,” or the) “Company”), a world leader in eco-friendly flame retardant solutions and Polymer Compounders Limited (“PCL”), a leading Engineering Compounder headquarters in the UK, are pleased to announce that they have entered into a non-binding Memorandum of Understanding (“MOU”) to provide PCL with a substantial amount of the FRX’s patented, non-toxic and non-leaching Nofia® brand of flame retardant additives. Under the terms of the agreement, FRX will provide PCL with Nofia® with approximate values starting in Q4 2022 of $US170,000, 2023 of $US1,700,000 and 2024 of $US8,500,000.
Gross profit margins of this agreement are expected to be approximately 45% depending on commodity prices at the time of sale.
In addition to the commercial agreements of the MOU, the parties will form a strategic alliance aimed at developing new applications for PCL’s groundbreaking Notoxicom® family of polycarbonate alloys within the UK and European Union. This conversion is expected to occur over the next 12 to 36 months, resulting from recent legislation passed in the EU and US.
Governments around the world are pushing through new legislation that is forcing major OEMs in global industries to switch from brominated flame retardants to more sustainable and environmentally friendly products.
FRX Chief Executive Officer Marc Lebel commented, “This is a watershed moment for both FRX and PCL as we join forces to meet what we anticipate will be an unprecedented change in the global flame-retardant industry and a substantial demand for our solutions. By 2024, major OEMs around the world will shift to products such as Notoxicom® which is based on FRX’s Nofia®, as sweeping regulatory changes banning the use of brominated flame retardants come into effect around the world. Notoxicom® is especially well suited to capitalize as it not only offers outstanding flame-retardant properties down to 0.8mm in part thickness, but also delivers up to 30 degrees C improvement in heat distortion compared to other bromine-free solutions. This combination allows the device designer to dramatically reduce the amount of plastic used in a given device which is both a cost savings and great for the planet. Moreover, Notoxicom® is exceptionally well suited for applications where it is in contact with water, like in marine battery cases, because FRX’s Polymeric solution, will not migrate out of polymer alloy over time.”
PCL Managing Director, Grahame Houlder said, “We are really excited to be entering into this MOU with FRX. This MOU represents the next step in the growing partnership that we have developed with FRX over the last few
years and allows us to secure our Nofia® supply in advance of the considerable growth expected for Notoxicom® over the next 12 to 36 months. In addition, working in partnership with FRX will allow us to grow the adoption of our Notoxicom® family of products more rapidly. This is a true win-win for both companies”.
For more information about Polymer Compounders Ltd and FRX Innovations, please visit www.polymer-compounders.com and www.frx-innovations.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About FRX Innovations
FRX Innovations is a global manufacturing company, producing a family of environmentally sustainable flame-retardant products that serve several large markets spanning textiles, electronics, automotive, electric vehicles (EV) and medical devices. FRX is led by a team of highly experienced business and technical professionals and is positioned to be a leader in the rapidly changing flame-retardant plastics and additives market in response to new legislation prohibiting Brominated and Perfluoro flame retardant chemicals.Nofia® is a registered trademark of FRX. Nofia® products are manufactured at its manufacturing facility on the Port of Antwerp in Belgium, one of the world's largest chemical producing clusters. Nofia Polyphosphonates are produced using sustainable green chemistry principles such as a solvent-free production process, no waste by-products, and near 100% atom efficiency. FRX's portfolio includes an extensive patent estate. FRX, at the forefront of the ESG movement to a safer world and cleaner future has been the recipient of numerous awards, including the EPA's Environmental Merit Award, the Belgium Business Award for the Environment, and the Flanders Investment of the Year Award. FRX has also been recognized six times as the top 100 cleantech companies by the Global Cleantech Organization. Website: www.frx-innovations.com
About Polymers Compounders Ltd
Since 1993, Polymer Compounders have progressively increased their product range to include ABS, Polycarbonate, PC/ABS alloys, ASA, and other engineering thermoplastics. Polymer Compounders Ltd provide rapid colour matching, tailored materials, outstanding technical support, first-class product quality, flexible order quantities and super-fast delivery, all from our production plant in Durham, UK. Notoxicom® is a registered trademark of Polymer Compounders Limited. Notoxicom® products are manufactured at its manufacturing facility in Durham, United Kingdom. Website: www.polymer-compounders.co.ukContact Details
Polymer Compounders Ltd
+44 7570 936924
News Source: News Direct
24.10.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
|Company:||FRX Innovations Inc|
|EQS News ID:||1470857|
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1470857 24.10.2022 CET/CEST