Ms. Elena Polyakova reports
GRAPHENE 3D LAB RECEIVES APPROVAL FOR NEXT TASK OF R&D-ROYALTY AGREEMENT WITH FORTUNE 500 MANUFACTURER
Graphene 3D Lab Inc. has been approved to move forward with the next task of its research, development and royalty agreement with a Fortune 500-listed manufacturer. Graphene 3D has successfully concluded the initial task of the agreement, which was originally announced in a news release dated Dec. 1, 2015.
Elena Polyakova, co-chief executive officer of Graphene 3D, said: "We are fortunate to have a world-leading [research and development] team in the graphene and nanomaterial field. Meeting or exceeding all of a client's performance criteria is another example of how we are ideally suited to work with existing manufacturers to assist them with incorporating graphene into their products."
The agreement encompasses the development of multiphased deliverables over the course of approximately a year. For competitive reasons and pursuant to confidentially clauses contained with the agreement, neither specific research objectives nor the identity of the Fortune 500 manufacturer can be publicly disclosed. Upon successful completion of the research phase and subject to approval by the U.S. Food and Drug Administration, the developed materials will become a part of a consumer retail product.
The agreement calls for all research and development costs and royalty obligations to be paid by the partner, as well as a first right of refusal for supply of any graphene-related materials in future manufacturing pertaining to intellectual property (IP) developed under the agreement. All IP developed under the scope of the agreement will be jointly held by both parties.
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