Oakville, Ontario--(Newsfile Corp. - November 13, 2024) - FendX Technologies Inc. (CSE: FNDX) (OTCQB: FDXTF) (FSE: E8D) (the "Company" or "FendX"), a nanotechnology company developing surface protection coatings is pleased to announce that the Company has entered into a letter of intent (the "LOI") dated November 12, 2024 with Sinelabs LLC ("Sinelabs"), a South Carolina based company, to enter into a sales and distribution agreement for the Company's potential future products that protect surfaces from contamination.
Sinelabs is a private sales and distribution company currently focused on developing and distributing innovative water treatment solutions to enhance water quality by neutralizing bacteria and pathogens, and reduce scale and mineral buildup. In the United States, Sinelabs has an established sales and distribution network that overlaps with target markets where FendX anticipates selling and distributing their future surface protection products, including healthcare, hospitality and senior living facility industries. The Company believes this overlap represents a financially efficient sales and distribution opportunity for both companies.
Pursuant to the terms of the non-binding LOI, both Sinelabs and FendX have expressed interest to further explore the engagement of Sinelabs as a non-exclusive distributor of FendX future products in the United States. The parties intend to negotiate a sales and distribution agreement and subsequent product distribution addendums for FendX's future products in the infection disease control area (each referred to as the "Product"), should any such Product be commercially developed and approved for distribution in the United States that the parties agree to distribute. At this time, the engagement of Sinelabs as a distributor remains subject to negotiation and execution of a definitive sales and distribution agreement and execution of product addendum agreements, which addendums would be subject to the Company establishing a supply chain, successful product commercial development and receiving approval for distribution.
Dr. Carolyn Myers, CEO of FendX states, "We believe this is the opportune time to develop distribution relationships, given the strides we are making to further the development of our nanotechnology products. REPELWRAP™ film is our lead product in development and we anticipate it will soon enter real world testing, advancing our product commercialization plan." Dr. Myers continues, "We believe that Sinelabs will be an ideal distribution partner based on their selling and distribution experience and the network they continue to build in industries we believe are relevant to our surface protection products in development."
"We are excited to partner with FendX for distribution, and as their surface protection products become available, we look forward to expanding our product offerings to our growing customer base," says Chris Snisky, Executive Director of Sinelabs. "Our commitment to sustainable innovations that improve water quality by neutralizing bacteria and pathogens, and reduce scale and mineral buildup, remains strong. We expect the addition of FendX's future surface protection products will further enhance our portfolio with the aim of making lives safer."
About REPELWRAP™ film
REPELWRAP™ film is the Company's first product in development and is a protective surface coating film that leverages the Company's award-winning nanotechnology. REPELWRAP™ film has demonstrated unique repelling properties that reduce adhesion of pathogens, bacteria, and viruses by >98%, reducing their transmission on surfaces prone to contamination. The Company believes REPELWRAP™ film will have applications in healthcare settings and other industries.
About Sinelabs
Sinelabs is a South Carolina, US based private company that develops and distributes innovative water treatment solutions that facilitate a healthy, reliable, and efficient world. By enhancing water quality across residential and commercial settings, Sinelabs' technologies promote health by reducing mineral buildup and bacteria. Sinelabs aims to extend the lifespan and efficiency of water mechanical systems, by preventing mineral buildup. Through its innovative technologies, Sinelabs strives to create a healthier world with more reliable and energy-efficient water systems.
For more information on Sinelabs, please visit www.sinelabs.net.
About FendX Technologies Inc.
FendX is a Canada-based nanotechnology company focused on developing products to make people's lives safer by reducing the spread of pathogens. The Company is developing both film and spray products to protect surfaces from contamination. The lead product under development, REPELWRAP™ film, is a protective surface coating film that, due to its repelling properties, prevents the adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The spray nanotechnology is a bifunctional spray coating being developed to reduce contamination on surfaces by repelling and killing pathogens. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners, including McMaster University. The Company has exclusive worldwide licenses to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.
ON BEHALF OF THE COMPANY
"Carolyn Myers" Carolyn Myers Chief Executive Officer and Director
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; statements regarding the plans to negotiate and enter into a sales and distribution agreement and product addendum agreements with Sinelabs for the Company's future products; statements regarding the successful commercial development of any future products to be sold and distributed and receipt of approval of products for distribution in the United States; statements regarding the Company's beliefs about Sinelabs' sales and distribution network and expansion, and synergies and benefits to the Company including being a financially efficient sales and distribution opportunity; statements regarding the Company establishing its supply chain and achieving product commercial development and approval for distribution; statements regarding developing a distribution network; the Company's belief that REPELWRAP™ film will soon enter real world testing and successful completion thereof and progressing with development of its nanotechnology products and advancing its product commercialization plan; the Company's belief that REPELWRAP™ and other potential products will have applications in healthcare settings and other industries; and statements regarding the Company's research and development activities, products under development and any pathogen reduction benefits related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: product candidates only being in formulation/reformulation stages; limited operating history; research and development activities; dependence on collaborative partners, licensors and others; effect of general economic and political conditions; and other risk factors set forth in the Company's public filings which are available on SEDAR+ at www.sedarplus.ca. The reader is urged to refer to such public filings for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
