New Licence Agreement with New Wave

RNS Number : 4512J

Itaconix PLC

05 December 2018

 

5 December 2018

Itaconix plc ("Itaconix")

Licence Agreement for Non-Phosphate Automatic Dishwasher

Detergent Formula Based on its Itaconix® CHT™ Polymer

Itaconix (AIM: ITX), a leading innovator in sustainable specialty polymers, is pleased to announce that it has signed a licence agreement with New Wave Global Services Inc. ("New Wave") of Mississauga, Ontario, Canada for a new proprietary non-phosphate automatic dishwasher ("ADW") detergent formula based on its Itaconix® CHT™ polymer. New Wave will use the formula to market and produce a new triple-chamber ADW detergent sachet for North American retailers in the private label market.

Itaconix's advanced detergent laboratory develops new product formulations for potential customers based on the unique properties and value of Itaconix's polymers. Under the arrangement with New Wave, Itaconix developed and licensed a proprietary formula for New Wave's exclusive use.  Itaconix will receive revenues from this formula through the sale of its polymer to produce the new detergent.

Sunil Bahadoorsingh, CEO of New Wave, said, "We chose Itaconix to develop our new ADW detergent based on the combination of outstanding performance and competitive price that Itaconix's polymers give us in the $600 million per year North American private-label ADW detergent market. Their detergent team optimized a formula specific for our proprietary triple-chamber design to deliver us a breakthrough ADW detergent."

Dr. Jim Gordon, Director of Cleaning & Hygiene at Itaconix, said, "We work closely with customers to achieve new levels of cleaning performance using our bio-based Itaconix® CHT® polymer. Customers can get the added benefit of more sustainable products based on higher use of renewable ingredients and less plastic packaging from more compact formulas."  

John R. Shaw, CEO of Itaconix stated, "The use of our Itaconix® CHT® polymer in New Wave's ADW detergent represents significant potential new revenues for us, helping to support our current forecasts for 2019 and beyond."

About New Wave

New Wave is a privately-held developer and supplier of private-label brands for major retailers across North America and Europe with manufacturing plants in Canada and the USA. New Wave's commitment to specialized product development, package design, product launch and display merchandising, has secured its position as a preferred supplier to major private labels.

Ends

For further information please contact:

Itaconix
John R. Shaw / Michael Norris	[phone]
N+1 Singer
Richard Lindley / James Moat (Corporate Finance)	[phone]

About Itaconix

Itaconix develops and produces novel bio-based specialty polymers that improve the safety, performance or sustainability of consumer and industrial products, with technology and market leadership positions in non-phosphate detergents, odor control, and hair styling.  

www.itaconix.com

 

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