Hybrid Coating Technologies Inc (OTCMKTS:HCTI) reported that its lead scientist, Dr. Oleg Figovsky, has been awarded two gold medals from the IFIA for two of company’s non-isocyanate polyurethane stage technology patents. The IFIA comes in the list of a non-profit firm established in 1968 with contributors in as many as 95 countries.
In the past several years, the firm’s technology has received several awards including the “Nano 50 Technology Award”, a finalist reference at the Polyurethane Innovation Competition in 2010 and the 2015 ‘EPA Presidential Green Chemistry’ recognition. Joseph Kristul, the CEO and President, said that they are delighted to see the sustained and growing awareness for their technology by different firms, corporations and governmental units and they are well positioned to address the urgency for non-isocyanate related polyurethane products.
In unrelated news, Hybrid Coating reported that it is in advanced talks with an associate for a joint development deal for the advancement of a foam product based on non-isocyanate polyurethane technology. Based on the advanced talks, the partner would give a part of the development costs, which will lead to exclusivity in the respective segment. Other terms are yet not talked. The company is delighted to be working to finalize a contract with yet another partner. In the last twelve months, they recorded considered progress including finalizing three agreements, launching an offering with a fourth partner and getting into final discussions with more associates.
Hybrid expected to finalize an LOI with its new partner. However, that time, due to confidentiality, the partner name was not revealed. The company is in talks with other prospective customers and associates as well in varied segments of the polyurethane industry.
Earlier in October, the company commenced final talks with a Fortune 500 associate for a joint development deal for the advancement of a foam product based on non-isocyanate polyurethane technology. Based on these talks, the Fortune 500 associate would pay for half of the costs recorded during development and later get ownership in the intellectual property.
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