The distribution agreement will run for five years, starting with a guaranteed sales minimum to maintain the territory exclusivity of $2.5 million during the first year, $2.75 million during the second year, $3.32 million during the third year, $3.9 million during the fourth year, and $4.66 million during the fifth year, for a total of $17.13 million over the course of the agreement.
Michael Cordani, chief executive officer of GelTech, said, We are excited about the opportunity to team up with Better Building Products Corp. and its parent company GF Industries, a firm with a strong reputation as a steward of the environment. GF Industries’ core focus falls directly in line with ours in regards to being ‘conservation and renewable resource’ focused. We believe that this deal represents not only a meaningful milestone for our Company and shareholders, but also further ‘proof of concept’ from the marketplace about our innovative and eco-friendly products.
GelTech is a US-based producer of earth-friendly, cost-effective products.
