Oakville, Ontario--(Newsfile Corp. - November 7, 2023) - 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 second development stage agreement on November 6, 2023 with Dunmore International Corp. ("Dunmore"), a Steel Partners Holdings L.P. (NYSE: SPLP) operating company, for the Company to continue its development efforts to optimize the intermediate scale-up of REPELWRAP™ film and conduct a second manufacturing pilot run.
"We are excited to be conducting our second pilot run with Dunmore which will build on the positive results from our recently completed first pilot run. Collaborations like the one we have with Dunmore are invaluable to move our REPELWRAP™ film project forward and to achieve our milestones with the intention of developing a commercial product. We anticipate this second pilot run will advance us to the next stage of development which will include real-world environment conditions testing."
On October 3, 2023, the Company announced it had completed its first pilot run on Dunmore's commercial manufacturing line to create intermediate-sized REPELWRAP™ film which confirmed the formulation could be scaled-up and suitable for automated manufacturing. These positive findings allow the Company to advance to further refinement of the films and conduct additional testing, which is the focus of this next pilot run with Dunmore.
Dunmore is a global manufacturer of engineered coated and laminated films and foils with manufacturing facilities in the U.S. and Germany. Dunmore offers film conversion services such as coating, metallizing, and laminating along with contract film manufacturing and custom film product development. Dunmore services a diverse group of industries including aircraft, spacecraft, photovoltaic, graphic arts & labels, packaging, and insulation. Dunmore is a subsidiary of Steel Partners and is ISO 9001:2015 and OSHA VPP Star certified.
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 an exclusive worldwide license to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
Dr. Carolyn Myers, CEO and Director
Alyssa Barry, Investor Relations
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.
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 advancing to the next stage of development which will include real-world environment conditions testing; statements regarding the Company's scale-up and commercialization initiatives, milestones and intention to develop a commercial product; statements regarding continuing to optimize the manufacturing scale-up of REPELWRAP™ film; and 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 involve several risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and that 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. Accordingly, the reader is urged to refer to the Company's such 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.
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