Nanoveu (ASX:NVU) Signs Memorandum of Understanding to Establish Joint Venture in India – The Market Herald

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  • Nanoveu (NVU) signs a Memorandum of Understanding (MoU) with Alan Scott Industries to establish a new Joint Venture (JV) called Alan Scott Nanoveu India
  • The new joint venture will have a paid-up capital of 200,000 USD (290,214 USD) and will be 35% owned by Nanoveu, which represents an investment of 70,000 USD.
  • It will focus on selling Nanoshield antiviral products in the world’s second most populous country with over 1.4 billion people.
  • The MoU will end on December 31, unless otherwise agreed by the parties.
  • Nanoveu shares are in the gray, trading at 1.5 cents at 3:51 p.m. AEST

Nanoveu (NVU) has signed a Memorandum of Understanding (MoU) with Alan Scott Industries to establish a new Joint Venture (JV) called Alan Scott Nanoveu India.

The new joint venture will have a paid-up capital of 200,000 USD (290,214 USD) and will be 35% owned by Nanoveu, which represents an investment of 70,000 USD.

It will focus on selling Antiviral Nanoshield products in the second most populous country in the world with over 1.4 billion people.

The MoU will expire on December 31, unless otherwise agreed by the parties.

Commenting on the deal, Nanoveu Managing Director and CEO Alfred Chong said it aligns with the company’s strategy and commitment to developing a wide range of proprietary self-disinfecting products that help meet to customer requests.

“It is important to note that this expansion into the second most populous country in the world adds scale and numbers that will provide the impetus for growth for both of our companies.”

Commercial terms will be negotiated and finalized during the MoU period, after which a definitive agreement is expected to be signed.

Alan Scott Chairman Suresh Jain reiterated Chong’s sentiments and believes the companies will bring value to their respective shareholders.

“By combining our ability to generate sales with such innovative products, we look forward to a successful partnership and transforming these solutions into effective antiviral products that can aid in India’s fight against the COVID-19 pandemic.”

Shares of Nanoveu were in the gray, trading at 1.5 cents at 3:51 p.m. AEST.

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