Advanced Nano Technologies Ltd (ASX:ANO) has signed a three year agreement for the sale and distribution of its nano-material products in the U.S. and Mexico.
The company is a specialist developer, manufacturer and supplier of nano materials used in personal care, cosmetic and other sectors.
Advanced Nano’s primary products are ZinClear™ a transparent zinc oxide based broad spectrum UV absorber and Alusion™ an aluminium oxide pigment with applications in cosmetics products.
Importantly, the sales target set by the new agreement will require a significant increase in the sales of ZinClear in the U.S. over the next three years.
As per the agreement, the company will see a minimum 55% increase in U.S. and Mexico sales in 2018 over that of 2017, with further increases contemplated for the following years.
In January, Advanced Nano entered into an agreement with a manufacturer based in the U.S. for the manufacture and supply of its products.
This outsourced manufacturing agreement is expected to help in removing all restrictions on production capacity previously experienced by the company in Perth.
Advanced Nano’s share price increased circa 5.5% and closed at $0.038 on Friday.