SAN FRANCISCO, Oct. 13, 2016 (GLOBE NEWSWIRE) — Hybrid Coating Technologies Inc. (OTC Pink:HCTI) is pleased to announce that it is in advanced discussions with a partner for a joint development agreement for the development of a foam product based on Hybrid’s non-isocyanate polyurethane technology targeted at a $35 billion sector. Based on the advanced discussions, the partner would pay a portion of the development costs and then would have exclusivity for the respective sector. Other terms are still being discussed. “We are very pleased to be working to finalize an agreement with yet another partner,” said Joseph Kristul, President and CEO, “In the past twelve months, we have made significant progress including entering into three agreements, launching a product with a fourth partner and entering into final discussions with two additional partners.”
Hybrid expects to enter into an LOI with this new partner in approximately 30 days. Due to confidentiality, the name of the partner cannot be disclosed at this time.
Hybrid is in discussions with other potential partners and clients as well in different sectors of the polyurethane industry.