DETROIT, MI -- (Marketwired) -- 12/17/13 --
Nano Labs Corp. (OTCQB:CTLE) ("Nano Labs" or "The Company") is pleased to announce it has signed a Letter of Intent (LOI) Agreement with RSD Investment S. de R.L de C.V. ("Fintegra") with respect to the parties forming a joint venture company to exploit Nano Labs' proprietary nano coatings technology.
The LOI Agreement outlines the principal terms of the partnership between Nano Labs and Fintegra, and sets the groundwork to complete formal contracts in connection with the development, manufacturing, distribution, and business development of Nano Labs' nano coatings and paint technology.
The binding LOI is structured whereby Nano Labs Corp. (a Colorado Corporation) (OTCQB:CTLE) will be 50% equity owner of the newly formed company, Nano Coatings Technology Corporation (a Nevada, USA company) and whereby Fintegra will own a 50% equity.
The LOI Agreement sets the framework for the companies to complete a formal "Joint Venture and Financing Business Agreement" (JVFBA). Both companies are currently completing due diligence to outline marketing and sales budgets, product order financing, production manufacturing facilities, and financials and financing. Further topics covered in these workshops include: product efficacy testing and qualifications, current order and production commitments, product pricing structures, and international licensing and royalty opportunities and obligations.
Conditional of the JVFBA, Fintegra has committed to invest up to US $2,000,000 with the intention of launching a manufacturing facility to produce 400,000 liters per month, and a marketing and sales development team.
Conditional of the JVFBA, Nano labs has undertaken to support a comprehensive process to reinvigorate the marketing of the Company and its nano coatings product lines, and specifically launch supporting nano coating brand(s), marketing, business development and sales programs.
The newly formed company, Nano Coatings Technology Corp., will cooperatively then identify and develop the markets for novel nano coatings products that may generate new revenue from marketing products, including but not limited to: insecticides coatings, water repellant coatings, thermal and fire retardant products, and intumescent coatings.
"Both companies are currently working hard to deliver final documents and complete the joint venture," Mr. Bernardo Camacho Chavarria, President of Nano Labs stated. "The board and management of Nano Labs unanimously support the planned joint venture between our two companies. The new Nano Coatings Company will have Fintegra's outstanding financial and sales team in place which will perfectly augment our nano coating portfolio and our technical team. The new company will now have the financial capability to systematically advance these products to market so that their true market potential can be realized. We strongly recommend to our shareholders to support this joint venture as we believe it will fast-track our route to market and provide long-term, sustainable growth for our company."
Public administration of capital is the ideal place to carry out successful project financing. We are a group of professionals who specialize in various areas, to plan strategies and define the best combination of financial structure to complete project financing. Our clients are Municipalities, State Governments, Public Universities, Hospitals, Pension Funds, Planning Institutes, Pemex and Power Utilities. For more information, please visit www.fintegra.com.mx/fintegra
About Nano Labs Corp.
Nano Labs Corp. (the "Company") (OTCQB:CTLE) is a nanotechnology research and development company which began during October 2012, but is able to access resources that encompass nearly 30 years of research and development in nanotechnology as well as hundreds of peer-reviewed and published research papers and other scholarly material. The Company's research and development team of scientists, designers, and engineers is focused on creating a portfolio of advanced products that could provide benefits to a variety of industries including: (i) consumer products, (ii) energy, (iii) materials, and (iv) healthcare. Through the use, and integration of proprietary nano compounds, our goal is to evolve common products, into new, revolutionary products, in order to make the world a better place. Nano Labs shares are traded on the OTC Bulletin Board in the United States under the ticker CTLE. For more information, please visit www.Nanolabs.us.
Forward looking statements
This press release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those laws. These forward-looking statements are based upon a number of assumptions and estimates that are subject to significant uncertainties that involve known and unknown risks, many of which are beyond our control and are not guarantees of future performance. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in any such forward-looking statements and any such difference may be caused by risk factors listed from time to time in the Company's news releases and/or its filings with the OTC Bulletin Board or as a result of other factors.
For additional information:
Mr. Bernardo Camacho Chavarria
1 (888) 806-2315
Source: Nano Labs Corp.