Nanollose Limited, a leading bio-materials business commercializing scalable technology to make low-impact fibers and textiles, is happy to announce that it has signed a binding memorandum of understanding ("MOU") with Industria de Diseno Textil, S.A., one of the world's top fashion merchants ("INDITEX").
INDITEX is a public corporation that trades on the Madrid, Barcelona, Bilbao, and Valencia stock markets as well as the Automated Quotation System. INDITEX sells into 215 markets through its online platform and has over 6,600 outlets in 96 markets, including brands such as Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, and Zara Home.
Nanollose and INDITEX have committed to supply non-exclusive samples of the Company's Tree-Free (and/or blended) nullarbor(TM) lyocell arising from the Company's current pilot program with Birla Cellulose under the terms of the MOU. INDITEX will be given early access to Nanollose's materials to determine the potential for use in their various brands during the pilot phase of product development. Nanollose will supply samples of various materials for testing and prototyping, allowing Nanollose to gain valuable commercial feedback while INDITEX will be given early access to the Company's materials to determine the potential for use in their various brands.
INDITEX will be provided with free initial samples of the materials. Larger quantities of the materials will be delivered in the future at a price that will be mutually agreed upon at the time, based on criteria such as the proportion of microbial cellulose in the fiber, whether it is supplied as fiber, yarn, or fabric, and any dyeing and finishing charges.
Nanollose may stop sending materials to INDITEX, and INDITEX may request that Nanollose stop receiving supplies by giving the other party at least 5 days' notice. If the parties choose to expand the connection beyond the scope intended by the MOU as a result of the actions proposed by the MOU, they must agree in good faith on the terms and circumstances that will govern that relationship. Aside from that, the MOU comprises normal terms and conditions for a contract of this sort.
This MOU with INDITEX demonstrates the fashion and textile industry's strong interest in and demand for sustainable solutions, as well as industry leaders like INDITEX's readiness and commitment to seek out and promote Nanollose's sustainable innovations.
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