Exclusivity Agreement signed (9639F)
05 Mai 2011 - 8:00AM
UK Regulatory
TIDMHDD
RNS Number : 9639F
Hardide PLC
05 May 2011
Press Release 05 May 2011
Hardide plc
("Hardide" or "the Group")
Hardide plc announces seven year $3.65 million exclusivity
deal
Hardide plc (AIM: HDD), the provider of unique surface
engineering technology, is pleased to announce a seven year
exclusivity agreement with a leading multibillion dollar blue chip
US-based manufacturer of high pressure fluid handling
equipment.
The agreement is based on minimum revenues of US$3.65 million
over the period and is effective from 25(th) April 2011. Should
revenues drop below an agreed annual minimum, the customer will pay
a percentage of the shortfall to retain exclusivity or Hardide will
have the option to limit or negate the exclusivity. Hardide will
discount any sales generated over the agreed yearly minimum.
The agreement covers Hardide coatings for defined applications
of high pressure fluid handling equipment. It will not impact on
any other existing sales or customers.
Commenting on the agreement, Dr Graham Hine, Chief Executive
Officer of Hardide plc said: "We are extremely pleased with the
agreement as it provides for guaranteed income that will facilitate
our cash flow and forecasting. It is a major endorsement of the
Hardide coating technology to be so firmly embedded with such a
leading blue chip customer. It is our strategic aim to develop long
term relationships with key customers and this is a well-crafted
deal that will provide considerable benefits to both parties."
www.hardide.com
- Ends -
For further information:
Hardide plc
Graham Hine, Chief Executive Tel: +44 (0) 1869 353
830
Jackie Robinson, Corporate Communications www.hardide.com
Seymour Pierce Limited
Guy Peters Tel: +44 (0) 20 7107
8000
www.seymourpierce.com
Notes to editors:
Hardide manufactures and applies tungsten carbide-based coatings
to a wide range of engineering components. The Group's patented
technology provides a unique combination of ultra-hardness,
toughness, low friction and chemical resistance in one coating.
When applied to components, the technology is proven to offer
dramatic cost savings through reduced downtime and extended part
life. Customers include leading companies operating in oil and gas
exploration and production, valve and pumps manufacturing, general
engineering and aerospace.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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