Phone accessories company Nanoveu (ASX: NVU) is seeking to ride the wave of public interest in hygiene products, appointing U.S-based sales and marketing firm D360 to sell its antiviral smartphone screen and case protection products through North America.
Whilst such an appointment would normally be standard practice for FMCG manufacturers, Nanoveu’s appointment centres around performance Options to be distributed to D360 if the firm can reach lofty targets ranging from USD $2.5m in sales up to $50m for the phone accessories.
“It is an important time in the development of Nanoveu’s antiviral product as we approach the important milestone of first sales,” said Nanoveu Chairman and CEO, Alfred Chong.
“I am thrilled to be partnering with the D360 team, who will be able to bring a wealth of sales experience to assist in the launch of our unique antiviral phone protection product.”
Within the partner appointment, remuneration for D360 will be up to 3,250,000 performance Options with an exercise price of $0.20, expiring on 31 December 2023. To receive the full allotment, D360 must achieve USD $50 million by the end of 2022 but partial payment milestones are included along the way at $2.5m, $5m and $20m.
Shares in NVU last traded at $0.09 with the company listing on the ASX in 2018 with an IPO offer price of $0.20.
Interest in Nanoveu has been sparked over previous weeks with the Company reporting that it had developed an antiviral phone protector. Upon testing at an independent U.S lab, their phone accessories proved to eradicate 99.99% of a coronavirus strain within 30 minutes of contact.
Nanoveu has since secured regulatory approval from Therapeutic Goods Association (TGA) to market the product in Australia and is aiming to commence sales shortly.
If D360 can meet their performance targets up to $50 million in phone accessory sales, it would be an incredible effort from all involved at Nanoveu which reported total sales of AUD $18,000 for the quarter ending 31 March 2020. It follows on from the $61,023 in revenue generated through CY2019.
“D360 experts bring significant real-world experience across digital media, consumer electronics and e-commerce which enable clients to have a solid playbook on how to build and launch a product or service effectively,” said D360 Partner, David Cook.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
Latest posts by Alfred Chan (see all)
- Harris Technology to expand refurbished tech division amid rising demand from cost-conscious Australians - April 30, 2025
- Harris Technology secures major investment from Taiwan’s FSP Technology at 100% premium - March 10, 2025
- ARC Funds acquires 30% of auzbiz Capital as latest direct-to-investor marketing venture - October 8, 2024
Leave a Comment
You must be logged in to post a comment.