NaturalNano, Inc. (NNAN) reported on April 20th that it has completed the acquisition of a 51% interest in Combotexs, LLC from World Wide Medical LLC (WWM) a privately held company in consideration for 20 million shares of common stock and for up to 40 million warrants based on future sales volumes.
Combotexs holds marketing rights to a range of products that represent an opportunity to increase NNAN sales revenue in the near term and creates new market opportunities for NNAN's Halloysite Nano Tubule (HNTTM) technology.
Combotexs currently markets Error Prevention/Safety Checklist Boards to hospitals and high-risk industries like petrochemical and mining. Checklists have become mandatory in many hospital operating rooms and according to the World Health Organization, checklists will reduce patient deaths by 40%. According to Combotexs, it estimates product sales for 2010 to be over one million dollars.
Acting NaturalNano CEO and President James Wemett said, "We are excited to have the opportunity to take a major stake in the Combotexs business. This provides NNAN with a range of near term applications for our HNT technology that will also enhance the performance of many of the Combotexs products. NNAN will continue to actively work to expand markets and applications for HNT as a material component. This transaction provides NaturalNano with the opportunity to immediately participate in the revenue from Combotexs product sales which will further benefit us and our shareholders."
"We have been working with World Wide Medical and Combotexs on a range of products and applications and now look forward to a more synergistic relationship while participating more significantly in the revenue stream from the marketing of the Combotexs products. Our goal at NNAN is to be a problem solver and to improve products through our HNT technology," Wemett continued.
Richard Popovic, CEO of Combotexs and WWM commented, "We welcome the opportunity NaturalNano has given Combotexs to enhance our products and to give us an edge in the market place. We will be introducing new products in 2010 utilizing their technology."
Combotexs, LL, (Pittsford, NY), was formed in 2009 with the objective of marketing a range of consumer and industrial products, including the Super Magic Eraser product manufactured by BASF. Combotexs also has a complete product line of non-alcohol sanitizers for hands and hard surfaces. The Company is dedicated to building upon the pioneering work of NaturalNano and is currently developing proprietary partnerships with companies in need of material solutions for their products. Combotexs is focused on bringing to market a variety of Nano-Enhanced products.
NaturalNano, Inc. (Pink Sheets: NNAN) (Frankfurt:N3N) is a materials science company focused on developing and commercializing advanced nanocomposites. The Company is focused on additive technologies and processes, including their proprietary Pleximer that adds value to industrial polymers, plastics and composites. NaturalNano holds and licenses 24 patents and applications, as well as proprietary know-how for extraction and separation processes, compositions, and derivatives of Halloysite.
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