Integral Technologies, Inc. (OTCMKTS:ITKG) and ElectriPlast Corp., confirmed that they have modified their license deal with Hanwha Advanced Materials. The agreement was first entered into June 21, 2013. The recent modifications are made due to sale of non-automotive related assets. Hanwha is into the process of selling certain non-automotive related assets as a part of long term transition to electronic components and advanced materials in the automotive industry.
Integral have to modify the deal with Hanwha as the later company will now focus on auto parts. It accounts for 75% of total sales in the high-tech solar power materials, electronic components and materials sector. It even bought U.S. auto parts materials maker Azdel in 2007. From there on it has been offering products to global auto manufacturers. Azdel’s plant in located in Lynchburg, Virginia, and is undergoing a $21.3 million expansion. The second unit in Opelika is also expanding its production capacity.
Integral Technologies will continue to provide Hanwha the exclusive rights to manufacture, distribute and sell its patented product line of conductive plastics, ElectriPlast®. It is applicable for South Korea region. Also, it will grant non-exclusive sales and distribution rights for Taiwan, Japan and China.
The other news
In its latest PR, Integral Technologies, Inc. (OTCMKTS:ITKG) informed that Chang Rim Eng Inc. has finished testing and development tasks of a motor casing for a big Asian automotive customer. Chang Rim Eng is an Asian molding associate of the company. The modifications were done to meet the client’s requirements late in 2014. Also, there was a need to manufacture additional new samples and conduct testing to close the validation process. All the necessary conditions are met following which the company expects a big order. The associate also started a manufacturing extrusion line to pursue other shielding application unrelated to automotive industry. it provides an opportunity to expand its applications in the market.