NanoLogix Inc. (NNLX), an innovator in the rapid detection, identification and determination of antibiotic resistance and sensitivity of live bacteria, announces that the State of Ohio Department of Economic Development's International Trade Assistance Center (ITAC) based at Youngstown State University (YSU) is providing support to Hubbard Ohio-based NanoLogix Inc. for international distribution of NanoLogix products by Nasaem Al-Jazira, a Saudi Arabian Trading and Distribution Company.
NanoLogix, a biotechnology company, manufactures technologies for uniquely fast detection and identification of bacteria and other microorganisms. Nasaem Al-Jazira, Inc. is headquartered in Riyadh, Kingdom of Saudi Arabia. The distribution agreement was signed January 9, 2014 in Hubbard, Ohio with the CEO's of both NanoLogix and Nasaem Al-Jazira present and assisted by Mr. Mousa Kassis of ITAC. The agreement was then submitted to the US Department of State and the Embassy of the Kingdom of Saudi Arabia in Washington DC for further approval. The agreement received those approvals the week of Jan 20-24 and has been sent to Saudi Arabia for further processing by the appropriate Saudi Arabian Ministries prior to the beginning of product export to the region. Further information on ITAC and NanoLogix was released in a YSU News Brief: http://www.ysunews.com/ysu-international-trade-assistance-center-supports-companies/
NanoLogix will distribute their products through Nasaem Al-Jazira in the Gulf Cooperation Council (GCC) area over a 5-year period. The GCC is comprised of Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, and the United Arab Emirates. In a conservative estimate from a Saudi Arabian and GCC marketing expert based in Switzerland, the first year of sales for NanoLogix is projected to total $900,000 from this contract. The agreement provides the opportunity for expansion of the geographic area upon achievement of sales targets. NanoLogix projects the agreement will result in the hiring of additional production workers by summer 2014 with the ramp up in sales.
NanoLogix currently has business relationships in nine countries on four continents. ITAC is working with NanoLogix, Inc. as the company continues to increase business ties with companies in Thailand, Singapore, and Europe. ITAC will assist with further distribution agreements projected for signing with those companies and other companies in 2014.
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