Global Surfaces FZE enters into license agreement with SQIP, LLC and Veegoo Technology

Global Surfaces FZE ("GS FZE" or "Licensee"), a wholly-owned subsidiary of Global Surfaces Limited, has entered into a License Agreement ("Agreement") on July 10, 2024, with SQIP, LLC, a Florida-based limited liability company ("Licensor"), and Veegoo Technology Co. Ltd., a company incorporated in the People's Republic of China ("Veegoo"). Under the terms of the Agreement, the Licensee will obtain non-transferable, non-sublicensable, exclusive rights and licenses to use the Licensed Patents and Licensed Know-How to develop, produce, manufacture, and create the Licensed Products within the defined Field of Use in the exclusively in the Manufacturing Territory i.e. Middle East and North Africa ("MENA") Region and a first right of refusal in India.

This state-of-the-art patented technology is employed by only a select few industry leaders globally. Utilizing this cutting-edge innovation, the licensee will produce engineered quartz surfaces that remarkably emulate the look and feel of natural marble looks, featuring more authentic colors and patterns. These enhancements meet the growing global demand for high-quality, natural-looking marbleized look in engineered surfaces.

Under the Agreement, the Licensee can manufacture Licensed Products using Licensed Patents and Know-How, exclusively in the Manufacturing Territory i.e. Middle East and North Africa Region with a right of first refusal in India and sell in the Sales and Restricted Territories, with certain limitations.

Under the Agreement, the Licensee shall also get technical assistance and necessary equipment. The Licensor shall retain the ownership of licensed equipment and specific rights over the patents. The agreement emphasizes maintaining a minimum selling price and adhering to specific operational and territorial conditions.

The Licensor and Veegoo shall be entitled to receive share of profit as per the agreed percentage.

Shares of Global Surfaces Limited was last trading in BSE at Rs. 223.00 as compared to the previous close of Rs. 216.30. The total number of shares traded during the day was 20783 in over 1361 trades.

The stock hit an intraday high of Rs. 227.80 and intraday low of 212.35. The net turnover during the day was Rs. 4631254.00.

Source : Equity Bulls

Keywords

GlobalSurfaces INE0JSX01015 Granites Marbles GlobalSurfacesFZE LicenseAgreement SQIPLLC VeegooTechnology