BioLargo Inc (OTCMKTS:BLGO) has finalized its previously announced joint venture with Bookang Tech Co Ltd (BKT), a South Korean wastewater treatment company, and its subsidiary Tomorrow Water.
The newly formed venture will manufacture and support the distribution of odor and volatile organic compound (VOC) control products based on CupriDyne Clean, the flagship air quality control product of BioLargo subsidiary Odor-No-More
As part of the agreement, BKT purchased $350,000 of BioLargo stock. Otherwise, BKT and Tomorrow Water are contributing $150,000 and BioLargo is chipping in $100,000.
The parties have been working together for months to exchange information and training, work with prospective customers, perform testing, clear any safety requirements required by local authorities, set up physical headquarters in South Korea, secure supply chain relationships and establish logistics surrounding the distribution of CupriDyne Clean-based products in the country.
“The CupriDyne Clean product performance is unmatched in the marketplace,” BKT and Tomorrow Water CEO Dong Woo Kim said in a statement. “Due to its geographic location and its excellent social infrastructure, Korea will become a gateway to the Asian market. We are pleased to work with the team at BioLargo and look forward to a long-lasting partnership.”
CupriDyne Clean Industrial Odor and VOC Eliminator is a non-toxic, eco-friendly, non-pesticide product that eliminates odor-causing compounds rather than masking them. Odor-No-More, which produces the product, currently serves the largest waste handling companies in the US.
“CupriDyne Clean has been a breakout hit among operators in the waste handling industry in the US, and we expect it to be well-received in South Korea,” Odor-No-More President Joseph Provenzano said. “Our products performed extremely well in BKT’s testing for wastewater applications, and we anticipate the product will quickly make life easier for South Korean operators.”
The companies plan to release a name for the joint venture as it officially launches the products soon.
“We are pleased to be working with the leadership team at BKT and Tomorrow Water,” BioLargo CEO Dennis Calvert said. “We anticipate that many more opportunities will arise to develop mutual business together, and we have begun those discussions."
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