Kane Biotech Announces Exclusive Distribution Agreement with Eetoys Pet Products Limited
WINNIPEG, Manitoba, July 18, 2019 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE), (the “Corporation” or “Kane Biotech”), a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms, is pleased to announce that they have signed an exclusive distribution agreement with a major Chinese distributor, Eetoys Pet Products Limited (“Eetoys”). Eetoys will be distributing Kane’s Oral Care products (bluestem(TM) and StrixNB(R)) to over 2,000 retailers across major markets in China.
Kane’s representative in the region, Richard Walker, who is Managing Director of the Beijing-based Canasia Enterprises Ltd., introduced Kane to Eetoys in early 2018 and has been integral in the ongoing cooperation between the two companies in achieving a common goal in the China market. Given Richard’s 30 years of business experience in China, he offers a wealth of knowledge and expertise during the partnership’s formative stages and beyond.
“We are extremely pleased with our growing relationship with Richard and are very grateful for the introduction to such an established brand name in China. This distribution partnership will increase our presence and visibility in a lucrative, fast-growing market and creates a strong foundation for continual geographical expansion,” stated Marc Edwards, Chief Executive Officer of Kane Biotech.
In order to maintain their exclusivity, Eetoys must purchase at least $600,000 of Kane Biotech products over the course of three years. All product manufacturing will remain in North America, with the majority of it taking place in Canada, and all orders will be paid in advance of shipping. Kane has already received a small pre-paid order from Eetoys and recently fulfilled the order and shipped the product overseas. Once the product arrives in China and clears customs, Kane will continue to fulfill larger orders from Eetoys.
In addition, in August 2019, Eetoys will be showcasing Kane’s products at Pet Fair Asia 2019, one of the largest pet shows in China.
“Kane Biotech has an established portfolio of pet products that will complement our existing offerings well. We look forward to working with the Canada-based team to offer an ever-growing array of products to our large customer base,” said James Chen, Chief Executive Officer of Eetoys.
About Kane Biotech
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. The Corporation has a portfolio of biotechnologies, intellectual property (56 patents and patents pending, trade secrets and trademarks) and products developed by the Corporation’s own biofilm research expertise and acquired from leading research institutions. StrixNB(R), DispersinB(R), Aledex(R), bluestem(TM), AloSera(TM), coactiv+(TM) and Kane(R) are trademarks of Kane Biotech Inc. The Corporation is listed on the TSX Venture Exchange under the symbol "KNE".
Eetoys is a vertical company that provides smart solutions for pets and owners. Founded by a team of animal behaviorists, veterinarians, and nutritionists, Eetoys designs and produces pet toys that satisfy pet’s natural desires. Eetoys has become the leading pet toy brand in China over the past 10 years, and its distribution channel covers over 21 provinces, 3 municipalities, 3 autonomous regions within China, achieving continuous exposure in more than 2,000 pet specialty stores. Eetoys has also gained strong foothold in the ever-growing China e-commerce with designated online stores in major platforms, such as Tmall, JD, and Alibaba, plus over 500 online distributors. Driven by strong and widespread distribution channels, Eetoys also offers products from major pet brands that provide complete solutions to the pet community.
For more information, please visit www.kanebiotech.com, or contact:
Chief Executive Officer
Kane Biotech Inc.
+1 (514) 910-6991
U.S. Investor Relations
+1 (646) 653-7030
U.S. Investor Relations
+1 (646) 653 7035
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information
This press release contains certain statements regarding Kane Biotech Inc. that constitute forward-looking information under applicable securities law. These statements reflect management’s current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to, risks relating to the Company’s: (a) financial condition, including lack of significant revenues to date and reliance on equity and other financing; (b) business, including its early stage of development, government regulation, market acceptance for its products, rapid technological change and dependence on key personnel; (c) intellectual property including the ability of the Company to protect its intellectual property and dependence on its strategic partners; and (d) capital structure, including its lack of dividends on its common shares, volatility of the market price of its common shares and public company costs. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by the Company with applicable securities regulatory authorities, available at www.sedar.com. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive.
Released July 18, 2019