Applied DNA Sciences Inc. (NASDAQ:APDN) managed to get off its lows but the stock still looks weak at current levels of $0.44. Here is another news from the company for investors.
Applied DNA has signed a memorandum of understanding with Taiwan’s Sun Chemical Supply Company to bring Certain T authentication platform to footwear and apparel manufactures in Asia.
The Terms of Agreement
The deal requires Sun Chemical Supply-a chemical, equipment and synthetic distributor in China, Vietnam, and Taiwan, to serve as the distributor of the Certain T platform at the center of Asia’s textile industry.
Sun chemical supply has the experience, and it has already established itself in most parts of Asia such as China, Vietnam, and Taiwan. Therefore, it will provide significant knowledge, infrastructure as well as client base in expanding Applied DNA’s reach in servicing its currently commercialized business and building further its pipeline.
The DNA-based Certain T platform may be used as well in identifying, tagging, testing as well as tracking products to help ensure authenticity, traceability, quality, sustainability, and origin. Sun chemical supply’s customer base in Asia represents some additional textiles verticals with profiles which make them strong candidates for the adoption of the Certain T authentication platform in differentiating and protecting brands as well as supply chains with manufacturing locations in Asia.
Expectations Rising for Authentication and Traceability Solutions
Dr. James Hayward, President, and CEO of Applied DNA believe the relationship with Sun Chemical Supply is the first step among the many that they look to make towards facilitating their reach to the Asian manufacturers who are central to several textile supply chains. He’s confident that the 60 years’ experience that Sun Chemicals Supply brings into the deal will drive some further adoption to their physical traceability solutions in the global textiles markets.
According to David Lai, Chairman and CEO of the Sun Chemical Supply Company have a high expectation by deploying Applied DNA’s Certain T platform. The fact that Asian countries play a significant role in the global textile supply chains, he expects the collaboration to help protect industries as well as consumers with reliable traceability and authentications solutions. For now, the partnership between the two promises a beneficial relationship.