Chilliwack, British Columbia (GLOBE NEWSWIRE) - Garmatex Holdings Ltd. (OTC PINK:GRMX) ("Garmatex Holdings" or the "Company") is pleased to announce that Garmatex Technologies, Inc. ("GTI") has stated that Garmatex proprietary fabrics will be used exclusively in the product line up of ThreadX Wet/Dry Performance Apparel by XCEL Wetsuits which just launched in retailers across the United States.
GTI is the developer of the Company's recently licensed Garmatex scientifically-engineered fabric technologies and performance technologies, including a patented T3® design, Bact-Out®, CoolSkin®, WarmSkin®, Kottinu™, ColdSkin™, SteelSkin™, Satinu™, CamoSkin™, RecoverySkin™, SlimSkin™, AbsorbSkin™ and IceSkin™. Garmatex Holdings (GRMX) has also agreed to acquire GTI subject to customary terms and conditions.
GTI President and CEO, Darren Berezowski, says "We are excited to be partnering with XCEL who have, for many years, been one the leading innovators in the wet suit market. Our Garmatex technical team has truly done a masterful job of creating a fabric for Xcel that is not only soft to touch but one most dynamic wet/dry performance materials ever used in the surf world."
Lance Varon, Xcel Wetsuits Design Director, based in Irvine California, states that "We at Xcel are proud to call Garmatex a strategic partner in our continued efforts of sourcing the most innovative materials. In our ThreadX wet/dry performance line we were able to create that perfect all-around product that was comfortable to wear in and out of the water yet also super functional. Garmatex truly allows Xcel to continue to be a dynamic brand with a performance apparel line specially tailored to the serious athlete. The positive feedback we have already received from many of our top retailers is a testimony to quality of the Garmatex fabric".
Additional information regarding Garmatex Holdings Ltd., GTI, and Garmatex scientifically-engineered fabric technologies will be made available in subsequent press releases.
About Garmatex Holdings Ltd. (GRMX)
Garmatex Holdings Ltd. holds a non-exclusive Master Sublicense Agreement with Garmatex Technologies, Inc. ("GTI"), whereby it was granted various intellectual property rights related to the design, development and manufacturing of various scientifically-engineered fabric technologies and performance technologies, including a patented T3® design, Bact-Out®, CoolSkin®, WarmSkin®, Kottinu™, ColdSkin™, SteelSkin™, Satinu™, CamoSkin™, RecoverySkin™, SlimSkin™, AbsorbSkin™ and IceSkin™. The Company commenced operations for this business on March 8, 2017.
The Company plans to provide performance fabric solutions in virtually every sector that has textile applications. Its primary strategy is to deploy its performance fabrics as a premium ingredient brand, similar to Gore-Tex® in the outerwear market, or akin to Intel® in the computer space. The Company believes that its future fabrics will be superior in performance relative to current market "standards" and will have a wide range of applications in multiple clothing and textile categories, including, but not limited to, sports apparel, medical, sleepwear, linens, undergarments, military, designer wear, protective, industrial and first responders.
The Company's business model is to co-develop fabric with manufacturers to obtain exclusive licenses of technology and purchase fabric technology to build on its technology portfolio. The Company plans to commercialize these inventions by selling bolts of fabric directly to retailers and wholesalers. The Company also plans to control the proprietary process of the technology for IP protection and does not intend to own any manufacturing facilities, which are intended to allow it to scale.
The Company is in the market to acquire additional technologies from inventors looking for a commercialization partner.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including the Company's plan to acquire Garmatex Technologies, Inc.
These statements relate to future events and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: the Company's ability to implement its business and strategy, the success by the Company of the sales of its future products, the acceptance by brand leaders of the Company's future products, the Company's ability to obtain additional funds for the planned operation, the impact of intellectual property disputes that could materially and adversely affect the Company's business, the Company's ability to remain competitive in the market for technologically advanced textiles, and the availability of raw materials in the manufacture of products.
You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. Except as required by the applicable securities laws, including the securities laws of the United States and Canada, we assume no obligation to publicly update or revise these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at www.sec.gov and with Canadian securities commissions under the Company's profile at www.sedar.com.
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SOURCE: Garmatex Holdings Ltd.