I-Tech AB (publ) (ticker: ITECH) has signed a long-term collaboration agreement with Pettit Marine Paint, a supplier of high-performance antifouling paints to the leisure boat markets in North, Central, and South America.

Through the collaboration, both parties will work together to develop a new product line of antifouling paints for leisure boats that make use of I-Tech’s barnacle repelling active agent, Selektope®.

Joint investments will include R&D activities, achieving regulatory approval from the United States (U.S) Environmental Protection Agency (EPA) and other development investments committed by both companies. The collaboration agreement sets out an exclusive right for the use of Selektope® in the marine pleasure craft coatings market within the United States of America for a limited period of time.

Scott Townsend, President of Pettit Marine Paint, states, “At Pettit, we believe that we all play a role in ensuring our treasured waterways are here for future generations. Selektope® is an innovative raw material, driving the industry towards a more sustainable footprint. We are excited to partner with I-Tech as both of our companies invest in innovation and reduced environmental impacts".

Philip Chaabane, CEO at I-Tech, says: “This collaboration agreement represents a major step for I-Tech in expanding our business into the U.S. and introducing our technology to the largest pleasure craft coatings market in the world with annual sales of around USD $200m. We are proud to be liaising with Pettit Marine Paint, one of the largest companies in the U.S. pleasure craft antifouling market, who have a clear ambition to grow their market share both in the U.S. and in the surrounding territories”.

For additional information, please contact:

Philip Chaabane, CEO

M: +46 073-910 37 08

E: philip.chaabane@i-tech.se