Partnership to Accelerate Product Development and Path to Market Within Manufacturing Supply Chains Including Leather
STONY BROOK, N.Y. – April 12, 2019 – Applied DNA Sciences Inc. (NASDAQ: APDN) (“Applied DNA”, the “Company”), a leader in PCR-based DNA manufacturing for product authenticity and traceability solutions, announced today the signing of a non-binding Memorandum of Understanding (“MOU”) with Netherlands-based Stahl, the world leader in process chemicals for leather products, performance coatings and other substrates. The MOU is expected to be followed by a definitive agreement.
Under the terms of the MOU, the parties will continue the evaluation of molecular tagging of process chemicals and coatings utilizing Stahl’s product offerings as a point of entry into supply chains for the Company’s molecular tags. Stahl will provide technical expertise to the company relating to the process chemicals used in leather manufacturing.
Dr. James Hayward, President and CEO of Applied DNA, said, “Stahl’s global sales and support footprint, coupled with broad access to its customer base that spans global brands and their supply chains, makes it an ideal partner through which to expand, implement and support our CertainT® authentication and traceability platform. We believe this partnership should accelerate our entry into the leather market. We look forward to a long and productive relationship with Stahl.”
Mike Costello, Director of Sustainability at Stahl, said “We see a bright future for molecular tagging. Leather is just one of many industries which could benefit by having the capability to improve traceability. As a process chemical manufacturer, we are a logical point of entry into a whole range of supply chains for Applied DNA’s molecular tags.”
Stahl is the world leader in leather chemicals and high-performance coatings. Our products provide functionality, durability and comfort to many different materials used in everyday life. Through our continuous focus on innovation and improving the environmental footprint, Stahl adds value to differentiated high-end industries with a unique service model for premium solutions. As part of its corporate responsibility, Stahl is actively driving change in the industry by initiating activities that promote transparency and to provide environmental solutions for the supply chain, involving close collaboration with its partners.
The statements made by Applied DNA in this press release may be “forward-looking” in nature within the meaning of the Private Securities Litigation Act of 1995. Forward-looking statements describe Applied DNA’s future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Applied DNA. Actual results could differ materially from those projected due to its history of net losses, limited financial resources, limited market acceptance and various other factors detailed from time to time in Applied DNA’s SEC reports and filings, including our Annual Report on Form 10-K filed on December 18, 2018 and our subsequent quarterly report on Form 10-Q filed on February 7, 2019, and other reports we file with the SEC, which are available at www.sec.gov. Applied DNA undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events, unless otherwise required by law.