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APDN enters textile markets with Champion Thread Co
04 Jun '07
3 min read
Applied DNA Sciences Inc (APDN) a provider of DNA-based security solutions announced that it has entered into an agreement with Champion Thread Company (CTC), a leading supplier of industrial sewing threads, under which CTC will become the exclusive reseller of APDN's SigNature DNA Markers in CTC's markets worldwide.
APDN and CTC will work together to develop, commercialize and distribute SigNature DNA marked products to the textile industry. This Agreement supersedes and replaces a previously signed Reseller Agreement between APDN and CTC.
Under the terms of the Agreement, CTC will be granted exclusive worldwide rights to be the reseller for the thread, yarn, woven labels, and printed labels for textiles markets for an initial period of four years with automatic annual renewals thereafter, subject to either party's right not to renew. APDN will receive certain royalties on all sales made by CTC.
The textile industry is a key component of the U.S. economy, contributing $60 billion to the U.S. gross domestic product in 2002 (National Council of Textile Organizations). Counterfeit items are a significant and growing problem with all kinds of consumer goods, especially in the retail and apparel industries.
In the United States, $1.29 billion worth of seizures and losses were incurred as a result of counterfeit apparel and other consumer products. Approximately 30% of counterfeit goods seized throughout the world are textile products (Organization for Economic Cooperation and Development, Jan. 2007), indicating a large market with a strong need for additional security measures.
APDN and CTC will work together to develop, commercialize and distribute SigNature DNA marked products to the textile industry. This Agreement supersedes and replaces a previously signed Reseller Agreement between APDN and CTC.
Under the terms of the Agreement, CTC will be granted exclusive worldwide rights to be the reseller for the thread, yarn, woven labels, and printed labels for textiles markets for an initial period of four years with automatic annual renewals thereafter, subject to either party's right not to renew. APDN will receive certain royalties on all sales made by CTC.
The textile industry is a key component of the U.S. economy, contributing $60 billion to the U.S. gross domestic product in 2002 (National Council of Textile Organizations). Counterfeit items are a significant and growing problem with all kinds of consumer goods, especially in the retail and apparel industries.
In the United States, $1.29 billion worth of seizures and losses were incurred as a result of counterfeit apparel and other consumer products. Approximately 30% of counterfeit goods seized throughout the world are textile products (Organization for Economic Cooperation and Development, Jan. 2007), indicating a large market with a strong need for additional security measures.
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