- FendX Technologies (FDXTF, Financial) has entered exclusive agreements for a sustainable sponge product line.
- The North American household cleaner sponge market is projected to grow from US$1.96 billion in 2024 to US$2.92 billion by 2033.
- FendX will issue 1,000,000 common shares at $0.10 per share for intellectual property rights.
FendX Technologies Inc. (FDXTF), a company specializing in nanotechnology, announced two pivotal agreements on April 23, 2025, aimed at expanding their product offerings in the global cleaning market. The company has finalized an exclusive supply contract with US BioSolutions for Open-Cell foam and secured a license agreement for intellectual property, including three pending patents and the BioFoam® trademark. This strategic move allows FendX to innovate within the eco-friendly sponge sector, offering alternatives that are washable, reusable, biodegradable, and free from toxic plasticizers.
The exclusive supply agreement enables FendX to procure bulk rolls of Open-Cell foam, which will be further processed into various sponge formats for diverse cleaning applications, targeting consumer, retail, and commercial markets worldwide. This development aligns with the projected growth of the North American household sponge market, anticipated to increase from a valuation of US$1.96 billion in 2024 to US$2.92 billion by 2033.
As part of the consideration for the intellectual property license agreement, FendX will issue a total of 1,000,000 common shares at a price of $0.10 per share to Scott Smith, CEO of US BioSolutions. The agreement includes a predefined price per square foot for the initial 12 months, with planned negotiations for future pricing and volume adjustments. These agreements cement FendX's commitment to advancing its eco-friendly product line and expanding its intellectual property portfolio while collaborating with industry leaders.
