Graphene 3D Lab Inc. announces that it has concluded the Confidential Research and Development Agreement (the “Agreement”) with its partner, a Fortune 500 Manufacturer (the “Partner”). The Agreement and the general terms of the arrangement were initially announced on December 1, 2015.
Despite Graphene 3D executing and completing all the deliverables specified in the Agreement, Graphene 3D and its Partner have mutually decided to conclude the Agreement on March 29, 2017. This was largely due to the fact that the Partner’s development objectives were adjusted to focus on areas that wouldn’t benefit from the expertise of the Company.
As per the Agreement, the Partner will compensate Graphene 3D for all direct & indirect research & development costs incurred by the Company relating to the project. The payment is set to be received within the next 30 days.
Graphene 3D considers establishing such joint R&D/product development partnerships as a key driver for the future growth of the Company and will continue to seek similar rewarding opportunities. Such alliances help in building long-lasting fruitful relationships with industry leaders, while covering many ongoing costs, and if successful can also generate significant revenue for the Company . The expertise developed by the Company’s research team while working on these types of projects continues to help fuel the Company’s technological growth.
About Graphene 3D Lab, Inc.
Graphene 3D Lab, Inc. is a world leader in the development, manufacturing, and marketing of proprietary composites and coatings based on graphene and other advanced materials. These diverse materials have a wide spectrum of commercial, research, and military applications. The Company’s wholly owned subsidiary, Graphene Laboratories Inc., currently offers over 100 graphene and related products to a client list comprised of more than 12,000 customers worldwide, including nearly every Fortune 500 tech company and major research university. Some notable clients are: NASA, Ford Motor Co., GE, Apple, Xerox, Samsung, Harvard University, IBM and Stanford University. The Company’s suite of p roducts is available online at the company’s e-commerce platform Graphene Supermarket ( www.graphene-supermarket.com ).
The 3D printing division of the Company offers a portfolio of 3D printable filaments. These materials can be purchased through multiple distribution networks worldwide or directly from the webstore www.blackmagic3D.com .
The Graphene 3D facility is located in Calverton, NY and is equipped with material processing and analytical equipment. The company has eight US patent applications pending for its technology. For more information on Graphene 3D Lab Inc., visit www.graphene3dlab.com .
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