Sydney, Nov 23, 2005 AEST (ABN Newswire) - The Directors of DataDot Technology Limited (ASX: DDT) announce that DataTraceDNA Pty Ltd ("DTDNA"), the 50/50 joint venture company owned by DDT and the CSIRO and managed by DDT to market DataTraceDNA , has appointed a Distributor in China.
The distributor is DataDot Technology (Hong Kong and China) Limited, a company incorporated in China that is not a related company to DDT. Under the distribution agreement, DTDNA will receive a license fee of AUD$10 million ($500,000 of which has already been paid with the balance payable in September 2006 and September 2007). The distributor has an exclusive distribution licence to market DataTraceDNA in certain designated applications in China for a period of 10 years, with the right of renewal for a further 10 years.
All rights to intellectual property will remain with the JV company and continuation of the contract over the term is subject to appropriate performance hurdles by the distributor.
Mr Ian Allen, CEO of DDT which operates as manager for DTDNA, said: "The Chinese market represents a very attractive opportunity for DataTraceDNA . Our technology is the ideal solution for the authentication of consumer goods on a mass scale. The DataTraceDNA barcode is inexpensive, robust and easily applied in the manufacturing process. It allows manufacturers of branded products to more easily enforce trademarks and capture sales revenue lost to counterfeiters."
Contact
Mr Ian Allen
Chief Executive Officer
DataDot Technology Limited
Phone: +612 9975 4777
Fax: +612 9975 4700
Web: www.datadotdna.com
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