PERTH, AUSTRALIA and GREER, SC--(Marketwired - Apr 12, 2017) -
- INITIAL MOVE INTO SPORTS FR UNDERGARMENTS
- FIRST MARKET IS NASCAR™ WITH TARGET LAUNCH 2H 2017
- UNIQUE COMBINATION OF BOTH FR AND PHASE CHANGE MATERIAL COOLING (PCM)
- SALES VALUE OF TARGET MARKET IS US$3M
Alexium International Group Limited ("Alexium," "the Company") (ASX: AJX) (NASDAQ Designation: AXXIY) announced today that it has formally partnered with Benwel, Inc., a South Carolina-based uniform developer, to introduce an FR undergarment for the auto racing industry treated with both Alexiflam™ and Alexicool™ technology.
Benwel, Inc. will commence targeting NASCAR™ with an anticipated product launch in the second half of 2017 and expanding into other racing segments such as Indy Car™, Sprint Cup™, and the fast growing UTV segment, growing this to a multi-million-dollar opportunity for Alexium. The sales value of this market to Alexium is anticipated to be over US$3M by mid-2018; meeting or exceeding currently targeted margins.
Alexium is finalizing all specifications of the product as requested by Benwel. Following finalization, Benwel will commence presenting the product to the end customers before formal product launch and sales this year. The unique combination of both FR and PCM in one garment makes this a very compelling new product line for the high-performance auto racing industry.
President of Benwel, Roger Benjamin, said, "Automotive racing is an industry that completely revolves around performance and the expectation for their safety equipment is no different. The success of Alexicool™ in the bedding market and the strong market validation of Alexiflam™ has fueled the opportunity to co-develop similar features for sports apparel to launch a new product line for the fall of 2017."
Deputy CEO of Alexium, Dirk Van Hyning, said, "Partnering with an organization with significant experience in the auto racing industry will greatly increase visibility into the marketplace and accelerate Alexium's time to market. As Alexium continues to broaden its FR and PCM technology platforms, the FR Protective Clothing and Sports Apparel markets are logical next steps in carving out Alexium's foothold in performance apparel."
Alexium will continue to update the market on progress as the product is launched and sales commence.
About Alexium International Group Limited:
Alexium International Group Limited (ASX: AJX, AJX: AX, Nasdaq Designation: AXXIY) holds proprietary patent applications for novel technologies developed to provide flame retardancy for a wide range of materials. These environmentally friendly flame retardants have applications for a number of industries and can be customized. Further, Alexium has developed products for a range of other applications including phase-change materials, water repellents, antimicrobials, and combinations thereof. Alexium also holds patents for a process developed initially by the U.S. Department of Defense, which allows for the surface modification and attachment of nano particles or multiple chemical functional groups to surfaces or substrates to provide functions such as fire retardancy, water proofing, oil proofing, and anti- microbial treatments. Applications under development include but are not limited to textiles, packaging, electronics, and building materials. Alexium's chemical treatments are currently marketed under the Alexiflam™, Alexiflam FR™, Alexiflam SYN™, Alexiflam NF™, Alexiflam AD™, Alexiflam PB™, and Alexicool™ brand names. For additional information about Alexium, please visit www.alexiuminternational.com.
About Benwel, Inc.:
Benwel, Inc. is a multi-million dollar private corporation which has been in textile specialty chemicals sales since 1982. Benwel, through the vision of owner Roger Benjamin, was one of the first specialty chemical companies to see the potential in the "green" chemical space and have been operating strategically in that space since Benwel's inception. Benwel's most recent investment in the eco-conscious chemical space is International Waste Technologies which has a growing presence in the environmentally-friendly disinfection, treatment and recycling of hospital, industrial and municipal waste. Benwel, along with the extended Benjamin family, has a long history and has formed an extensive network with the competitive motorsports industry. Most recently, Benwel has sponsored racer Kyle Benjamin, who has just secured a four race contract with Joe Gibbs Racing in the NASCAR Xfinity Series. Benwel and Roger Benjamin have taken the intersection of green chemistry and competitive motorsports to launch their newest venture in high-performance FR, cooling apparel.