Smart building materials company ClearVue Technologies Limited has signed an MOU with Grafsol for exclusive distribution rights in the United Arab Emirates, Kuwait, Bahrain and Qatar and non-exclusive distribution rights in Saudi Arabia.
Grafsol General Trading LLC is an independent trading company in the business of importation and sale of green building products (amongst other things) in the United Arab Emirates (UAE) and has extensive contacts into the building industry and government agencies in the greater middle east region.
Under the terms of the non-binding MOU the Parties will work together to formalize a Distribution Licence as soon as possible with the expectation that this is completed and signed within 60 days of the MOU being signed but subject to satisfactory due diligence of Grafsol by ClearVue.
Commenting on the MOU, Executive Chairman Victor Rosenberg said: “This MOU represents a great opportunity for ClearVue to break into the Middle Eastern region. The initial licence will give ClearVue feet on the ground for sale and distribution into this very large market. Whilst we will initially sell product for distribution through Grafsol, the hope from both sides is that the relationship will quickly be extended to include manufacturing rights for this territory as well. The aim now for Grafsol will be to secure cornerstone demonstration projects where ClearVue’stechnology can best be deployed and displayed. Grafsol’s longer term vision is to use ClearVue glass to become a virtual power supplier in the region - demonstrating yet another way to exploit the ClearVue technology."