Collaboration agreement signed with Paradise Textiles for development of Nullarbor™ yarns and textiles

Nanollose Limited a leading bio-materials company, focused on commercialising scalable technology to create fibres and fabrics with minimal environmental impact, is pleased to advise that it has entered into a Collaboration Agreement with Paradise Textiles Limited (“Paradise”), a technology first, material science and innovation business, working to reinvent the fabric of fashion. Paradise brings to market consciously crafted fabrics, and is the innovation hub of award-winning, apparel manufacturing group – Alpine Group. The Alpine Group was founded in 1981 in Taiwan and over the past 40 years, has established operations across the globe including in the US, Singapore, Egypt, Jordan, Dubai, Taiwan and China. To achieve its purpose of making fashion fit for the future, Alpine Group will be the first apparel manufacturing group to take on the Future Fit Benchmark (a science-based strategic management tool that aligns with the UN Sustainable Development Goals) and is a trusted partner to some of the biggest brand names in apparel, including: The North Face, Sweaty Betty, American Eagle Outfitters, Under Armour and Abercrombie and Fitch. Under the Collaboration Agreement, Nanollose and Paradise will work closely together to develop and manufacture yarns and textiles incorporating Nanollose’s Tree-Free and Forest-Friendly Nullarbor fibres. Nanollose will provide an initial 135kg of Nullabor-20TM to Paradise, and Paradise will convert this fibre into a variety of yarns and textiles for provision to selected apparel makers and fashion brands with whom Nanollose is currently finalising agreements. If the collaboration is successful, the parties will work together in good faith to agree on fair terms and conditions for the ongoing supply of Nullarbor fibres to Paradise for their use in commercial manufacture of yarns and/or textiles by Paradise. The term of the agreement is from execution until the earliest to occur of one year, and completion of the development period. Either party may terminate the agreement by providing no less than three months prior written notice.