Zoono up 92 per cent, after signing 10-year distribution deal to sell Turtle Wax car care

• Zoono has signed a 10-year deal with Microsonic to distribute the company’s antimicrobial agent in Turtle Wax car care products
• Initial purchase agreements from 2020 is outlined at US$2 million to increase annually.
• Zoono jumped a massive 92.3 per cent in the market today after the announcement

Biotech company Zoono climbed a massive 92.3 per cent after announcing a 10-year distribution deal with Microsonic.

Microsonic will utilise Zoono antimicrobial sanitiser chemicals in its car cleaning Turtle Wax product range. This deal marks 12 months of extensive testing on the Zoono Z71 Microbe Shield agent.

Zoono Managing Director Paul Hyslop says the deal demonstrates the company’s versatility and worth.

“Testing and trials are currently being undertaken by other potential partners in multiple industries and we hope to announce these agreements as they come to fruition,” he said.

Annual Minimum purchase agreements are outlined from 2020 onwards as US$2 million, US$3 million, US$6 million and US$12 million respectively, increasing 10 per cent per annum from then on.

The deal also outlines minimum yearly performances from Microsonic and Zoono is able to immediately terminate the agreement pending a performance fault by Microsonic.

Zoono announced last month a quarterly sales total of NZ$758,000. The company has a history of producing sprays, wipes and foams for skin care, surface sanitisation and mould removal.

The Turtle Wax brand has been operating since 1944 and distributes to over 90 countries.

Company shares opened at 13.88 cents each before spiking to 15 cents a share. The company market cap remains at $12.73 million.

Read and comment on the full announcement