- Shares in Australian-based company Cellmid (CDY) rose after it announced a 10-year agreement to distribute its anti-aging and skincare products in China
- Cellmid signed the agreement with Hong Kong-based Ourui Health Management via its subsidiaries Advangen Limited and Advangen Inc
- Ourui Health Management is owned by beauty entrepreneur Steven Ko who co-founded the Australian beauty brand Red Earth and facemask brand SkinVitals
- The agreement will grant Cellmid expansion into the Chinese market selling its Japanese consumer health products Ju-Ju and Lexilis
- The agreement is extendable for an additional 10 years subject to distributor performance
- CDY shares are up 4.55 per cent on the back of the announcement, closing at 11.5 cents each
Shares in Australian-based company Cellmid (CDY) rose after it announced a 10 year agreement to distribute its anti-aging and skin care products in China.
The agreement will grant Cellmid expansion into the Chinese market selling its Japanese consumer health products Ju-Ju and Lexilis.
Cellmid Chief Executive Maria Halasz said the agreement sets the foundations for its China growth strategy.
Cellmid signed the agreement via its subsidiaries Advangen Limited and Advangen Inc. with Hong Kong-based Ourui Health Management, which is owned by beauty entrepreneur Steven Ko.
Some of his most well-known ventures include Australian beauty brand Red Earth, facemask brand SkinVitals and skincare brand Pearlosophy.
A number of key terms were under the agreement including a potential 10-year extension subject to distributor performance and an expected shipping commencement in the second half of 2020.
Cellmid must also complete a minimum annual purchase requirement of 500,000 units of products across the two brands in year one and 1,000,000 units of products in year two.
CDY shares are up 4.55 per cent on the back of the announcement, closing at 11.5 cents each.