TAUV Pty Ltd collaboration with Titomic Limited to Research, Develop and Scope Manufacture of Titanium Enhanced Products
Tauv Pty Ltd ("TAUV"), develops, manufactures and distributes a variety of products for defence and recreational use.
Titomic Limited ("Titomic") is a publicly listed corporation the shares in which are traded upon the Australian Stock Exchange ("ASX"). Titomic is the licensee of certain intellectual property which allows it to commercialise a process of cold spraying ("printing") titanium to create products and components with enhanced durability and strength. Titomic uses the term "Titomic Kinetic Fusion" for this process.
Some time ago TAUV identified commercial advantages and benefits in the development and manufacture of its products enhanced by the use of cold spray titanium. In particular TAUV was attracted to the technology attributed to Titomic Kinetic Fusion to create load bearing components by means of the cold spray printing technique. The interest of TAUV in the technology of Titomic resulted in an approach to that company followed by the establishment of a commercial relationship in August 2018 between the two.
The terms of the commercial arrangements call upon Titomic to:
- establish the commercial application of Titomic Kinetic Fusion in the development and enhancement of TAUV Soldier System products;
- develop applications and systems whereby the TAUV products can be strengthened and enhanced by means of titanium load bearing structures or protective coatings; and,
- establish the ability of the printing technology to readily, consistently and accurately replicate the application and enhancement of the TAUV products by means of commercial production runs.
The arrangements in place also call upon Titomic to protect and observe the market place exclusivity of TAUV's products so enhanced by the Titomic Kinetic Fusion technology. The obligations on the part of Titomic also extend to TAUV's unique intellectual property and customer base in relation to its body armour, drones and firearms "soldier system" products, and confidential business information including customer base.
Until now the expected commercial outcomes for the TAUV products have not been achieved by the technologies attributed to Titomic Kinetic Fusion process. TAUV is of the view Titomic will need further time to develop and establish this technology. TAUV in the meantime seeks to engage with Titomic to resolve the issues which arise by reason of this delay.
TAUV will always strive to develop and enhance the durability, application and user experience of its products. Therefore, whilst the Titomic Kinetic Fusion process continues to be developed TAUV will assess all other commercially proven technologies available to continually enhance and improve its products. TAUV is very excited about the alternative processes which are available and extremely confident these will be commercially and readily applicable to its products. This will allow TAUV's commercialisation of its products to continue whilst the applicability of the Titomic Kinetic Fusion technologies continue to be evaluated.
TAUV for the present will make no further comment upon the collaboration with Titomic.
