NewTech is Selling a License for its Full Contact Disc Brake that Will Cover the Global Heavy-Duty Vehicle Market
BLAINVILLE, Canada, May 5 -- NewTech Group International Inc., announced today the sale of a license to its subsidiary, NewTech Brake Corp. (OTC BB: NWTB), to market its NewTech's full contact disc brake for the heavy-duty vehicle for the rest of the world market.
Already having the licensee agreements for North America and Europe, by this transaction NewTech Brake Corp. will acquire the rights to commercialize and manufacture the NewTech full contact disc brake for the global heavy-duty vehicle market.
The license-selling price will be established following an evaluation of its commercial value by a specialized independent firm. It is anticipated that this transaction will allow NewTech Brake Corp. to negotiate immediately with all customers to market the full contact disc brake in their own country.
The decision to align under one entity for the commercialization of the heavy-duty brake is expected to simplify the operations of both companies and reduce their costs.
"Actual negotiations with different customers outside of North America and Europe have convinced us to go ahead with this transaction. Consequently, we believe that NewTech Brake Corp. will have the mechanism necessary to introduce the full contact disc brake to the different global markets", stated Mr. Yvon Rancourt, chairman of NewTech Brake Corp.
The completion of the transaction is subject to regulations in force.