JUPITER, FL--(MARKET WIRE)--Apr 14, 2009 -- GelTech Solutions, Inc. (OTC BB:GLTC.OB - News) is pleased to announce that it has signed and executed a new RootGel(TM) distribution agreement with Better Building Products Corp., a subsidiary of GF Industries. The distribution agreement will run for five years, beginning with a guaranteed sales minimum to maintain territory exclusivity of $2.5 million during year one, $2.75 million during year two, $3.32 million during year three, $3.9 million during year four, and $4.66 million during year five, for a total of $17.13 million over the course of the agreement. The agreement with Better Building Product Corp will cover the states of California, Arizona, New Mexico, Nevada, and Oregon.
Michael Cordani, CEO of GelTech Solutions, stated, "We are excited about the opportunity to team up with Better Building Products Corp. and its parent company GF Industries, a firm with a strong reputation as a steward of the environment. GF Industries' core focus falls directly in line with ours in regards to being 'conservation and renewable resource' focused. We believe that this deal represents not only a meaningful milestone for our Company and shareholders, but also further 'proof of concept' from the marketplace about our innovative and eco-friendly products."
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About GF Industries:
GF Industries is a leader in the recycling and beneficial reuse for industrial waste, taking waste materials and providing alternative processing streams that reduce costs and environmental impact. With a diverse portfolio of companies and services lines, GF Industries continues a long history of innovative practices and partnering with clients to create favorable outcomes for waste management. Since the 1950s GF Industries has paved the way for many of today's common environmental practices and continues to work to innovate for tomorrow.
For more information on GF Industries, please visit the company's website at www.gfindustries.net
About GelTech:
GelTech Solutions' creates innovative, Earth-friendly, cost-effective products that help industry, agriculture, and the general public accomplish environmental and safety goals, such as water conservation and the protection of lives, homes, and property from fires and other dangers. GelTech's dedication to finding global answers to common problems touches its current products and its development pipeline of new and promising innovations.
GelTech markets and sells innovative proprietary products including:
* FireIce®, a patent pending powder that extinguishes fires, including wildfires; and
* RootGel(TM), a solution to today's drought challenges. RootGel(TM) is a moisture-retentive soil conditioner that decreases the need for water. RootGel(TM) is ideal for golf courses, lawns, tree and sod farms, and nurseries.
For more information on GelTech, please visit GelTech at http://www.GelTechSolutions.com