Requires Minimum Average Purchase Commitment of $268,800 per Month to
Retain Exclusivity
JUPITER, FL, Sept. 21 /PRNewswire-FirstCall/ - GelTech Solutions, Inc. (OTCBB: GLTC) is pleased to announce that it has entered into a 10-year agreement for large scale distribution of its patent pending fire suppressant, FireIce, in China and Taiwan. In order to maintain exclusivity, the distributor must make an average purchase commitment of $268,000 of FireIce per month which further equates to $3,225,600 per year and $32,256,000 over 10 years.
Joe Ingarra, President of GelTech Solutions, stated, "This is a major milestone for GelTech and continues to validate FireIce in the marketplace. The next 10 years are going to be very exciting as we expect FireIce to continue gaining market share in the United States and Internationally. We have already begun production and will start shipping to the new distribution group at the end of September 2009."
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ABOUT GELTECH SOLUTIONS
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.
About FireIce®:
- FireIce®, a patent pending powdered suppressant used for direct attack of
fires as well as a medium term retardant for structure protection.
FireIce can be used in all types of apparatus; fire extinguishers,
pumper trucks, aerial units for wildfires and home defense units for personal
home protection.
- RootGel, a solution to today's drought challenges. RootGel is a
moisture-retentive soil conditioner that decreases the need for water.
RootGel is ideal for turf growers, lawn and landscape professionals,
tree and sod farms, nurseries and greenhouses.
For more information, please visit our website at www.geltechsolutions.com and view our videos at: http://geltechsolutions.ir.stockpr.com/in-the-media
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including our expectations regarding FireIce continuing to gain market share. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include global and domestic economic conditions, budgetary pressures facing state and local governments, economic, political and other problems which may arise in China including the willingness of customers to place new orders and reorders and our failure to receive or the potential delay of anticipated orders for our products. Further information on GelTech's risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 10-K for the year ended June 30, 2008. GelTech does not undertake any duty nor does it intend to update the results of these forward-looking statements.