Visualant, Inc. (VSUL) and Sumitomo Precision Products Ink Joint Development Agreement for Commercialization of SPM Technology
Visualant, a company engaged in color-based identification and diagnostic solutions, today announced the signing of a suite of agreements with Sumitomo Precision Products Co., Ltd. (SPP) of Japan. The agreements center on Visualant’s optical sensing and data capture technology, Spectral Pattern Matching (SPM), which Visualant develops and distributes through wholly owned subsidiary TransTech Systems Inc. SPP, a publicly listed Japanese corporation, will invest US $2.25 million into Visualant in exchange for 17,307,693 shares of restricted common shares priced at $0.13 per share. In addition, the companies have inked a one-year joint development agreement regarding the commercialization of Visualant’s SPM technology…