Ikona Announces Marketing Agreement with Bronte Engineering
April 25, 2006—Ikona Gear International announced signing a letter of intent with Bronte Engineering Technologies Ltd., a U.K.-based engineering and manufacturing firm with client bases in oil, gas, defense and marine industries.
Under the terms of the agreement, Bronte will market the Ikona gearing technology across multiple industry sectors. Bronte will provide manufacturing and integration expertise to incorporate Ikonas technologies into commercial applications as well as develop the new "Hybrid Ikona Drive".
According to the companys press release, Ikona will pay a commission for every sale generated by Bronte. In circumstances where Bronte incorporates Ikonas technology into products sold and manufactured by Bronte, Bronte will pay Ikona a per unit royalty. Bronte will be given access to existing Ikona partners within Brontes U.K. territory to discuss designs and manufacturing.
"The LOI with Bronte allows us to leverage their sales and manufacturing expertise to accelerate Ikonas European expansion as we continue to develop our core competencies such as power transmission technologies and engineering solutions," says Laith Nosh, president and CEO of Ikona. "Brontes commercialization expertise and broad U.K. customer base provides our patented gearing technologies and engineered services an excellent entree in the European oil and gas, defense, marine and aerospace industries."
Bronte has sales and manufacturing rights in the U.K. and other selective areas. For new product development, Ikona will provide sales literature and support, design, manufacturing information and engineering test data of products under license. Ikona will spearhead continued development of the "Hybrid Ikona Drive" (a hybrid powertrain based on Ikonas continuously variable transmission technology) along with related sales and technical training.