West Perth-based CollTech Australia Ltd has signed a letter of intent with Italian chemical distributor Eico Novachem Ltd for the marketing of its sheep-sources collagen to the Italian cosmetics and toiletries market.
West Perth-based CollTech Australia Ltd has signed a letter of intent with Italian chemical distributor Eico Novachem Ltd for the marketing of its sheep-sources collagen to the Italian cosmetics and toiletries market.
The company has also secured Halal approval from the Australian Islamic Federation of Islamic Councils Inc, which CollTech says will help it access the potential of the market for cosmetics that meet the strict standards adhered to by Islamic communities.
The full text of two company announcements are pasted below
- CAU signs a LETTER OF INTENT with Eico Novachem of Italy a distributor of chemical raw materials
- CAU signs MOU with BioAlliance to assist CollTech in distributing CollTech's existing products in Northern America, developing medical grade products, complying with FDA requirements and launch of CollTech's Research grade collagen.
CollTech is pleased to announce the finalisation of a LETTER OF INTENT ('LOI') with Eico Novachem of Italy (www.eiconovachem.it). The LOI will see CollTech's unique sheep sourced collagen being marketed and sold in Italy and represents the third such agreement into the lucrative European markets.
Italy is one of the major cosmetic and toiletries markets in Europe, valued at USD12.9 billion with 14% market share of Western Europe. Eico Novachem already have identified market opportunities for CollTech's cosmetic grade ovine collagen.
CollTech's General Manager Dr. Deborah Cooper said "Eico Novachem are an established distributor in Italy supplying product to cosmetic manufacturers and is expected to open some of these doors in Italy for us.
BioAlliance has expertise in the development of biomaterials for advanced medical applications and has the connections and capacity to fast-track ovine collagen into the biomedical arena.
Sales Director Glenn Smith commented that establishing a relationship with BioAlliance was key to the imminent release of OVICOLL®|R - CollTech's Research grade ovine collagen. More importantly it establishes a relationship within the USA whilst the company finalises development of the high margin Medical grade collagen during 2008.
The LOI and MOU provide for the parties to finalise negotiations towards full distribution agreements whilst commencing initial marketing activities.
The full text of a second announcement is pasted below
CollTech Australia Limited is excited to announce that it has been granted Halal certification for its cosmetic Ovine collagen products.
CollTech has become the latest cosmetic ingredients supplier to solicit Halal approval for its cosmetic products in order to access the potential of the market for cosmetics that meet the strict standards adhered to by Islamic communities. The Islamic Food and Nutrition Council of America estimates the worldwide Muslim headcount to be in the region of 1.4bn. In order to tap it, CollTech has obtained Halal approval from the Australian Islamic Federation of Islamic Councils Inc. for the manufacture of OVICOLL®|C and OVICOLL®|Clear at its plant in Collie, Western Australia.
Dr Cooper, CollTech's General Manager commented that "obtaining Halal certification presents a real opportunity to open up the Malaysian, Middle East and Indonesian markets for CollTech." The core reason for developing Ovine collagen was to provide a disease free and culturally acceptable product so that manufacturers of cosmetic and healthcare products using collagen had an alternative source of high grade collagen. Collagen from sheep allows manufacturers to use one collagen ingredient that is suitable for all markets.
Sales director Mr Glenn Smith commented that "Halal certification is a prerequisite for the use of our collagen in products sold by several of our prospective customers". The need to provide Halal certification has also grown out of globalisation and migration. Second and third generation Muslims who have grown up in the West desire the benefits of modern cosmetics, including anti-ageing creams, eye gels, moisturisers and other modern cosmetics - but still want to comply with Halal principals. CollTech's Halal certified OVICOLL® is now available.
