KUALA LUMPUR, Jan 26 (Bernama) -- Karex Holdings Sdn Bhd, a wholly-owned subsidiary of Karex Bhd, has signed an asset purchase agreement to purchase certain assets from TheyFit LLC worth US$1.3 million (US$1=RM4.29).
Under the agreement, Karex will acquire certain assets, inter alia, the intellectual property, the TheyFit trademark, all approvals to carry on its business, including the Food and Drug Administration (FDA) approvals, the websites, the distribution agreement, business information, and inventory.
"Karex's subsidiary in the US, Global Protection Corp. (GP) will manage the Purchased Assets from TheyFit moving forward," it said in a statement today.
Chief Executive Officer Goh Miah Kiat said with the intellectual property and patents such as FitKitTM and the FDA approvals, Karex would be able to build on its platform.
"FitKitTM is a patented measurement kit which allows consumers to customise their size of condoms just like tailor-made clothes or shoes. GP will manage this expansion plan which I believe will certainly take our OBM business to the next level," he added.
-- BERNAMA
Source: http://www.bernama.com/bernama/v8/bu/newsbusiness.php?id=1210469
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