BSF Enterprise enters non-binding heads of terms with Imposter
BSF Enterprise PLC on Monday said it has entered a non-binding heads of terms with Imposter LLC to establish a 50/50 joint venture.
BSF, the London-based tissue engineering company, said the venture provided a 'de-risked route' to commercialise its T-Rex leather.
The proposal will enable immediate phase 1 marketing of the product in the US market, including at venues such as New York Fashion Week and the Humane World Gala.
BSF will retain 100% of all intellectual property, commercial and distribution rights for high-volume categories, including mainline footwear, apparel, automotive interiors and mass-market handbags. This would "[preserve] complete freedom to execute independent partnerships", while the company would also contribute technology licensing and material supply, but no cash capital.
Phase 2 commercial operation and product exclusivity would be contingent upon Imposter, the US-based ethical luxury brand, providing operational funding of USD0.5 million to USD1.0 million to the venture.
"This agreement represents an exciting step forward in our strategy to build commercial traction in the lucrative North American market. Partnering with Imposter gives us an immediate, funded platform to showcase T-Rex Leather directly to high-net-worth individuals and luxury buyers", commented Che Connon, chief executive officer of BSF.
The agreement remains subject to mutual due diligence, approvals and the execution of legally binding documentation.
BSF shares jumped up 31% on the news, closing at 1.12 pence in London on Monday.
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