AUSTIN, Texas--(BUSINESS WIRE)--Austin-based, self-heating technology developer HeatGenie announced today that they have received a Letter of Intent from a European food and beverage brand to license the HeatGenie self heating technology and purchase up to five million self-heating packages.
HeatGenie is a self-heating packaging component for use in food and beverage products that integrates into the bottom of the package and, with the simple push of a button, heats a 10 oz portion of coffee, hot chocolate or soup to 145° Fahrenheit in two minutes.
While specific terms are still in negotiation and the European brand is not being identified, the Letter of Intent signifies the beginning of an important phase of revenue growth for the company.
“HeatGenie technology is in active evaluation by a number of Multi-National food and beverage companies, however, their evaluation period for new technologies is long and it makes sense for us to launch with a more nimble, smaller brand. Working with a dynamic innovative brand in Europe to launch this new technology will build the interest and confidence of the larger brands,” said Rosemary Whaling, Vice President Business Development. “We’re inviting the early participation of additional regional brands as the logical way to ramp towards the hundreds of millions of units that will come from the national brands.”
To date, HeatGenie has sold small quantities of heated packages to the US Army for evaluation and built the heaters in their Austin laboratory. An order of up to 5 million units will compel a large scale manufacturer to make the necessary capital investments.
“HeatGenie can now finalize negotiations with its large scale manufacturing and packaging partners to bring this game-changing technology to the consumer packaged goods industry.”
HeatGenie and Crown Holdings, Inc. (NYSE: CCK) have been developing the self-heating package for a little over a year and plan to have fully functional samples available to food and beverage companies interested in testing the technology starting in October 2012. Full scale production is expected in 2013.
HeatGenie™ has pioneered a safe, patent-pending, self-heating technology that can integrate into multiple forms of consumer packaging to heat food and beverages “on the go.” HeatGenie is the first to satisfy the criteria for a commercially viable self-heating: safety, ease of use, cost effectiveness, light weight and sustainability. www.heatgenie.com