STONY BROOK, N.Y.--(BUSINESS WIRE)--Applied DNA Sciences Inc. (NASDAQ: APDN) (“Applied DNA,” the “Company”), a leader in PCR-based DNA manufacturing for product authenticity and traceability solutions, today announced the signing of a non-binding Memorandum of Understanding (“MOU”) with Taiwan-based Tex-Ray Industrial Co., Ltd (“Tex-Ray”), a pioneer in performance fabric and smart clothing for modern active lifestyles. The MOU is expected to be followed by a definitive agreement.
Under the terms of the MOU, Tex-Ray and Applied DNA will create a Center of Excellence in Taiwan, the industry-acknowledged hub for textiles innovation to: integrate Applied DNA’s CertainT tag, test and track authentication platform into new product development of yarns, finishes and fabrics; for designing streamlined supply chain processes to reduce time-to-market for Applied DNA products and services; and, to grow capabilities in marketing, sales and support for servicing global customers. Applied DNA’s CertainT molecular authentication platform for forensic authenticity and traceability delivers brand differentiation and protection of goods whose value chains span large commercial ecosystems and geographies. Unique in its ability to provide identity and traceability embedded in goods themselves, CertainT is a natural fit with the technology innovations that comprise Tex-Ray’s product portfolio.
Tex-Ray’s growth has mirrored the development of Taiwan’s textiles industry that today is the world’s largest functional fabric production base accounting for approximately 50% of the global output value of performance fabrics.1 Founded in 1978, Tex-Ray has found success in managing global textile supply chains and today counts a significant numbers of the world’s leading brands as customers, and operates in 9 countries within the continents of Asia, Africa, and North America. Its global footprint offers the advantage of deep domain knowledge and staffing to implement CertainT from design through development to delivery across its customer base.
Dr. James A. Hayward, president and CEO of Applied DNA, stated, “As a technology innovator and manufacturer of performance fabrics, Tex-Ray gives us entrée into established supply chains in service of large global brands. We believe Tex-Ray’s customers - manufacturers, retailers and brands - will benefit from our CertainT platform as a means of supporting claims in performance, sustainability and product origin. Our Tex-Ray alliance, together with our other recently announced textile strategic alliances, demonstrates continued execution on our strategy to engage key participants along multiple points in the global textile value chain to more broadly drive adoption of our authentication technology platform.”
Mr. Ray Lin, Chairman of Tex-Ray, said “Our company’s mission is to be at the forefront of the smartest clothing and highest performance fabrics. Partnering with Applied DNA furthers our mission, enabling us to use the most reliable authentication solutions with the broadest applications.”
Wayne Buchen, vice president of Strategic Sales at Textiles at Applied DNA Sciences, said, “The Tex-Ray strategic alliance opens a significant opportunity for Applied DNA authentication technologies to enhance some of the most advanced fabrics and clothing on the market. We are deeply impressed by Tex-Ray’s commitment to best practices and best textiles and look forward to a collaboration that we believe will further transform traceability, transparency and trust in the textile industry.”
About Tex-Ray Industrial Co.
Tex-Ray Industrial Co Ltd is a Taiwan-based vertically integrated innovative textiles & apparel manufacturing group having 18 Mills, Garment manufactories & services offices in Nine different countries, established in 1978 and publically listed in Taiwan since 1998. Our production bases in the Mexico, Vietnam, Cambodia, Africa, Middle East and China are especially competent in the manufacturing of performance textiles as well as active-wear, athleisure & lifestyle knitwear, with an emphasis on sustainability.
About Applied DNA Sciences
Applied DNA is a provider of molecular technologies that enable supply chain security, anti-counterfeiting and anti-theft technology, product genotyping and DNA mass production for diagnostics, personalized medicine and therapeutics.
Applied DNA makes life real and safe by providing innovative, molecular-based technology solutions and services that can help protect products, brands, entire supply chains, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion.
Common stock listed on NASDAQ under the symbol APDN, and warrants are listed under the symbol APDNW.
The statements made by Applied DNA in this press release may be “forward-looking” in nature within the meaning of the Private Securities Litigation Act of 1995. Forward-looking statements describe Applied DNA’s future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Applied DNA. Actual results could differ materially from those projected due to its history of net losses, limited financial resources, limited market acceptance and various other factors detailed from time to time in Applied DNA’s SEC reports and filings, including our Annual Report on Form 10-K filed on December 18, 2018 and other reports we file with the SEC, which are available at www.sec.gov. Applied DNA undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events, unless otherwise required by law.