Company dedicated to the discovery and development of advanced materials and technology, Xeriant Inc (OTCMKTS:XERI), on September 6, 2022, signed the first major Letter of Intent with Next New Concept. This will be for buying about $130 million of Xeriant’s Retacell-based wall panels. It is meant for a 35,000-unit residential development project in Africa, which will be finished in the next five years.
Trading Data
On Tuesday, XERI stock jumped 0.50% to $0.0400 with 1.26 million shares, compared to volume of 465.45K shares. The stock moved within a range of $0.0390 – 0.0600 after opening trade at $0.0600.
Xeriant announces First Major LOI for Retacell®-based Wall Panels and additional Building Materials, with potential value at over $250 Million
NNC has expressed interest in the acquisition of extra building products through Xeriant, including Retacell-infused paint. The project between Xeriant and NNC can generate over $250 million in revenue starting in 2023. An innovator in the environmentally friendly building system, NNC provides affordable quality housing.
Keith Duffy, CEO of Xeriant said that advancing the New Concept agreement marks a significant milestone for the firm. Duffy added that it is a huge step ahead for the Retacell-based wall panels. The CEO also said that the project will open fresh opportunities for its wall panels, helping establish a robust foundation for some other agreements.
Retacell, a biodegradable and nontoxic high-performance thermal- and fire-protection chemical agent, is formulated for meeting different specifications. It can be applied as a treatment or coating infused during manufacturing into different materials, including recycled plastics and wood-based fiber.
Key Quote
“Advancing the Next New Concept agreement marks a key milestone for Xeriant and is a major step forward for our Retacell®-based wall panels. This project will not only open up new opportunities for our wall panels, it will help us establish a solid foundation for some of the other agreements that we’ve been working on,” stated Keith Duffy, CEO of Xeriant.
Technical Data
XERI stock is below the 20-Day and 50-Day Moving averages of $0.0491 and $0.0636 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1008. The company has a total market capitalization of $14.60 million. The stock is down 35% over the past month.
