polaris enter license agreement with kolorfusion international
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Business Wire reported that Polaris Industries, Inc has been licensed to use Kolorfusion International, Inc. patented decoration technology on an exclusive basis for Polaris's ATVs and other off-road vehicles for up to five years.
Per the terms of the License Agreement, prior to production Kolorfusion received an exclusivity payment for four years of exclusivity, which can be extended for an additional year.
"Polaris is one of the world's largest ATV manufacturers and is the leading producer of ATVs using a camouflage decoration. During the past several months we have been in testing with Polaris to utilize our process, which not only can replace their existing method, but can also provide them with greater functionality to decorate other parts of ATVs such as rims, racks, and brush bars," Kolorfusion's President Steve Nagel stated.
Polaris has implemented the Kolorfusion process in Roseau, Minnesota in conjunction with its subcontractor, QC Technics, Inc. The license agreement extends for up to 20 years and also includes Polaris's other product categories on a nonexclusive basis.
Tony Fichter, Purchasing Manager, of Polaris Industries commented, "After completing our tests of the Kolorfusion process, we knew we had a superior method for the decoration of our ATVs, as compared to the industry's current methods. Accordingly, we want to provide this break-through technology on an exclusive basis into our markets and we are planning to expand it well beyond camouflage oriented consumers."
"Polaris is the type of company we have been seeking that validates our technology to the surface finishing industry. The fact that they are willing to pay for an exclusive speaks very highly to the value they perceive our technology can give them in their market. Polaris will purchase its ongoing print requirements from Kolorfusion and we anticipate starting annual revenues to Kolorfusion in excess of $1 million," added Kevin Geraghty, National Sales Manager of Kolorfusion.