(Alliance News) - Cube Labs Spa on Wednesday signed a service agreement between Biodiapers Srl, a subsidiary of Cube Labs, and Sicam Srl, an established and leading industrial player in the domestic market in the development of nonwoven fabric and absorbent technology and present, with multiple facilities, in numerous countries in America, Europe, the Middle East and Asia.

Biodiapers established in 2018, is an innovative startup developing cleantech absorbency technologies for infants, women and the elderly. Biodiapers is controlled by Cube Labs Spa directly at 50.4 percent of the share capital and indirectly at 33.22 percent of the share capital through the Trust of which Cube Labs itself is the sole beneficiary.

The agreement envisages, with a view to assessing possible new product developments for the B2B market, the provision of professional services by Sicam Srl aimed at the development of the 'core' of a product belonging to the line of senile, female and infant clay-based absorbency, and in particular the definition of the prototype and its structure, related industrial drawings and definition of the materials and technologies necessary for the realization of the subsequent finished industrial prototype.

The agreement has a duration of seven months expiring on Dec. 31 for an amount of EUR22,000 plus VAT, and is preparatory to the definition of a possible subsequent commercial agreement covering the future industrialization of the Core, through identification of the technology and development of the pilot plant, and subsequent commercialization of the finished industrial prototype.

On Wednesday, Cube Labs closed flat at EUR2.07 per share.

By Claudia Cavaliere, Alliance News reporter

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