Chill Brands Group Plc (LSE: CHLL), the consumer packaged-goods distribution company, is pleased to announce that it has entered into a strategic partnership with SYP Global Limited ("SYP"), a company developing a pioneering new nicotine delivery system.
SYP is developing a new nicotine delivery technology that fundamentally differs from conventional electronic nicotine systems. The platform avoids heating elements and using the solvents typically found in conventional vape liquid, thereby preventing the formation of harmful thermal by-products such as carbonyl compounds and metallic particles. This reduction in potential toxicant exposure is expected to deliver a cleaner aerosol profile and a smoother user experience compared with existing nicotine delivery devices. Chill Brands' Directors believe that SYP's product could represent a first-to-market innovation in the nicotine alternatives category.
Chill Brands has been appointed as SYP's brand expansion partner, responsible for supporting the development of the brand and facilitating its route to market through Chill Connect's established distribution network. As part of the partnership, Chill Brands' Chief Executive Officer, Callum Sommerton, will join the Board of Directors of SYP Global Limited. In this capacity, he will support the development, commercialisation and intellectual property protection of SYP's technology while facilitating cooperation with Chill Connect, which will be used to run in-market trials with the intention of progressing to distribute future SYP products at scale.
The technology is under development and is expected to be in a form ready for commercial sale within 12 months. It is therefore not expected to generate revenue for the Company in the immediate term. While no guarantees can be made as to its ultimate success or regulatory acceptance, the Company's Directors believe that alignment with SYP at this early stage represents a high-potential opportunity for Chill Brands. For the avoidance of doubt, Chill Brands has not made an equity investment in SYP as part of this strategic partnership and is not funding the development of the product. Both SYP and Chill Brands will provide further updates on progress as and when it is appropriate to do so.
Callum Sommerton, Chief Executive Officer of Chill Brands, commented:
"We are delighted to have partnered with SYP and look forward to being a part of the journey as they develop this groundbreaking technology.
This is a phenomenal opportunity for the Company to align itself with a truly novel nicotine delivery platform from the very beginning. It is rare to encounter a technology that has the potential to reshape an industry, and I believe that SYP has the chance to do just that - offering consumers a clean alternative that works without heating and supports both oral and inhaled intake of active ingredients.
This step reflects Chill Brands' model as a route-to-market partner for high-quality, novel products, and underlines our commitment to bringing the most innovative technologies to market while working closely to shape their development and guide them towards commercial success.
We look forward to seeing SYP's technology progress from prototype to pre-market trials, and to leverage our Chill Connect network to deliver this innovation to retailers throughout the UK."
Christof Niederberger, Founder of SYP, commented:
"After years of dedicated development, we are proud to have reached the first working prototypes of what we believe will be a category-defining innovation in nicotine delivery.
SYP may be a young company, but this technology has been years in the making, and we have every confidence it will reach the market and reshape the smoking and vaping landscape.
The strategic partnership with Chill Brands gives us an invaluable ally with the experience, distribution strength, and brand-building credentials to help shape our journey. We are genuinely excited to be working so closely with Callum and his team as we bring this pioneering product closer to launch."
-ENDS-
source：https://www.londonstockexchange.com/news-article/CHLL/strategic-partnership-with-syp-global/17218945
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