Alexium International Group Limited (“Alexium,” “the Company”) (ASX:AJX, NASDAQ Designation: AXXIY) announced today that it has formally partnered with Benwel, Inc., a South Carolina-based uniform developer, to introduce an FR undergarment for the auto racing industry treated with both Alexiflam™ and Alexicool™ technology.
Benwel, Inc. will commence targeting NASCAR™ with an anticipated product launch in the second half of 2017 and expanding into other racing segments such as Indy Car™, Sprint Cup™, and the fast growing UTV segment, growing this to a multi-million-dollar opportunity for Alexium. The sales value of this market to Alexium is anticipated to be over US$3M by mid-2018; meeting or exceeding currently targeted margins.
Alexium is finalizing all specifications of the product as requested by Benwel. Following finalization, Benwel will commence presenting the product to the end customers before formal product launch and sales this year. The unique combination of both FR and PCM in one garment makes this a very compelling new product line for the high-performance auto racing industry.
President of Benwel, Roger Benjamin, said, “Automotive racing is an industry that completely revolves around performance and the expectation for their safety equipment is no different. The success of Alexicool™ in the bedding market and the strong market validation of Alexiflam™ has fueled the opportunity to co-develop similar features for sports apparel to launch a new product line for the fall of 2017.”
Deputy CEO of Alexium, Dirk Van Hyning, said, “Partnering with an organization with significant experience in the auto racing industry will greatly increase visibility into the marketplace and accelerate Alexium’s time to market. As Alexium continues to broaden its FR and PCM technology platforms, the FR Protective Clothing and Sports Apparel markets are logical next steps in carving out Alexium’s foothold in performance apparel.”
Alexium will continue to update the market on progress as the product is launched and sales commence.