Shares in LifeSafe Holdings PLC (AIM:LIFS) surged 19% on Wednesday after the fire safety technology company announced an exclusive global distribution agreement with two subsidiaries of IDEX Fire & Safety.
The deal gives LifeSafe access to the global professional fire safety market, supplying its wholesale and industrial fire extinguishing and prevention products.
While there is no guaranteed revenue under the agreement, LifeSafe estimates it could generate between £6 million and £8 million over the next three years.
The agreement follows the company’s February update, where it disclosed it was in advanced talks with a global distributor.
LifeSafe now expects an initial purchase order worth around €400,000 from IDEX.
The company said the deal will open up new markets and sectors for its patented fire safety products, which use innovative fluid technology to tackle a wide range of fire types.
The shares were up 1.4p at 8.65p.