GreenBank Capital Inc. (CSE:GBC) (OTCPINK:GRNBF) (FRA:2TL) announced that it has reached agreement to acquire a significant stake in CodiKoat, the UK-based producer of a patent-pending destroyer of the coronavirus (COVID-19) virus and any of its mutations, together with any other existing and novel viruses that could emerge in the future.
The company noted that any surface treated with CodiKoat products instantly becomes a COVID-19-destroying medium, from touchscreen terminals, to hospital surfaces and supermarket trolley handles, as well as masks and gloves, the application instantly destroys COVID-19 and any other viruses on contact.
GreenBank has reached an agreement to acquire up to an initial 15% of CodiKoat. The company will pay £540,000 (C$930,000) for 5% of CodiKoat's fully diluted share capital and has been granted a twelve-month option to acquire a further 10% of CodiKoat at the lower of a £100 million (C$172 million) valuation or the price at which CodiKoat raises any further funding.
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In addition, CodiKoat has indicated that they would like to work with GreenBank in shaping the company's strategy going forward, which may include a listing on the Canadian Securities Exchange with GreenBank's help.
Commenting on the investment in CodiKoat and the developing relationship, David Lonsdale, CEO of GreenBank said in a statement: "CodiKoat have developed a Covid destroying product line with hugely positive ramifications for the entire world, as we see the continuing devastating effects of Covid in India and elsewhere. The prevalence of Covid mutations is providing an ever-present threat of return to lockdown should those mutations successfully evade vaccine defences, and CodiKoat have developed a Covid destroying technology that has the potential to markedly reduce the incidence of Covid, Covid mutations and other life threatening novel viruses in public spaces.
"We believe CodiKoat has the potential to help radically improve the chances of normal life resuming on a more stable and permanent basis throughout the world, and we are therefore thrilled to play our part in helping CodiKoat fulfil its potential to significantly enhance the safety and wellbeing of so many people".
Raj Sharma of CodiKoat added: "We are delighted to be working with GreenBank Capital, the next generation Merchant Bank, as we bring to market our crucial life-saving suite of products. Time is of the essence in bringing our products to market and GreenBank have shown themselves to be nimble, innovative and professional and we are really excited to be moving towards listing our company at the earliest opportunity in order to help maximise our scale of operations ."
GreenBank Capital noted that CodiKoat management believe that, in time, there may well be international regulatory requirements for products and surfaces regularly coming into contact with people to be coated with the type of products that CodiKoat has already developed and is also developing.
Surface-functionalised nanostructures
CodiKoat has said it is also optimistic that deploying air filters coated with CodiKoat's revolutionary and patent-pending products could turn air conditioners or air filtration units into COVID-19 destroying air purifiers, thereby dramatically enhancing the safety of indoor spaces. If it is successful in applying the technology in this way, CodiKoat will offer a more effective and lower-cost alternative to other air filtration technologies including HEPA filters, the company added.
CodiKoat's technology works by using surface-functionalised nanostructures to inactivate viruses instantly. It also the same effect on fungi and bacteria. CodiKoat have developed a high-precision coating process to apply their product in a highly controllable and uniform manner. This provides a strong chemistry of nanostructures with the surface, which leads to high durability, lasting for the whole product lifetime.
The technology can coat any surface - be it hard or soft, rough or smooth, curved or flat - with nanoparticles of any composition and size. CodiKoat materials can be easily tuned at an atomic scale and integrated into existing manufacturing lines for any product.
Existing technologies generally use silver or copper-based particles to kill viruses and bacteria. However, these materials can take hours to produce any antiviral/antimicrobial effect, are significantly less effective than CodiKoat, and last only a limited time (typically 30-60 days) whereas CodiKoat's antiviral, antifungal and antibacterial effects are permanent.
CodiKoat's unique solution uses weak electric current to alter the surface charge characteristic of the virus particles. This modification in surface charge destabilises the electrokinetic properties of the viruses and facilitates aggregation of these particles. The aggregated viral particles lose their ability to enter host cells and infect them. This mechanism happens in a short time scale (< 10 seconds) producing a fast-acting inactivation of viral particles.
CodiKoat's technology has been developed in association with the University of Cambridge, Oxford Innovation and the Cambridge Centre, partly with grant funding provided by the UK government's Innovate UK Fund.
Initial deployments of the technology will be in face masks - CodiKoat is working with the UK's largest respirator producer, Cardiff-based Hardshell UK - and adhesive acetate film which can be applied to any number of surfaces to give life-long protection. The company's commercial partners for the acetate film product are BDK Industrial Products Limited, who describe themselves as one of Europe's leading adhesive tape producers and have a division dedicated to producing products for the medical market.
CodiKoat products are currently being trialled in offices as well as with a leading chain of UK Care Homes, ATM provider, Cash On The Move, and the Royal Opera House.
GreenBank is a next-generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability. Its management are based in Toronto, Dallas, New York and London and are used to working across borders remotely.
The company's model of remote working, dynamic space and flexible contracts - rather than expensive offices, and large fixed costs - establishes GreenBank as a global merchant bank for the future, both during and after the coronavirus (COVID19) pandemic.
Contact the author at jon.hopkins@proactiveinvestors.com