FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--Puget Technologies (OTCBB: PUGE) today announced an updated memorandum of understanding (MOU) was signed with Weistek, the award-winning international manufacturer of advanced 3D printers. The MOU is part of an ongoing collaboration to intensify domestic market distribution and services. It outlines additional terms between the two firms specific to the joint effort to develop new product and software enhancements to improve the consumer experience, including sales and support channels. This step furthers Puget’s plan to enter the U.S. 3D printer market in the coming fiscal quarter with an affordable high performance printer and related production parts. The terms of the agreement are not being disclosed at this time.
President and CEO of Puget Technologies Ron Leyland said, "A definitive contract with Weistek is in the works which will solidify our strategy to deliver the highest quality 3D consumer market technology.” He added, “Our engineering team is focusing on developing a user-friendly platform that will present an enjoyable and successful experience for consumers and enthusiasts.”
Improvements to the printer and related software are expected to near completion in the coming months. New features will include an enhanced “out-of-box experience” for all categories of consumers.
With the 3D printer market approaching $4 billion next year, public demand for the products is expanding, with companies such as Stratasys (SSYS), 3D Systems (DDD), and ExOne (XONE) vying for consumers’ attention. This agreement provides Puget with a foundation for competitive operational advantages to help deliver on its forecasted growth plans in 2014.
Details about Puget’s 3D printer division are found at http://www.pugettechinc.com.
About Puget Technologies (PUGE)
Puget Technologies is a publicly traded company on the OTCBB Market stock exchange under the ticker symbol PUGE. Headquartered in Ft. Lauderdale, Florida, Puget acquires, develops and sells leading edge consumer oriented products ready for rapid commercialization. Much of its resources are dedicated to research and development in order to provide consumers with quality options while meeting the expectations of its investors.
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