SALT LAKE CITY--(BUSINESS WIRE)--Avalanche International, Corp d/b/a MTIX International (OTC: AVLP) (the “Company”), the parent of MTIX Ltd., the developer and owner of the patented Multiplexed Laser Surface Enhancement® (“MLSE®”) technology, today announced the completion of the physical installation of its latest MLSE® platform in Manhente, Portugal, for MTIX Ltd. (“MTIX”). This digital finishing platform is licensed to PANGAIA, a prominent materials science company. The machine was first delivered to the Manhente facility in November 2021.
The initial application of MTIX’s technical textile treatment for PANGAIA will contain neither perfluorooctanoic acid (“PFOA”) nor perfluorooctane sulfonic acid (“PFOS”) for PANGAIA’s panoply of apparel, which since 2019 has gained global recognition. PFOA and PFOS are chemicals commonly used in the textile industry for finishing fabrics to make them water resistant. The textile industry is the world’s second largest commercial source of pollution, surpassed only by the oil industry.
Phil Mansour, the CEO of the Company, said, “We are very excited to work with PANGAIA, not just as a licensee, but as a partner in the materials science space. PANGAIA, like MTIX, Ltd. is committed to providing the world with environmentally friendly solutions in fashion.” Mr. Mansour further noted that, “Our collaborative efforts with PANGAIA have already begun to bear fruit, beginning with a winning entry in the Conservation X Lab’s Microfiber Innovation Challenge.” Mr. Mansour continued, “Transforming the finishing process from analog to digital allows our scientists to create, adjust and deploy process algorithms to a planned global network of MLSE® Systems. Solutions like microfiber mitigation can be added to other finishing characteristics in moments with no hardware or line changeovers, at the licensee’s request.”
The Microfiber Innovation Challenge, which was “calling on genii” to find solutions to the world’s micro-plastics problem in the textile industry, recognized five companies as winners and awarded them cash prizes to support the commercialization of their solutions. The MTIX/PANGAIA entry was selected by a panel of judges representing the clothing industry, materials scientists, conservationists and investors based on criteria including feasibility, potential for growth, environmental impact and the novelty of their approach.
Upon announcing the winners of the Microfiber Innovation Challenge, Pravin Mistry, the CEO of MTIX, stated that “PANGAIA is our first licensee dedicated to the fashion industry. We are honored to collaborate with such a successful and dynamic, eco-centric enterprise.”
Dr. Amanda Parkes, Chief Innovation Officer of PANGAIA stated, “MTIX’s MLSE® technology is a truly revolutionary and disruptive technology with many exciting areas of application. Through our partnership, we will create next-generation, sustainable solutions for the fashion space.”
This installed digital finishing system will undergo final testing, configuration, and training, prior to fully operational commissioning. The Company projects these final processes to be completed in Q2 2022.
The Company reminds shareholders and investors that its financial statements and other material information are not current. Certain limited yet very dated information is available on the Company’s website at www.mtixinternational.com and at www.sec.gov.
About MTIX International
MTIX International is a materials science technology holding company that conducts its operations through its wholly owned subsidiary, MTIX Ltd. MTIX, Ltd. is the developer and owner of the patented digital finishing technology, Multiplexed Laser Surface Enhancement® (MLSE®) that is delivered to its customers through a SaaS business model. MLSE® is a hybrid of multiple high-energy sources combined with a unique mixture of gases, solids and/or liquids, designed to directly synthesize materials on and in a specified material substrate, with each unique combination of energies, constituents and substrates encoded into a proprietary process algorithm.
The MLSE® platform can be used to deliver and enhance precursor chemistry used for finishing, while drastically reducing the consumption of energy, water, and chemicals when compared to historical and current standards of textile processing. As a patented technology for textile finishing applications, MLSE supports Industry 4.0 aims and greatly enhances the functionalization of fabrics, including, separately, or in combination, water, oil, and fuel repellency, fire retardancy, anti-microbial resilience, chemical biowarfare protection and enhanced surface preparation for traditional and digital dyeing and printing. MTIX Ltd. is located in Huddersfield, West Yorkshire, UK. Please visit the Company’s website at www.mtixinternational.com for further information about MTIX Ltd.
About PANGAIA
PANGAIA is a materials science company on a mission to save our environment, a global collective of one heart and many hands - scientists, technologists, designers - creating essential products from innovative tech and bio-engineered materials.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results, exclusive of MTIX Ltd., are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at http://www.mtixinternational.com.
