NaturalNano, Inc. (OTCBB:NNAN) (Frankfurt:N3N), a provider of advanced nanomaterial and additive technology, announced it has signed an extension to its patent licensing agreement with the U.S. Naval Research Laboratory (NRL) covering the commercialization of products based on five (5) patents for extended release technologies.
NaturalNano's Acting CEO & President, James Wemett said, "The extension of this license agreement continues our relationship with the NRL. This relationship advances our strategic plan to commercialize products for a diverse range of markets and solidify our position as a leader in advanced nanomaterials." Wemett continued, "The continued opportunity to utilize and bring NRL's research technology to market and capitalize on the potential inherent in extended release applications is very important to NaturalNano."
Under the license agreement with NRL, NaturalNano has been granted rights to develop and commercialize five very important patents which will be utilized in the NNAN work in the cosmetics and fragrances fields. The continuation of the agreement bolsters NaturalNano's industry-leading intellectual property portfolio in nanomaterials, bringing the Company's total number of patents or pending applications, exclusively owned or licensed, to more than 20.