IDT Australia (ASX:IDT) signed a memorandum of understanding with Gelteq for an Australian-based manufacturing facility to support the development and scale-up of the Nasdaq-listed firm's gel-based products, according to a Thursday Australian bourse filing.
The agreement establishes a framework for Gelteq to develop a dedicated facility within IDT's manufacturing site. It provides facilities and equipment required for the manufacture of the products in a dedicated building and purpose-built facility funded by Gelteq, with trained staff and operational support.
The firms anticipate a final binding agreement to be in place in the coming months.
The firm's shares rose over 5% in recent trading on Thursday.
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