Benzinga | Jun 3, 2021 08:32AM EDT

Applied UV Signs Exclusive Distribution Agreement With Vietnam Distributor For Airocide Air Purification Systems; Distributor To Purchase Minimum Of 100 Consumer and 45 Commercial Airocide systems For Undisclosed Amount

Applied UV, Inc. (NASDAQ:AUVI) ("Applied UV" or the "Company"), an infection control technology company that applies the power of narrow-range ultraviolet light ("UVC") for surface areas and catalytic bioconversion technology for air purification to destroy pathogens safely, thoroughly, and automatically, today announced that today announced the signing of an exclusive distribution agreement with Viet My Instrument and Technology Joint Stock Company ("Distributor") for the distribution of the Airocide(r) consumer and commercial air purification systems in Vietnam.

Under the terms of the agreement, the Distributor has agreed to a purchase commitment of a minimum of 100 Consumer and 45 Commercial Airocide(r) systems over the initial one-year term of the agreement.

Vietnam offers manufacturers an exciting growth opportunity as the nearly 100-million-person country looks to upgrade their healthcare infrastructure in the coming decade. In 2019, total healthcare expenditure was estimated to be US$16-17 billion by FitchSolutions and is expected to grow at about 10%, equivalent to about 5.5-6% of annual GDP, largely due to the rapidly growing private sector.

"Our strategy to expand our international presence by establishing relationships with high quality distributors continues to gain momentum ," said Q Saeed, CEO of Applied UV. "Over the last six months, we have created a distributor network to serve the Middle East, Africa, South America and now the country of Vietnam. We expect additional distributor relationships will be forged with other countries in Asia and throughout the world as we seek to rapidly grow our market share in the air and surface infection control market."