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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): July 24, 2024
Sharps
Technology, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Nevada
(State
or Other Jurisdiction of Incorporation)
001-41355 |
|
82-3751728 |
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
105
Maxess Road, Melville, New York 11747
(Address
of Principal Executive Offices)
(631)
574 -4436
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock, $0.0001 par
value |
|
STSS |
|
NASDAQ Capital Market |
Common Stock Purchase Warrants |
|
STSSW |
|
NASDAQ Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
1.01 Entry into a Material Definitive Agreement.
On
July 24, 2024, Sharps Technology, Inc., a Nevada corporation (the “Company”), entered into a Supply Agreement (the
“Supply Agreement”) with Stericare Solutions, LLC, a Texas limited liability company, (“Stericare”), pursuant
to which Stericare agreed to purchase 520 million units of 10ml PP Sologard syringes from the Company. The specific purchase price
is confidential and redacted from the Supply Agreement filed herewith but revenues are expected in excess of $50M. Pursuant to
the Supply Agreement, Stericare has agreed to purchase 520 million units of 10ml PP Sologard syringes in the following increments:
40 million units in the first year, and 120 million units every year for the remaining life of the Supply Agreement. The Supply Agreement
has a five (5) year term commencing upon the initial delivery of product to the point of entry in USA, targeted for November 1, 2024
(the “Initial Term”). Upon expiration of the Initial Term, the Supply Agreement will automatically renew for additional one
(1) year periods (each, a “Renewal Term”), unless a party gives the other party written notice of termination at least ninety
(90) days prior to the end of the Initial Term or Renewal Term. The Agreement may be terminated by either party upon written notice to
the other party if the other party breaches any material term or condition of this Agreement and fails to cure such breach within thirty
(30) days after receipt of written notice thereof. The Agreement may be terminated by either party upon written notice to the other party
if the other party becomes insolvent, makes an assignment for the benefit of creditors, or a petition under any bankruptcy or insolvency
Law is filed by or against such party and is not dismissed within 120 days. If either party is acquired by a competitor of the other
party, then either party can terminate the Agreement with six (6) months written notice.
The
foregoing is a summary description of certain terms of the Supply Agreement. For a full description of all terms, please refer to the
copy of the Supply Agreement that is incorporated by reference and filed herewith as Exhibit 1.0.
Item
7.01 Regulation FD Disclosure
On
July 25, 2024, Sharps Technology, Inc. (the “Company”) issued a press release announcing that it has entered into a five-year
agreement with Stericare Solutions, LLC to supply them with customized 10mL SoloGard syringes, thus selling out the available manufacturing
capacity for the 10mL SoloGard disposable syringe in the Company’s EU facility.
A
copy of the press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference.
Exhibits
9.01 Financial Statements and Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date:
July 25, 2024
SHARPS TECHNOLOGY, INC. |
|
|
|
/s/ Robert
Hayes |
|
Robert Hayes |
|
Chief Executive Officer |
|
Exhibit
10.1
Stericare
Solutions and Sharps Technology, Inc. Supply Agreement
This
Supply Agreement (“Agreement”) is entered into on July 24th, 2024, by and between Sharps Technology, Inc.,
a Nevada corporation (“Seller”), and Stericare Solutions, LLC a Texas limited liability company (“Buyer”),
having an address of 4409 Haltom Road, Haltom City, TX 76117. Seller manufactures and sells syringe formats, and Buyer wishes to purchase
certain Goods (as defined below) from Seller. The Buyer and Seller are referred to individually as a “Party” and collectively
as “Parties”.
1.0
Definitions
● |
“Action”
means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation,
citation, summons, subpoena or investigation of any nature. |
● |
“Basic
Purchase Order Terms” means the terms specified by Buyer in a Purchase Order: (a) a list of the Goods to be purchased; (b)
the quantity of each of the Goods ordered; (c) the Requested Delivery Date; (d) the unit Price for each of the Goods to be purchased;
(e) the billing address; and (f) the Delivery Location. |
● |
“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in Columbia, South Carolina,
are authorized or required by Law to be closed for business. |
● |
“Defective”
means not conforming to the Product Warranty under Section 8.0. |
● |
“Defective
Goods” means goods shipped by Seller to Buyer pursuant to this Agreement that are Defective. |
● |
“Delivery
Location” means the street address within the Territory for delivery of the Goods specified in the applicable Purchase Order. |
● |
“Disclosing
Party” has the meaning set forth in Section 10.0. |
● |
“Effective
Date” means the date first set forth above. |
● |
“Forecast”
means, with respect to any six-month period, a good faith projection or estimate of Buyer’s requirements for Goods during each
month during the period. |
● |
“Goods”
means the goods identified on Schedule 1 and described in the Specifications. |
● |
“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or
quasi-governmental authority, or any arbitrator, court or tribunal of competent jurisdiction. |
● |
“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, award or determination entered by or with any Governmental
Authority. |
● |
“Initial
Term” has the meaning set forth in Section 2.0. |
● |
“Inspection
Period” has the meaning set forth in Section 8.0. |
● |
“Intellectual
Property Rights” means all industrial and other intellectual property rights comprising or relating to: (a) Patents; (b) Trademarks;
(c) internet domain names, whether or not Trademarks, registered by any authorized private registrar or Governmental Authority, web
addresses, web pages, website and URLs; (d) works of authorship, expressions, designs and design registrations, whether or not copyrightable,
including copyrights and copyrightable works, software and firmware, data, data files, and databases and other specifications and
documentation; (e) Trade Secrets; and (f) all industrial and other intellectual property rights, and all rights, interests and protections
that are associated with, equivalent or similar to, or required for the exercise of, any of the foregoing. |
● |
“Law”
means any statute, law, ordinance, regulation, rule, code, constitution, treaty, common law, Governmental Order or other requirement
or rule of law of any Governmental Authority. |
● |
“Losses”
has the meaning set forth in Section 9.0. |
● |
“Nonconforming
Goods” means any goods received by Buyer from Seller pursuant to a Purchase Order that: (a) do not conform to the [make/model
number/UPC/SKU/[PRODUCT IDENTIFIER]] listed in the applicable Purchase Order; (b) do not fully conform to the Specifications; or
(c) materially exceed the quantity of Goods ordered by Buyer pursuant to this Agreement or any Purchase Order. |
● |
“Party”
has the meaning set forth in the preamble to this Agreement. |
● |
“Payment
Failure” has the meaning set forth in Section 5.0. |
● |
“Person”
means any individual, partnership, corporation, trust, limited liability entity, unincorporated organization, association, Governmental
Authority or any other entity. |
● |
“Personnel”
of a Party means any agents, employees, contractors or subcontractors engaged or appointed by such Party. |
● |
“Price”
has the meaning set forth in Section 5.0. |
● |
“Product
Warranty” has the meaning set forth in Section 8.0. |
● |
“Quality
Agreement” has the meaning set forth in Section 7.0. |
● |
“Receiving
Party” has the meaning set forth in Section 10. |
● |
“Release”
means a document issued by Buyer to Seller pursuant to a Purchase Order that identifies the quantities of Goods constituting Buyer’s
requirements and the Delivery Locations and Requested Delivery Dates for such Goods. |
● |
“Renewal
Term” has the meaning set forth in Section 2.0. |
● |
“Representatives”
means a Party’s Affiliates and each of their respective Personnel, officers, directors, partners, shareholders, attorneys,
third-party advisors, successors and permitted assigns. |
● |
“Seller”
has the meaning set forth in the preamble to this Agreement. |
● |
“Seller
Contracts” means all contracts or agreements to which Seller is a party or to which any of its material assets are bound. |
● |
“Seller’s
Intellectual Property Rights” means all Intellectual Property Rights owned by or licensed to Seller. |
● |
“Specifications”
means the specifications for the Goods attached hereto as Exhibit A. |
● |
“Taxes”
means any and all present and future sales, income, stamp and other taxes, levies, imposts, duties, deductions, charges, fees or
other taxes imposed on, in respect of or in connection with the sale, purchase, delivery, storage, use or transportation of Goods
or the performance of Services. |
2.0
Term and Termination
|
a) |
The
Agreement will commence immediately upon signature and will expire five years from the initial delivery of product to the point of
entry in USA, targeted for November 1, 2024 (the “Initial Term”). |
|
b) |
Upon
expiration of the Initial Term, the Agreement will automatically renew for additional one (1) year periods (each, a “Renewal
Term”), unless a Party gives the other Party written notice of termination at least ninety (90) days prior to the end of the
Initial Term or Renewal Term. |
|
c) |
The
Agreement may be terminated by either Party upon written notice to the other Party if the other Party breaches any material term
or condition of this Agreement and fails to cure such breach within thirty (30) days after receipt of written notice thereof. |
|
d) |
The
Agreement may be terminated by either Party upon written notice to the other Party if the other Party becomes insolvent, makes an
assignment for the benefit of creditors, or a petition under any bankruptcy or insolvency Law is filed by or against such Party and
is not dismissed within 120 days. |
|
e) |
If
either Party is acquired by a competitor of the other Party, either Party can terminate the Agreement with six (6) months written
notice. |
3.0
Purchase and Sale of Goods
|
a) |
Buyer
agrees to purchase from Seller, and Seller agrees to sell to Buyer, the Goods specified in the Specifications. |
|
b) |
Buyer
will issue Purchase Orders to Seller specifying the Goods to be purchased, including [make/model number/UPC/SKU/[PRODUCT IDENTIFIER]],
quantity, Requested Delivery Date, unit Price, billing address, and Delivery Location. |
|
c) |
Buyer
will provide a six-month rolling forecast detailing the anticipated requirements of all goods. |
|
d) |
Seller
will deliver the Goods to Buyer at the Delivery Location specified in the applicable Purchase Order on the Requested Delivery Date. |
|
e) |
Buyer
will inspect the Goods delivered by Seller pursuant to this Agreement within 30 days after such delivery (the “Inspection Period”). |
|
f) |
Buyer
may reject any Nonconforming Goods and, at Buyer’s election, return such Nonconforming Goods to Seller for a full refund or
require Seller to replace such Nonconforming Goods with conforming Goods. |
|
g) |
Product
or process changes which would cause any Good to deviate in any way from the Specifications shall not be made without the express
prior written consent of Buyer. Specifications may otherwise be revised from time to time as mutually agreed in writing between Buyer
and Seller (either by execution of an amended Exhibit A and/or Exhibit B that references the new revision level or
by other writings duly authorized between the Parties). |
4.0
Volume Commitment
|
a) |
Sharps
Technology agrees to supply and Stericare agrees to purchase 80% of Stericare’s demand, limited by the capacity of Sharps as
outlined below. Existing demand for Stericare product estimates this requirement at 520 Million units over the life of the initial
agreement. |
|
b) |
Sharps
Anticipated Monthly Capacity |
|
a. |
November
2024 - April 2025 |
2 Million units per month |
|
b. |
April
2025 - September 2025 |
4 Million units per month |
|
c. |
September
2025 - |
20 Million units per month |
| c) | Targeted
Annual (12 month) Volumes: |
|
a. |
Year
1 |
40 Million units |
|
b. |
Years
2-5 |
120 Million units |
5.0
Price and Payment
|
a) |
The
price of the Goods sold under this Agreement will be as set forth in the Purchase Order (the “Price”). Initial prices
are described in Attachment 1. |
|
b) |
All
amounts payable by Buyer to Seller under this Agreement will be paid in US dollars by ACH wire or similar means. |
|
c) |
Payment
terms: 1% ten, net 30 days. |
|
d) |
If
Buyer fails to make any payment when due (“Payment Failure”), Buyer will pay interest on the delinquent amount at a rate
of ten% per annum from the date such payment was due until paid in full. |
|
e) |
Pricing
is based on the raw material costs paid by Sharps as of July 1, 2024. (PP-$xxxpound) Any increase in raw material pricing
will be passed through to Stericare on an annual basis, based on the material content of the syringe as detailed in Schedule 1. |
|
f) |
Pricing
may be adjusted within the year should any critical component of the cost structure have a dynamic change impacting the cost of the
product by 10% or greater. Such request for adjustment will be submitted by Sharps with qualified invoice or cost details to suffice
Stericare. |
6.0
Shipping and Production:
|
a) |
Initial
production will be at Sharps Hungary manufacturing facility. Additional volume may be provided from sister facility in Italy or from
Sharps NA facility in Columbia SC. Any product imported to NA will be priced as CIF point of entry. Any product coming from Columbia
SC will be priced as FOB point of manufacture. The parties will work together to minimize all logistics costs. |
7.0
Quality
|
a) |
Seller
warrants that any Goods sold to Buyer hereunder shall comply in all respects with the Specifications therefore and shall be free
from defects in design, product and workmanship, and that, at all times, Seller will comply with the terms and provisions of an agreed
Supplier Quality Agreement between Buyer and Seller, which shall be executed by the Parties within thirty (30) days after the Effective
Date and shall remain in effect according to its terms during the Term of this Agreement (the “Quality Agreement”). |
8.0
Product Warranty
|
a) |
Seller
warrants that all Goods delivered by Seller pursuant to this Agreement will conform to the Specifications and be free from material
defects in material and workmanship. |
|
b) |
Buyer
will inspect the Goods delivered by Seller pursuant to this Agreement within the Inspection Period and will have the right to reject
any Nonconforming Goods. |
|
c) |
If
Buyer rejects any Goods pursuant to this Section 8 at Buyer’s election, Seller will either replace such Goods with conforming
Goods or refund the Price for such Goods. |
9.0
Indemnification
|
a) |
Each
Party hereto shall defend, indemnify, and hold harmless the other Party, and such other party’s respective directors, officers,
shareholders, employees and agents (collectively, “Indemnitees”) from and against all claims, demands, actions, liabilities,
losses, damages and expenses (including reasonable attorneys’ fees) (collectively, “Claims”) to the extent arising
out of or resulting from any breach by such Party of its respective covenants, representations and warranties hereunder, provided
that such Party shall have no responsibility to defend, indemnify and hold harmless Indemnitees for that portion of any Claims arising
out of or resulting from the gross negligence or willful misconduct of such Indemnitees. |
|
b) |
Seller
will indemnify and hold Buyer and its Indemnitees harmless from any against all Claims which are brought against Buyer or its Indemnitees,
including Claims by third parties, to the extent relating to, resulting from or arising out of: (i) infringement or misappropriation
of intellectual property rights by the technology, processes, know-how, and other intellectual property used by Seller to manufacture
the Goods; or (ii) Seller’s negligence, misconduct, or violation of applicable laws. |
|
c) |
Buyer
will indemnify, defend and hold harmless Seller and Seller’s Indemnitees from and against any and all Losses incurred by such
Persons arising out of or in connection with any Claim that the Goods infringe or misappropriate the Intellectual Property Rights
of any third party to the extent caused by the Specifications or other requirements furnished by Buyer. |
|
d) |
Each
Party shall maintain general comprehensive liability insurance covering each occurrence of bodily injury and property damage in the
amount of not less than three million US dollars ($3,000,000 US) combined single limit with endorsements for: (i) Goods and completed
operations; and (ii) blanket contractual liability (deleting any exclusion from Goods and completed operations liability). |
|
e) |
Seller
agrees to promptly notify Buyer upon the occurrence of any event of loss (including the commencement of any action against an indemnified
party) in respect of which indemnity or reimbursement may be sought under this Agreement. |
|
f) |
Notwithstanding
anything in this Agreement to the contrary, in no event will Buyer be liable to Seller for any amount in excess of the limits paid
by Buyer’s insurance carrier under the applicable insurance coverage under this Agreement. |
|
g) |
Notwithstanding
anything in this Agreement to the contrary, in no event will Seller be liable to Buyer for any amount in excess of the limits paid
by Seller’s insurance carrier under the applicable insurance coverage under this Agreement. |
|
h) |
No
Consequential Damages. EXCEPT FOR A PARTY’S INDEMNIFICATION OR BREACH OF CONFIDENTIALITY OBLIGATIONS HEREIN, IN NO EVENT
SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR SPECIAL, INDIRECT, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, WHETHER IN CONTRACT,
WARRANTY, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, LOSS OF PROFITS OR REVENUE, OR CLAIMS OF
THIRD PARTIES FOR SUCH DAMAGES REGARDLESS OF WHETHER A PARTY MAY HAVE HAD NOTICE OF THE POSSIBILITY OF SUCH DAMAGES OR LOSS. |
10.0
Confidential Information
|
a) |
All
Confidential Information disclosed by one Party to the other Party pursuant to this Agreement will be kept confidential by the Receiving
Party. |
|
b) |
The
Receiving Party will not disclose any Confidential Information of the Disclosing Party to any third party without the prior written
consent of the Disclosing Party. |
|
c) |
The
Receiving Party will use the Confidential Information of the Disclosing Party solely for the purpose of performing its obligations
under this Agreement. |
11.0
Dispute Resolution
|
a) |
Any
Dispute arising out of or in connection with this Agreement will be resolved through binding arbitration in accordance with the rules
of the American Arbitration Association. |
|
b) |
The
arbitration will be conducted by a single arbitrator in New York, NY. |
|
c) |
The
arbitrator will have the authority to grant any legal or equitable remedy or relief that such arbitrator deems just and proper. |
|
d) |
The
Parties agree that the award of the arbitrator will be final and binding upon the Parties and that judgment upon the award may be
entered in any court of competent jurisdiction. |
12.0
Transferability
|
a) |
The
agreement will continue in its entirety should ownership change with either company. |
13.0
Governing Law
|
a) |
This
Agreement will be governed by and construed in accordance with the Laws of the State of New York, without giving effect to any choice
or conflict of Law provision or rule. |
|
b) |
Any
Action arising out of or in connection with this Agreement must be instituted solely in the federal or state courts located in New
York County, State of New York and the Parties irrevocably submit to the exclusive jurisdiction of such courts in any such Action. |
14.0
Entire Agreement; Waivers
|
a) |
This
Agreement constitutes the entire agreement between the Parties with respect to the supply of the Goods and all prior understanding
between the Parties, whether written or oral, relating to the Goods are superseded by this Agreement. To the extent there is any
overlap between this Agreement, the Quality Agreement and any other agreement or understanding between the Parties, this Agreement
shall govern as to all matters except those relating expressly to quality assurance activities under the Quality Agreement. None
of the terms of this Agreement shall be deemed to be waived, modified or amended by either Party unless such a waiver, modification
or amendment specifically references this Agreement and is in writing signed by duly authorized representatives of both Parties.
Any failure by any Party hereto to enforce at any time any provision under this Agreement shall not be considered a waiver of that
Party’s right thereafter to enforce each and every provision of this Agreement. |
|
b) |
No
amendment or modification of any provision of this Agreement will be effective unless in writing signed by both Parties. |
|
c) |
If
any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered
invalid, the remainder of this Agreement shall not be affected thereby. |
IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
Sharps
Technology, Inc.
By: |
/s/
Robert Hayes |
|
Date:
|
7-24-2024 |
|
|
|
|
|
Name:
|
Robert
Hayes |
|
|
|
|
|
|
|
|
Title: |
Chief
Executive Officer |
|
|
|
Stericare
Solutions LLC |
|
|
|
|
|
By:
|
/s/ Tom Star |
|
Date:
|
7-24-2024 |
|
|
|
|
|
Name:
|
Tom
Star |
|
|
|
|
|
|
|
|
Title: |
CEO
of Stericare Solutions LLC |
|
|
|
Schedule
1
Pricing
and Raw Material Pass Through
10ml
PP Sologard syringes, including cap Price per thousand $xxxx
Raw
material cost pass through: Pricing is based on the raw material costs paid by Sharp’s as of July 1, 2024. (PP-$xxx/pound)
Any increase in raw material pricing will be passed through to Stericare on an annual basis, based on the material content of the
syringe as detailed below.
| |
Gram | |
Material |
Barrel- | |
x | |
PP |
Plunger- | |
x | |
PP |
Piston- | |
x | |
TPE |
Cap- | |
x | |
PP |
The
price of raw materials will be reviewed on an annual basis with any net increase of x cents per pound or greater from the last
material adjustment, initiating an price modification.
For
each x cents per pound increase in PP, the product price will increase $xxx/thousand.
For
each x cents per pound increase in TPE or Rubber, the product price will increase xxx
Exhibit
A
Buyers
Specifications
Exhibit
99.1
Sharps
Technology Enters Into a Five-Year Sales Agreement with Strategic U.S. Medical Products Company Creating +$5O Million in New Revenue
for EU Facility
Definitive
agreement sells out the 10mL SoloGard production capacity at Sharps’ manufacturing site in the EU and drives expansion to support
the project’s growth in the future
Sharps’
portfolio of products provides attractive options to the U.S. Pharmaceutical Healthcare Industry as companies look for alternatives to
Chinese-manufactured disposable syringes
Sharps
has exceeded the product sales commitments for the EU-based facility made to investors in the June 2022 Shareholder Letter
NEW
YORK, July 25, 2024, Sharps Technology, Inc., (NASDAQ: “STSS” and “STSSW”), an innovative medical device and
pharmaceutical packaging company offering patented, best-in-class prefillable and disposable syringe products has successfully concluded
negotiations and signed a contract with a prominent U.S.-based supplier of medical saline and water products to supply them with customized
10mL SoloGard syringes manufactured at Sharps’ facility in the EU. The customer initiated an evaluation of Sharps’ SoloGard
product in light of the recent FDA recalls and tariffs imposed on Chinese supplied syringes. Their successful evaluation of the SoloGard
syringes led to the execution of a five-year sales agreement that completely sells out the currently available manufacturing capacity
for the 10mL SoloGard product. This transformative syringe program will drive the need for near-term expansion to support the current
customer projects slated for the Hungary plant.
“Creating
a strategic partnership with the customer and selling out production capacity at the Hungary plant for the next five years is an historic
accomplishment for Sharps and the future success of the Company,” stated Robert Hayes, CEO of Sharps Technology. “The collaboration
creates a five-year sales agreement for at least 500 million syringes and essentially consumes the current available manufacturing capacity
for Sharps’ 10mL SoloGard disposable syringe. This project also provides a clear path for near-term revenue for our company beginning
in Q4 2024, with a phased ramp up into 2025.”
Filippo
Filippi, General Manager of the SafeGard manufacturing facility is pleased that his plant is delivering on commitments made by Sharps
leadership in 2022. “We have been driven to bring our innovative syringes to the U.S. healthcare market,” says Filippi. “After
two years of dedicated efforts, I am excited for this five-year commitment for the 500 million units, starting with the 10mL SoloGard
shipments in November of this year. Equally as important, this sales agreement will help provide a solid foundation for the continued
expansion of Sharps’ European division in Hungary.”
The
Company believes that the need for innovative injection solutions continues to grow rapidly as injectables are the first choice for
therapies as diverse as vaccines, biologics, weight loss and maintenance, ophthalmic and cosmetic applications, gene therapies, and
diabetes and inflammatory disease management. As a result of this market growth and the impact of the tariffs, recalls, and quality
issues with Chinese supplied syringes, Sharps is seeing increasing levels of interest and potential demand for its high-quality
smart safety syringe products. Specializing in the development and manufacturing of innovative drug delivery systems, Sharps’ SecureGard
and SoloGard product lines focus on low waste and ultra-low waste syringe technologies that also incorporate active
safety features, as well as World Health Organization accredited re-use prevention measures.
About
Sharps Technology
Sharps
Technology is an innovative medical device and pharmaceutical packaging company offering patented, best-in-class smart-safety syringe
products to the healthcare industry. The Company’s product lines focus on providing ultra-low waste capabilities, that incorporate
syringe technologies that use both passive and active safety features. Sharps also offers products that are designed with specialized
copolymer technology to support the prefillable syringe market segment. The Company has a manufacturing facility in Hungary and is partnering
with Nephron Pharmaceuticals to expand its manufacturing capacity in the U.S. For more information about Sharps Technology, please visit
the website at: http://sharpstechnology.com.
FORWARD-LOOKING
STATEMENTS:
This
press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events.
When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,”
“future,” “intend,” “plan,” “poised” or the negative of these terms and similar expressions,
as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements
contained in this press release relating to our business strategy, our future operating results and liquidity, and capital resources
outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other
future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks,
and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking
statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore
against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from
those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our
ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition
from other providers and products; our ability to develop and commercialize products and services; changes in government regulation;
our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations.
Actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Factors or events
that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We
cannot guarantee future results, levels of activity, performance, or achievements. The Company assumes no obligation to update any forward-looking
statements in order to reflect any event or circumstance that may arise after the date of this release.
Investor
Relations:
Dave
Gentry
RedChip
Companies, Inc.
1-800-RED-CHIP
(733-2447)
Or
407-644-4256
STSS@redchip.com
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