Ultrasonic depilatory device developer Applisonix Ltd. (TASE:APLS) has signed a letter of intent with Soft Lines International Ltd. for the development, manufacture, and exclusive marketing of Applisonix's depilatory device for home use.
Applisonix CEO Uri Amir said, "Today, we took a major step toward realizing the company's dream of entering the home market and mass marketing of our depilatory device for home use. The device that we'll develop with SLI, under the agreement that the parties intend to sign, will be based on Applisonix's ultrasound technology, will be developed for the home market, and will target a market that experts estimate at billions of dollars."
The depilatory device market is estimated at billions of dollars, with households comprising the bulk of the market. Applisonix currently operates in the professional market, such as cosmeticians and beauty salons. The company launched sales of its SelectPro ultrasound depilatory device in 2009.
Applisonix plans to commercially launch a depilatory device for areas of thick hair.
Applisonix's share price was unchanged at NIS 1, giving a market cap of NIS 23 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
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