Dryclean USA, Inc. announced it has signed an exclusive license agreement with Whirlpool Corporation, licensing the use of DRYCLEAN USA's patent technology on home appliances.
The agreement represents a culmination of ongoing technical cooperation between Dryclean USA and Whirlpool with the goal of improving at-home garment drying and refreshing.
The agreement calls for Whirlpool to pay a one-time licensing fee and royalties during the 3-year period following the introduction of Whirlpool manufactured products using the technology. After this period, Whirlpool will retain a non-exclusive license and Dryclean USA is free to license its technology to other manufacturers.
Dryclean USA will retain the rights to market retrofit kits, designed to upgrade existing home laundry appliances.
"This agreement could provide Dryclean USA with significant financial returns over the life of this license agreement and thereafter," Venerando J. Indelicato, CFO of Dryclean USA, said. "We believe our technology, which has already proven successful in commercial laundry machines, should outperform other devices presently on the market."
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