MyDx, Inc. (OTCQB:MYDX) stock bumped around between $0.51 and $0.69 cents on above average volume on the news of a distribution deal worth $4 million with California-based Nanolux. Nanolux has over 1,000 retail shops in the US where they will sell the MyDx battery operated, handheld, chemical analyzer for consumers. Nanolux secured exclusive distribution rights within the US retail hydroponic market and anticipates first-year sales of at least 10,000 units.
Daniel R. Yazbeck, MyDx Chairman and CEO, stated, “Having just launched a revolutionary new, consumer technology just a few months ago, this Agreement represents a major success in our commercialization strategy by penetrating the grower market nationwide. It will serve to build brand awareness and value on the ground, while the cash flow funds completion and commercialization of the next generation MyDx Analyzer sensors in our development pipeline.
“Nanolux is a terrific company with strong insight into one of our three primary target markets, and we’re delighted to be in business with them and look forward to a long and productive relationship,” concluded Mr. Yazbeck.
MyDx had a 52 week range of $0.35 to $3.39 and closed today at its previous closing price of $0.60.