Ann: Strategic Supply Agreement for European Distribution, page-156

Seems Dr. Behr will be our one and only European distributor (ex UK), given they have exclusive access to all NZS products - or first rights of refusual in any event. The one year contract can also be extended an additional six years.

In general, I'm supportive of outsourcing boots on the ground to proven distributors; management can then focus resources on growing their manufacturing (not sales) capability.

Therefore pretty difficult to measure the true value of this contract - certainly $400k feels more like an act of good faith than a meaningful representation of future sales, even for year one.

With that in mind, I like Fareki's initial comment - NZS is a much stonger business today than it was on Thursday.