HITIQ has entered into an expanded, exclusive non-binding Memorandum of Understanding with Shock Doctor.
This collaboration will see the development of an off-the-shelf, self-fit mouldable mouthguard embedded with HITIQ impact sensor technology.
This new product line will be designed for both the professional and consumer sports markets.
“Partnering with the world leader in performance mouthguards to develop an off-the-shelf retail edition of our technology provides tremendous opportunities to scale into key international consumer markets. Shock Doctor’s sheer scale is unmatched and it’s a testament to our team that a company the size of Shock Doctor has the belief in our IP to tread this path. We look forward to completing the development phase in the coming months and moving into final commercial discussions,” said Mike Vegar, CEO, HITIQ.
Shock Doctor is the world leader and pioneer in sports performance mouthguards. As part of HITIQ’s strategic growth plan, the collaboration with Shock Doctor is designed to leverage the combined expertise to place HITIQ concussion management technology into target customer markets, particularly North America.
The parties have signed a non-binding exclusive MOU. HITIQ and Shock Doctor intend to negotiate and enter into an agreement to facilitate the development of a new product category. This category will see HITIQ’s impact sensor technology integrated into Shock Doctor mouthguards.
Key terms of the MOU include:
• Development Phase – Completion of design, prototyping & product validation processes. The expected timeline to complete the activities required in this phase is between six to nine months, with Shock Doctor leading the majority of these activities through their existing tooling and design infrastructure capabilities.
• Commercialisation Phases – Upon completion of the development phase, Shock Doctor will manufacture boil & bite mouthguards for HITIQ to sell to price sensitive markets and HITIQ will grant Shock Doctor an opportunity to become the exclusive licensee to use the HITIQ Technology in respect of boil-and-bite mouthguards in the North American markets, based on commercial terms negotiated in good faith between the parties. The parties may also negotiate in good faith for exclusive licensing opportunities in other global markets, including Europe and elsewhere.
“For over 10 years Shock Doctor has closely monitored the origins and the evolution of mouthguard impact sensor technology. The expertise and advances of the Team at HITIQ impressed us. Not only with their technology, but with their commitment to provide the most advanced mouthguard impact sensor platform in the world. It made perfect sense to align our manufacturing, marketing and distribution expertise with HITIQ to work together to deliver best in class self-fit sensor mouthguards,” said Jay Turkbas, SVP of Product Innovation, Shock Doctor.
Where the long form binding agreement is achieved, the partnership is designed to ultimately deliver several strategic outcomes for HITIQ:
• Execution of the Company’s growth plan outcomes to expand an international sales footprint, distribution partnerships, and traction in lucrative international consumer markets; and
• Quickly expand customer pathways and availability to a broader global audience.