Hybrid Coating Technologies Inc. announced that it has entered into a definitive agreement with a large foam manufacturer to jointly develop foam products based on Hybrid's technology for the shoe, Mattress and Furniture verticals. The combined value of the shoe, Mattress and Furniture verticals for the polyurethane industry is expected to reach $10 billion by 2018 representing roughly 15% of the total polyurethane industry. As part of the agreement, Hybrid will develop foam products to various specifications which will then be sold through its partner's existing distribution network of clients.

Hybrid will retain sole intellectual property rights and ownership to all developed foam products arising from this agreement. To date, Hybrid is currently developing products in conjunction with various partners in the following segments of the polyurethane industry; Paints and Coatings, Spray Foam Insulation, Apparel, Shoe and Mattress and Furniture. Hybrid plans to enter a couple of additional verticals in the near future as part of its overall market penetration strategy.