Nano Labs Corp. announced that the company has signed a Collaboration Agreement with Soluciones Nanotecnologicas, S.L. (Nanotex(R)) Spain to launch an Industrial Applications Development Program (IADP) to design and develop new industrial applications suitable for commercialization of 'nano scale magnetic particles.' The Collaboration Agreement outlines the establishment of a joint work group for the purpose of creating a consistent product which addresses the growing market share worldwide in the nano tech magnetics industry.

The companies are currently working together to fast-track the exchange of technical information necessary for the initial testing, and outline the commercial scope and market niches. The companies will work together to develop and commercialize nanomagnetic technology, patents, utility models, industrial designs, for industrial and commercial applications. All Technical Information in the form of test and performance data from tests of samples provided under this Agreement shall be the jointly owned property of the companies.