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#Allan Kohler interviewed CEO
Added 2 days ago

Today Allan Kohler interviewed Paul Hyslop, CEO of ZNO. I made some key points from the interview. For more details, or to listen to the podcast, you'll have to subscribe to InvestSmart! ;-)

On Cash Flow

  • $21.5m for six months
  • Shipped $14.5m. Under reporting rules can only recognise what is shipped. This is where the market is confused
  • Not like a supermarket, we take orders, blend the liquid, print the labels and somtimes don't ship in the same quarter
  • Eg. Over $7m in sales in December alone, started shipping this in Janurary 
  • Allan 'Is cash flow now permanent?' - Paul says 'Oh yeah! We've got $8m in the bank today after paying $6m in dividends
  • Most orders are paid up front (money in advance)
  • Bigger customers like QANTAS, Amazon and London Underground and some large pharmaceutical companies are on 60 day terms
  • Won't have to raise any money in the forseeable future

How are the lockdowns affecting Zoono?

  • Really hurting our business in Northern Hemisphere because when businesses send their staff home there is no need for disinfection. 
  • We had a contract with a company in England buying 20,000L per month at 15 pounds per litre. When the lockdown started they postponed orders. Clients include government, schools, councils etc.
  • A lot of customers are signing up 5 year contracts, like the London Underground

London Underground contract

  • Via a company called Bunzl who have a long term agreement with the Underground
  • Been working with since 2015
  • Zoono in every train, under and above ground. It is fogged inside all the carriages every 7 days (10,000L per month @ 11 pounds per L)
  • We're going into trains in Belgium, France, Germany, Spain and Portugal and more because of the London experience

It all comes down to Litres and Price

  • Now selling around 350 to 500 thousand litres per month @ $11 US a litre
  • Premium in UK @ 11 pounds per litre, hence the focus on UK
  • We give some people volume breaks and rebates if they hit their targets

Whats in the Pipeline?

  • We have some huge deals in the pipeline, eg. local software companies, government busnesses, transportation
  • Japan - Signing up new distributors 
  • China - all government approvals, set up a company there
  • Middle East - doing a lot with Fine Group (B2C market), spending $500K to $700K per month

How is Zoono applied?

  • Spraying, wiping and fogging
  • Big volume businesses are buying 1000L IBCs for fogging machines see London Underground YouTube 
  • Animal health -  fogging poultry sheds, pig pens

What about the Profits?

  • $2.7M (up $3.4M on previous loss)  
  • Expect higher in second half, $7M sales in December to come in yet?

Are you spread to thin?

  • Allan: your selling all over the world - China, Russia, Middle East, UK, US and so on...but you're not a big company!
  • Sales offices -  New Jersey, servicing Canada, Mexico and South America, UK office, NZ office, people in Middle East, people in China. Also partnering with companies like Bunzl, Atalian Servest and Compass group in UK. They have sales teams and business development managers. Better model than employing hundreds of people all around the world.

Customers want a guarantee the Aircraft are clean 

  • Allan: do you have evidence for this?
  • United Airlines are fogging inside aircraft with robots: https://simpleflying.com/united-airlines-using-robots-to-sanitize-aircraft-surfaces/  
  • We have Zoono on Korean Airlines, Cathay Pacific, QANTAS and many of the Middle Eastern airlines. Have approval to go on Chinese airlines.
  • Airlines will be a big ongoing part of our business, as will trains and busses. We've just started into the cruise industry. Also talking to Uber and big cab companies.

What about the story that appeared in Independant Australia about you and the company?

  • Paul: I won't waste oxygen on that article
  • Allan: I was going to ask you questions about that article, but I couldn't find anything in there worth putting to you, to be honest!

 

 

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##ZNO SWOT analysis
Added 6 days ago

I find valuing a company like Zoono very difficult, after all company valuations are based on future earnings. For Zoono there are a lot of factors at play with the potential to influence future earnings. 
I liked the valuation elpaso96 stepped through in the post following the ZNO 1H report ($1.14). I think this is a very conservative valuation and the likely value is North of this! 

ZNO first caught my attention in a Simply Wall Street screener. I screen for companies with PEG < 1, ROE >20%, Growth >20% and DCF > 25% discount, no or low debt (See Simply Wall Street for their DCF formula). 

Simply Wall Street DCF valuation is $3.37 and a PEG ration of 0.4 . There is only 1 analyst contributing and the future full year revenue data has not been updated after the 1H report, still based on full year revenue of $58m and net income of $20m. I think revenue is more likely to be $38 - $40m based on $20m cash receipts in H1 and similar for H2. So valuation all comes down to future earnings and whatever formula use it is only as useful as the earnings figure you plug into it. As they say BS in = BS out.

For companies like Zoono, I like to do a SWAT (Strengths, Weakness, Opportunities and Threats). A SWOT helps to weigh up ALL the factors at play and to evaluate the risk to future earnings. Here is a start to the SWOT, but you might have more to add?

Strengths:
- ZNO produces  unique, highly effective, long-lasting antibacterial products that have a distinct competitive advantage
- Intellectual Property,  the “Zoono Molecule”
- a unique antibacterial molecule that bonds to any surface 
- A non-toxic molecule that is effective for up to 24 hrs on hands and skin, 30 days on surfaces. (Imagine what this means for a kindergartens or schools, and the potential market here alone).
- Rapidly expanding world wide, including government approvals 
- Customers include big corporates and governments e.g. United Airways, Qantas, London Underground, G8 childcare, and more... 
- Becoming a household name, my granddaughter who attends the local Kindy saw our Zoono hand sanitiser (yes we use it) and said "Hey Pop, you've got Zoono"!
- Alternative for sufferers of dry hands and dermatitis. My 84yr old Mum avoids using alcohol based hand sanitiser because continued use is drying her hands and aggravating her dermatitis.
- A great marketing site. I ordered the Zoono combination pack, got a 10% discount and the products arrived quickly with Australia Post. My wife (School Principle) loves it and is using far more than she needs to because it feels great on her hands. She likes the idea that it is non-toxic and does not require a SDS (Safety Data Sheet) to be used in schools.
- Potential for disease control in chickens and pigs not factored into the price yet
- Potential takeover target, a highly profitable company with a PEG<1, no debt and a promising future with a large competitive edge if the intellectual property proves successful globally.
- Good liquidity
- no debt

Weaknesses
- Small company, so the share price can be easily manipulated (e.g. short sellers)
- There is research and regulatory approval in several countries, however still waiting for regulatory approvals to come through for some key markets e.g. US EPA and Canada Health. The US EPA outcome is expected any time. I think this will be turning point for the outlook for the company, positive or negative. There is enough research to prove Zoono, I don't expect a negative outcome.
- The company is based on one unique patented molecular formula. They have a lot of eggs in one basket. if this fails ZNO has nothing. (Its true, but I think these are golden eggs).
- Risk of mutation. Pathogens can evolve and mutate over time and develop resistance to chemical formulae, however the action of the zoono molecule is physical, i.e. it punctures the cell of the pathogen. This is unlike chemical formulas (eg. pesticides) and over time pathogens can evolve and develop resistance to the chemicals. Paul likened the action to alcohol which burns the cellular wall, and highly unlikely to develop resistance.
- Not a household name yet, but childcare centres could change that.

Opportunities 
- Endless opportunities will open up after US EPA approval
- Vaccinations will increase demand for zoono. Airlines and Cruise Ships are likely to be in full swing with an increase in COVID 19 herd immunity. Sanitisers will remain  an important strategy to stop the spread of  viruses not just COVID 19. United Airlines, Qantas already using zoono. The distinct advantage of zoono is it significantly reduces the spread of harmful bacteria, viruses, fungi, mould and yeast. The innovative technology lasts up to 30 days on treated surfaces and up to 24 hours on skin.
- Huge application in pigs and chickens to prevent the spread of disease in agriculture

Threats
- Discovery of another unique product with similar advantages 
- The pending regulatory approvals are negative (seems highly unlikely to me given the research track record)
- Continued short selling (this is also an opportunity. Market failure, for whatever reason, provides a unique opportunity to buy a great company at a very cheap price).

Summary
I think the Strengths and Opportunities for ZNO far outweigh the Weaknesses and Threats. 


I own shares in ZNO (not in Stawman yet, new member and still trying to work it out) and  have been adding significantly to my holding over a number of weeks. I will continue buy  shares in this low risk, undervalued company even though it feels like like I'm the only contrarian doing so at the moment! :-)

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#ASX Announcements
Last edited a week ago

1HFY21 results + Conference call 

  • If you want to know why the share price keeps going down this is the main reason:
    • "On the downside, the half year was disappointing in that the Company's financial results were adversely affected by the COVID-19 lockdown measures in place globally (and, in particular, in the UK since November 2020).
    • While the Company has, overall, undoubtedly benefited from the impact of the COVID-19 pandemic, in many respects, the opposite has been the case in the review period in that the disadvantages have outweighed the benefits. Confidence in and around the workplace has been adversely affected and, with the Company's business being primarily focussed on the B2B sector, several major supply agreements have been put on hold or deferred simply because either the businesses or the buildings housing them (or both) have been closed and/or the employees not at work. 
    • In the UK, this impact has been further compounded by Brexit which has made logistics difficult, particularly in relation to guidance to customers with respect to supply timeframes. These issues have materially, and adversely, impacted sales revenues in H1 of FY21 (with the impact for the half year estimated at approximately NZ$6m to NZ$7m)."
    • I put on my optimistic hat and believe the lockdown in UK would be a short term headwind.  Furthermore, the UK Government will be implementing its ‘roadmap out of lockdown’. It should bring opportunities to Zoono UK.  
  • The surprise to me was the NZ$6M to NZ$7M Covid-19 impact in UK. If it weren't for Covid, we would have seen Zoono reach $20M in revenues. 

Conference call - I only listened to the last half as I was refining notes for Alcidion

  • New opportunities for growth are covid rebound sectors like Entertaintment and Sports stadiums. Peter did mention that today he was in discussion with US companies in those sectors. 
  • Zoono is getting recognised as a global brand whether through social media channels or from customers. 
  • Peter reiterated that there are no such thing as post covid. The world will have to live through covid like influenza. The demand for Zoono will get stronger as businesses move back into office.  
  • They scrapped the dividend and use that money for clinical trials (which is a smart decision if you ask me), the animal health business and new products will grow the business. That could also be another reason why the share price went down, you give a dividend and then they are addicated like coke. 
  • Zoono cannot disclose major deals quickly due to the nature of the customer. The United Airlines for example had to do the press release and media circuit before allowing Zoono to communicate the deal. Breaking disclosures is a fine line. 
  • Euopean laws are strange especially UK (1920-30's regulation still apply today), where you can't make covid claim unless your product is a drug or medicine. Zoono is not a drug. 
  • Fine Group in the Middle East is a big deal for Zoono and we (shareholders) weren't told the arrangements in the presentation decks. Paul spilled the beans on the targets. Fine Group is expected to supply 3 countries in MENA (UAE, Jordan and Qatar (Doha))
    • 3 year projected revenues = $50M with $500K per month on each region. The math works out: 
      • $500K x 3 (as there are 3 countries) = $1.5M 
      • Annualised revenue = $1.5M * 12 = $18M 
      • Total value of contract = $18M * 3 = $54M (which is close to $50M) 
  • He does not lose much sleep over skyscrapper legal dispute haha. He believes Zoono's case is better than the Middle East distributor's case which is exactly what he communicated to shareholders in the past. Good to see alignment with previous announcements. 
  • Zoono is planning on expanding product for the UK Police, NHS and used in government property. 
  • January 2021 sales are sitting at $4M which is very healthy run rate and they expect to exceed sales target of $38M. It made me laugh that the CCZ analyst was questioning whether Zoono can hit $38M for the financial year which is $24M for 2HFY21 and Paul goes obviously if there are no more covid interruptions. The market does not agree which is great for investors to pick the company at a discount. 
  • US love alcohol (me too) and the sanitisers manufactured for CVS contain alcohol. Global handsanitisers ex US does not contain alcohol according to Peter. 
  • When I am writing the notes, I write "Peter" as Zoono is founder led business and you can tell that he is in control of the operations. The CFO hardly answered questions. 
  • I like at the end he felt sympathetic for those that bought shares during the peak ($3), however he said give the business time and patience. I agree, there is mispricing happening in the market. Zoono is worth more and the market is overly pessimistic. Hence, I added more Zoono shares on the strawman portfolio and personal portfolio. The market is short term focused.     

Interested to know what people thought during the first half of the call? 

 

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#ASX Announcements
Added a week ago

25 February 2021

Revenues of NZ$14.4m in H1FY21, up 741% on prior corresponding half-year

Global expansion continues with major deals worldwide

Half-Year Financial Highlights:

  • Total revenue of NZ$14.4m, up NZ$12.7m on the prior corresponding half-year
  • Net profit before tax of NZ$2.7m, up NZ$3.4m on the prior corresponding half-year
  • Operational cash flow of NZ$3.6m despite tax payments totalling NZ$2.5m Cash at bank of NZ$7.3m despite paying dividend/tax payments totalling NZ$7.5m
  • Cash receipts exceeded $20m in the first half
  • $7m in invoiced sales in December

Half-Year Operational Highlights:

  • COVID-19 pandemic impact of circa NZ$6 to NZ$7m on H1 FY21 sales revenues.
  • Global expansion continues with progress in all regions (EU, Americas, Asia-Pacific).
  • Zoono assumes ownership and control of US licensee.
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##customers
Added 3 weeks ago

Its sales have dropped from $15m in Q1 to $5.5m in Q2 a rate of decline that approximately matches its declining share price

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#Customers
Added 3 weeks ago

Zoono has many customers, here is an overview of customers per region: 

UK/Europe:

  • ISS (FM)
  • Atalian Servest (First Group/ GWR/ LSER/ Retail etc)
    • Currently servicing majority of the rail networks across the UK
  • ABM – Rail & Aviation
  • Bunzl Catering Division
  • Churchill Contract Services (TFL)
  • Universities & Colleges
  • Care homes
  • Leisure facilities

Australia/NZ:

  • Qantas 
  • Childcare Centres (possibly supplying to companies like G8 education)
  • Customers of John Lyng Group (from distribution agreement)

North America/Carribean

  • CVS (one of the largest pharma chains in America)
  • United Airlines (got them through Microsonics distributor) 
  • Universities & Charter Schools
  • County jails 
  • Stadiums 

Middle East & Africa 

  • Fine Hygenic Holding
  • IBV (Exclusive partner) 
  • Trials done with Accor Hotel
  • In talks with Emirate Airline, Dubai Taxi and Dubai Healthcare 

China

  • It is mainly a B2C market through online channels such as T-Mall and JD.com, hence no large customer. The distributors covered in the Distributor straw
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#History
Last edited 3 weeks ago

Listed on 9 May 2017. Previously the ticker was under Goldsearch a gold exploration mining company. My guess is a reverse merger, but I do not know, plus I can't find the prospectus. 

What do they do?

Zoono is an antimicrobial solutions company founded in New Zealand by Paul Hislop (who is the founder and the current managing director). They basically make wet wipes, dry wipes, microfibre cloths, antimicrobial body wash and hand sanitisers that claim to be 99.99% effective in almost all surfaces. Zoono seeks regulatory approval in different regions to make that claim so that they can use it for marketing.  

What sectors do they target?

Zoono targets a wide range of sectors (Child Care, commercial cleaning, agriculture and veterinary, medical and retail). They decide to split the business into 3 segments (B2B, B2C and Animal Health) so moving forward, it makes sense to analyse the business on a segment basis not a sector basis. 

Stable Management/Ownership? 

Starting from the top, Paul Hyslop is the founder and have been running the business since 2007. He has a lot of skin in the game as he owns around 66M shares with 40% ownership. The founder is aligned with shareholders which is great to see as he started the company from scratch. Regal Funds own 10% of the company and is a hedge fund that gives me concern as those guys manipulate the stock price. Their ownership stake is currently not larger than management, so they cannot overthrow management - good for the long term investor.   

What's their market entry strategy?

As explained above, Zoono's market entry strategy is through distributors. From my understanding, they sign an agreement with a distributor to sell "X" amount of product for a "Y" price. Depending on the distributor, the distributor should get (% or $) commission for selling "X" amount with a commission structure laid out on the contract. 

Here is an example: John Lyng Group 

  • 5 year initial agreement with the option to extend for another 5 years.  
  • John Lyng is the exclusive distributor for Australia. 
    • Zoono manufacture the handsanitiser in either 5 litre containers or 1,000 litre totes for the B2B customers, with limited exception to small customers that do not need large containers.
  •  The contract 
    • Target minimum annual purchases are:
      • AUD $5.0m in the first 12 months;
      • AUD $6.0m in year two; and
      • AUD $7.0m in year three;
    • and thereafter increasing by 5% per annum.
    • So if you do the calc it would be: 
      • AUD $7.35m in year four;
      • AUD $7.71m in year five;
    • Either party may terminate the Agreement by providing not less than six months’ notice or for breach or insolvency. Zoono may also terminate if target minimum purchases are not achieved. 
    • Contract termination is an important barrometer for investors as it could mean either the product is not selling well or the distributor is not pushing hard on sales. 
      • In saying that, from reading all the agreements they have with distributors, Zoono do not care about marketing etc... They only care about volume. If you miss your minimum target volume, you are out and they find another distributor to sell.
      • They are ruthless with distributors and such we have seen legal proceedings by some of the distributors.   
  • The contract did not include commission structure which must be there in the full contract. Otherwise, what does John Lyng get from being the middle man if they are not getting a fee? 

Have they executed well?

Yes they have thanks to Covid-19. Their antimicrobial hand sanitiser Z-71 was added to the TGA approved list. Zoono made the smart decision back in 2018 to focus on B2B which proved to be an excellent corporate decision. As Zoono puts it on the FY20 Annual report "the decision to change focus [from B2C to B2B] was a recognition of the fact that the Company simply did not have either the funding necessary to build a retail brand or, with its limited human resources, the capacity to build a global retail business".  

Growing revenue from $2M to $38M in one year is an amazing achievement so they have executed extremely well. 

The big question is can they maintain their growth? 

It depends on the new distribution agreements, growth in new verticals like Animal Health and new products. It is hard to project revenue growth as we are not given unit economics for the B2B segment. We are given B2C, but as Zoono said, they are not focusing on that segment for the forseeable future. What I need to do next is connect information across AGM slide decks, interviews and Annual report to make a guess on which distributors are generating the sales for the B2B segment. 

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#Distributors
Last edited 3 weeks ago

This straw should be named detective work :D A lot of compilation involved to put the distributor arrangements together. 

UK/ Europe:

  • Bunzl (currently in UK but plans to replicate the UK model for more European countries) 
  • OneSpray - international distributor 
  • TEH - Bosnia 
    • An initial five-year term.
    • Exclusive sale of Zoono branded products in Bosnia-Herzegovina, Croatia, Serbia, and Montenegro.
    • Minimum annual performance volumes:
      • First 12 months from commencement: NZD$350,000;
      • Second 12-month period: NZD$450,000;
      • Third 12-month period: NZD$600,000; and
    • Thereafter, the minimum sales requirement will increase by 10% each year (based initially on year three total sales)

Aus/NZ/ Singapore

  • John Lyng Group / RestorX (look at the history straw)
  • Linco Investments Pte Ltd (Singapore - 18th February 2020)
    • An initial 5-year term;
    • Exclusive in all markets in Singapore;
    • Minimum purchase volumes of:
      • NZD$1.5m in first 12 months.
      • NZD$2.0m in year two; and
      • NZD$2.6m in year three and
    • thereafter increasing by 10% per annum;

North America / USA / Carribean   

  • Mexico & Panama distributor confirmed for order "11.20". No idea what that means. 
  • Jamaica distributor - Dalrada Health (came through from the relationship with UK distributor OneSpray)
  • Microsonic - distribute Zoono products to Turtle Wax (for carwash, automotive and cruiseline industries). The agreement happened (13th May 2019)
    • Initial 10 year agreement
    • Minimum MicroSonic Zoono Z-71 Microbe Shield purchase commitments under the agreement are:
      • US$2m in calendar year 2020;
      • US$3m in calendar year 2021;
      • US$6m in calendar year 2022;
      • US$12m in calendar year 2023
    • And thereafter increasing by 10% per annum.

Middle East & Africa (MENA) 

  • Al Rabban Capital (25th March 2020)
    • An initial 5-year term with a right of renewal for a further 5-years;
    • Exclusive for the Middle East and North Africa (with the exception of several smaller countries due to existing relationships) in all B2B and consumer retail markets;
    • Minimum annual purchases are:
      • NZD$ 4.8m in the first 12 months;
      • NZD$ 8.0m in year two; and
      • NZD$ 12.0m in year three; And
    • Thereafter increasing by 10% per annum.
    • The initial order lodged by Al Rabban is for NZD $2.4m; Zoono will deliver its product in 1,000 litre totes which Al Rabban will repackage locally.  
  • International Nutrition and Sport SA (30th September 2019)
    • An initial five-year agreement.
    • Exclusive sale of Zoono branded products in South Africa, Botswana, Lesotho, Swaziland, Zambia and Namibia.
    • Minimum annual performance volumes of:
      • First 12 months from commencement: NZD$650,000;
      • Second 12-month period: NZD$800,000;
      • Third 12-month period: NZD$1,000,000; and
    • Thereafter, the minimum sales requirement will increase by 10% each year (based initially on year three total sales).
  • ASH Group FZE (30th September 2019)
    • An initial five-year agreement.
    • Exclusive sale of Zoono branded products in Egypt, Syria and Iraq.
    • Minimum annual performance volumes of:
      • First 12 months from commencement: NZD$400,000;
      • Second 12-month period: NZD$480,000;
      • Third 12-month period: NZD$750,000; and
    • Thereafter, the minimum sales requirement will increase by 10% each year (based initially on year three total sales).
  • Dubai-based Sky Scrapers General Trading LLC (21st December 2018) - This is the distributor they have ongoing legal battle with as that distributor was not able to hit minimum sales volumes. 
    • An initial 10 year term, with a 10 year renewal option;
    • The agreement includes minimum annual performance (volume) requirements; and
    • Either party may terminate the agreement with immediate effect for breach or insolvency.

China 

  • Eagle Health (20th February 2020)
    • An initial 3 year term with 5-year rights of renewal;
    • Minimum purchase volumes of:
      • NZD$1,500,000 in the first 12 months;
      • NZD$2,300,000 in year two; and
      • NZD$3,100,000 in year three; and
    • thereafter increasing by 10% per annum.
    • Eagle granted exclusivity for co-branded products; and Zoono (sole label) may be sold by Eagle as a preferred partner with good faith negotiations after 12 months for securing exclusivity for further channels. 
  • Beijing Youmeng Technology and Development Ltd   (10th February 2020)
    • An initial five (5) year term; Exclusivity in all childcare and hotel markets in China;
    • Minimum purchase volumes of:
      • NZD$1.5m in the first 18 months;
      • NZD$2.3m in year two; and
      • NZD$3.0m in year three, and
    • Thereafter increasing by 10% per annum;
  • Zoono has licensed the distribution company, Zoono China International Trading Limited, to use its name and sell Zoono products to farmers, food producers and processors in China. Importantly, one of the key focuses of the new distributor will be the use of Zoono products to minimise the impacts of African swine fever within the pig population in China. (10th December 2020)
    • An initial 10-year term; Exclusivity in all animal health markets including aquaculture and food processing plants in China;
    • Minimum purchase volumes of:
      • NZD$3.1m in year one, including NZD$1m in instalment payments between execution of the agreement and 30 June 2020.
      • NZD$4.6m in year two; and
      • NZD$9.3m in year three, and
    • Thereafter increasing by 10% per annum;
  • Guangzhou Sanchengyun Trade Co (25th September 2019)
    • An initial 5 year term.
    • Minimum annual performance volumes of:
      • First 12 months from commencement: NZD$900,000;
      • Second 12-month period: NZD$1.2m;
      • Third 12-month period NZD$1.6m; and
    • Thereafter, the minimum sales requirement will increase by 10% per annum.
  • Beijing Bei Guang Jia Purchase Trading Company Ltd., trading as RBCGO (26th September 2017)
    • company majority owned (70%) by the Chinese Government and (30%) by Alibaba 
    • The agreement is entirely for B2C as RBCGO network have 300m households watching home shopping TV, radio and online channels and via the Alibaba and TMall platforms. 
    • A broad range of Zoono products will be offered for sale (all under the Zoono brand), including 5 separate skin care products, 4 surface products and a baby care range. These will be sold in pre-agreed bundles at RMB199.00 (NZ$40.00) and RMB299 (NZ$60.00) each.
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#1/4ly 4C 29/1/21
Added a month ago

Continued momentum with Q2 invoiced sales of NZ$14.1M

Q2 Financial Highlights:

• Total invoices sales and orders for the quarter were NZ$14.1M  *(1) ;

• Cash at bank of NZ$7.3M with an additional positive net receivables/payables (unaudited) balance of NZ$1.8M, which will bring the bank balance to NZ$9.1M;

• Inventories of NZ$14.4M (unaudited) to meet current demand are being maintained. Zoono is holding stock across several global locations to enable timely delivery, including USA, UK, China, Australia and MENA regions;

• Total cash receipts from customers NZ$20.5M for the six months to date (unaudited).

*(1) Zoono refers to “invoiced sales” when an order is received from a customer. A sale is only recorded as revenue once the product is despatched to the customer. Additional revenue from this quarter’s sales will be seen later this year once the orders has been dispatched.

Disc: I hold

View Attachment

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#Company Update
Last edited 3 months ago

ZNO Company update - 16th December (Marked as price-sensitive, understandably so)

 

MENA update - Middle East & Africa

  • Additional testing conducted in Dubai has proven the longeveity claims that the company had previously claimed about its sanitiser related products.
  • Test results were all positive 
  • On the back of the test results, Zoono have now received the relevant certification from the UAE regulatory body to sell product in this region.
  • Following on, ZNO have entered into a supply agreement with Fine Hygenic Paper LLC & received an initial $1.5m NZD deposit on first year purchases
    • Target volumes are very positive
      • First 12 months - $21.5m
      • Second 12 months - $28.5m
      • Third 12 months - $35.7m & 5% onwards in the fourth
  • See Zhanginu's straw on the relevant margins for what these deals mean, he covers them quite well (IMO 50-60% margin is realistic)

 

Russia update

  • Positive testing has seen approval granted for ZNO products
  • Following this the comapny has engaged with a firm, ECO-SALUS LLC, producing goods to a value of $529,000 (initial $70k deposit received in advance)
  • See the annoucement for the performance volumes (significantly less than the UAE contract)
  • This deal is exclusive with Russia.

 

New Product

  • Releasing of a new face-mask product that contains ZNO anti-microbial solution (differs from a standard mask)

 

 

Overall;

A very positive annoucement and the markets rather sluggish reaction (shares up ~4%) again makes me more confident in holding shares in this company - the market cannot perceive this company to be profit generating in future years.

 

Note - All figures in $NZD

 

 

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#Company Update
Added 3 months ago

New UAE deal is with Fine Hygienic Group, a FMCG company that according to Forbes has top 10 brand recognition in the Middle East. The company is doing US$1bn in sales, with a dominant position in toiletries (tissue / toilet paper). CEO was previously part of the senior leadership team at Procter & Gamble.

Recent pivot by the company into masks this year has seen millions of masks sold. Emboldened by its success in adjacent products, Fine has launched a full line of Zoono products as seen here:

Fine Guard Disinfectants | TheFineShop.com

The goal is for UAE (home market) launch initially next year, in all supermarkets and pharmacies, supported by a large advertising campaign.

This will be followed by rollout across 70 countries over the next 2 years.

Gross margins are north of 50%, so each dollar of Zoono sold will add $0.50c+ to Zoono's EBIT line.  No additional opex or capex is required to fulfil this contract.

First year sales of NZ$20m+ will equate to NZ$10m+ in extra EBIT.

Conservatively valuing this at 10x EBIT, the deal just added NZ$100m of shareholder value.

Probably of success is quite high IMO coz Fine is a proven brand in the Middle East. Top 10 brand in the minds of consumers would rank it equivalent to a Mars, or a Colgate in MENA. 

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#Company Update
Added 3 months ago

Company Update Highlights:

• Further testing in the UAE reconfirms Zoono surface spray efficacy at 30 days

• Two new distribution/supply agreements signed

• Combined revenue targets are for NZ$23.0m for year 1, NZ$31.0m for year 2 and NZ$39.95m for year three

• Regulatory approvals received for Russia

• New Zoono treated face mask launched

Disc : I hold ZNO

View Attachment

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#Business Model/Strategy
Last edited 3 months ago

As mentioned in the AGM, Zoono has recently signed a deal to white-label its products with Fine Hygienic Group Holdings to rollout its products in 70 countries.

This group is one of the pre-eminent FMCG companies in the Middle East and North Africa.

Forbes Magazine has named Fine the ninth most recognized brand in the MENA region, underscoring the incredible strength of the brand in the minds of consumers.

Because Zoono's products are alcohol-free, they can be Halal-certified and this is a massive competitive advantage against incumbent products, for a mostly Muslim consumer base. 

Also, with Fine's brand, 3500+ staff & 70-year history in the region, they have the infrastructure and marketing budget to implement a consumer strategy that Zoono is incapable of doing on its own.

The CEO of Fine Group has worked for Procter & Gamble for 24 years and is an Olympic coach & a marathon runner. Quite a determined bloke.

In terms of financials, its possible to envisage $5-10m within a year or two at a 50%+ gross margin (lower GP% but offset by large volume & no additional opex commitment). A bull case could see Zoono selling $30-40m per annum if the products are successful, which will add $15-20m+ in incremental EBIT per annum.

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#AGM Presentation
Added 3 months ago

Apologies I am late to the party, but here is my breakdown of the AGM Presentation of last week.

 

UK

·         Regulatory approval in most EU countries, with a list of others where regulatory approval has been submitted, or the process is underway

·         Key customer in the UK – Atalian Servest (services rail networks across most of UK)

o   Sales pipeline;

§  Zoono AG – fruit & veg sector

§  Trans Dev – global passenger trains

§  Opportunities in Russia – are pending reg. approval – this is only a matter of time

 

Aus/NZ

·         Focus is on B2b – better margins and order

·         Digital marketing specialist employed to drive b2c (worth it…?_)

·         Partner with Qantas for “fly-well” program

·         New agreement to distribute to John Lyng Group

·         Focus on partnering with health care solutions – no break through yet but pipeline is always there.

 

US

·         New GM

·         New chemical reactor, allowing for raw materials to be self-developed, higher production capabilities

·         Regulation and EPA testing is underway in related to COVID longevity claims – this is sure to be positive news to market once finished

·         New website to be launched in relation to B2c ….

·         Expansion of distributors in Panada, Jamaica, Mexico etc

Current top customers

·         United Airlines – entire airline fleet (this contract was only signed in q1 and hence won’t start fruiting till q2, q3 onwards)

·         CVS – Pharmacy retailer

·         California, Texas, Florida – jails, government offices and squad cars

o   MANY MORE

Top Prospects;

·         7 Eleven stores – currently testing versus a competitor (68,000 stores potential)

·         ARDA – 400k resorts

·         Boeing

·         Many big contracts with initial orders placed

·         UPS logistics – looking to treat facilities

·         Delta airlines – awaiting testing results and eager to take the same path of United Airlines!!

·         Many many trials underway, LAX airport, Grand Rapids Airpoty, Olympia Entertainment, Microsoft offices, Virgin Hotels and many more

 

 

Middle East & Africa

·         Development of new sales channels underway in Bahrain, SA, Egypt and Africa

·         Further testing

 

 

*I do hold some ZNO shares

This AGM was a very positive presentation in my view and just goes to show how deep the sales pipeline for the company is going to be moving forward in 2021.

The release of a vaccine has only given a cheaper entry point in my view, the re-opening of the economy etc is going to see greater potential sales opportunities.

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#Company Presentations
Added 4 months ago

19-Nov-2020:  Zoono AGM Presentation

[I hold ZNO shares.]  I note their two resolutions put to shareholders at their AGM today were passed by 99% and 99.9% respectively.  I also note that on 6-Nov-2020, BoA/Merrill Lynch served a notice that they were no longer substantial shareholders of ZNO.  In that notice, it was clear that they had been lending ZNO shares to shorters (i.e. short-sellers, see Appendices A & B of the announcement).  I also note that ZNO's share price has been in a downward channel for 4 months and they appear to have broken out of the top end of that channel today if I'm not mistaken.  There's a lot to like about this company.  They are producing the right product at the right time, and their sales are increasing at a good clip.  The market seems to have moved away from so-called "COVID-plays" to "Recovery Plays", and that's OK.  I don't have a problem with that.  However, this is a fast growing company that is highly profitable and doing everything right, including paying dividends, and the demand for their sanitiser and surface treatment products are not going to evaporate when the COVID-19 vaccine(s) are rolled out.  I believe they are just at the start of their growth runway.

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# Longevity Claims/COVID-19
Added 4 months ago

05-Nov-2020:  I received the following via email from Zoono Group (ZNO) this morning:

Test Results & Global Media Exposure | 5 November 2020 - Update On Longevity Claims

Update On Longevity Claims 

Germ-busting business determined to let people see the scientific testing evidence that substantiates long lasting anti-viral effectiveness

Zoono, a New Zealand headquartered business that is listed on the Australian Stock Exchange and has offices in the US and UK, is making the results of testing on their antimicrobial products public and emphasising how the results prove longer lasting effectiveness against dangerous pathogens, including viruses and bacteria.

Confusion had previously arisen when it was reported that Zoono had withdrawn claims that their products were effective over long periods – up to 24 hours for their hand sanitiser and up to 30 days for their surface sanitiser. On reflection, Zoono say that their response to queries raised by Suffolk Trading Standards should have been much more focused on the best way to rapidly prove and clarify, rather than allow misconceptions to form. They wish to emphasise that there was no ‘enforcement action’ against them and they had simply volunteered to change product labelling for UK customers during the clarification period. It was a statement by a Zoono customer, not Zoono itself, relating specifically to Covid-19 that triggered the queries.

It is important to explain that no laboratories have been testing specifically with Covid-19 – they use very efficient indicator processes that cover a wide range of pathogens. And this means that even when there is strong evidence regarding effectiveness against human coronaviruses, as in the Zoono case, effectiveness against Covid-19 cannot currently be specifically cited. This applies to all disinfectant products, including hand sanitisers and surface treatments.

The reality is that over 100 laboratory tests have been completed that demonstrate the effectiveness and long lasting nature of the Zoono advanced antimicrobial products – and recently in the UK further tests, both in approved UK laboratories and ‘in situ’ have backed up their value.  A UK police authority is in the process of placing a major order after having the product tested at a renowned Public Health England testing facility – and just last week a Channel 4 Dispatches programme conducting tests in public places and transport reported that a test carried out on a Travel for London bus had shown that the tested surfaces were remarkably pathogen-free. What the reporters did not know was that Transport for London have been using Zoono.

Zoono say that what is necessary is that people understand completely how their products work and how they work best, including using their products correctly, in conjunction with best practice hygiene. They, their partners and their customers are striving for a level of excellence – a ‘hygiene hero’ status that can play a critical role in safeguarding people – not just in the current crisis, but also on an ongoing basis as it should not be forgotten that every year millions are severely affected all over the world from a wide range of germs including, of course, flu and many gastrointestinal pathogens, including norovirus outbreaks. 

Whilst there will be some variables within the spectrum of such widespread testing, all the scientific evidence is showing overwhelmingly that Zoono products have exceptional advantages over ‘traditional’ products that use alcohol and bleach, and that the tests do show that they can be effective for up to the claimed durations. The advantages also include much lower levels of toxicity. Zoono acknowledges that it is not possible to put all of the scientific proof on product labels and it should be clarified, so their revised labelling emphasises ‘scientifically proven’ and ‘longer lasting’ – and the explanation of the advanced science and test results is being provided online and on request. This information can then also be compared to (for example) the time an alcohol-based hand sanitising product might be effective – which is only around 2 minutes. Promoting such facts is considered an essential part of enabling people to consider which products are going to provide protection over the longest periods.

In terms of the UK situation, what has been misdescribed there, is being resolved – although ironically, the Suffolk Trading Standards process has been held up as the laboratory they were using to test Zoono products was forced to shut down when employees there became infected with Covid-19. In the meantime, Zoono has shared the results of expert testing carried out in the UK and many other countries and is making them generally available for others to study.

To read the results of Zoono's latest test results, please click here

To read the Zoono press release, please click here

To read BBC News' London's transport network tests negative for Covid-19 story, please click here

 

Zoono Group Limited
Paul Hyslop
Managing Director
paul.hyslop@zoono.com 

Media Enquiries 
The Capital Network 
Julia Maguire 
+61 2 8999 3699
julia@thecapitalnetwork.com.au

Customer Service & Online Shop
hello@zoono.com

For Wholesale Queries
wholesale@zoono.com

Distributor Queries (per country) 
info@zoono.com

About Zoono Group Limited (ASX:ZNO)
Zoono Group Limited is a global biotech company that develops, manufactures and distributes a suite of scientifically-validated, long-lasting and environmentally-friendly antimicrobial solutions. Zoono’s mission is to improve health and well-being through innovative, safe, non- toxic and durable germ protection.

Zoono produces sprays, wipes and foams suited for skin care, surface sanitisers, and mould remediation treatments. The products are based on the ‘zoono molecule’, a unique antimicrobial molecule that bonds to any surface and kills pathogens including bacteria, viruses, algae, fungi and mould.

Zoono’s products have received numerous regulatory approvals and the company’s technology claims are supported by independent testing conducted in laboratories worldwide. Zoono is headquartered in New Zealand and its products are available globally. 

To learn more, please visit www.zoono.com

--- ends ---

[I hold ZNO shares.]

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#Efficacy of Zoono
Last edited 4 months ago

29-Oct-2020:  Latest Testing Confirms Zoono Efficacy and Longevity

Highlights:

  • UK rail passenger trains treated with Zoono Microbe Shield ‘near sterile’ after 30 days;
  • UAE Government appointed Lab confirms Zoono Microbe Shield 99.9% efficacy at 30 days;
  • Intertek Laboratory’s testing shows Zoono Microbe Shield >99.99% efficacy at 30 days; and
  • Testing shows Zoono Hand Alcohol Free Sanitiser GermFree24 meets the requirements of the EN1500 (European) standard for hygienic hand rubs.

Zoono Group Limited (ASX: ZNO) is pleased to provide an overview of recent test results from a series of independent laboratory tests commissioned on its products. All results re-confirm the efficacy and longevity of Zoono’s Microbe Shield against pathogens.

In the UK, a series of “in situ” tests were conducted on passenger trains servicing UK Rail. This is in addition to London Underground’s original substantive “live” trials of Zoono Microbe Shield against a variety of pathogens in 2015. That original trial found that “Zoono achieved 100% effectiveness over a 21-day period”.

The recent testing was carried out by an GTECH Strategies Limited in collaboration with an independent UKAS accredited test laboratory. 72 ‘hot’ touch points areas were tested across 23 trains for any presence of Human COVID-19, E.coli and Staphylococcus. These ‘hot points’ within carriages and drivers’ cabs had been treated with Microbe Shield between 8-30 days prior to testing. The independent laboratory found the following:

  • No presence of Human COVID-19 was detected in all 72 tests;
  • No presence of E.coli was detected in all 72 tests;
  • No presence of Staphylococcus was detected in 70 of the 72 tests. In the other 2 tests, the amount detected was so low it was still described as being ‘near sterile’ (i.e. Total Viable Colony counts of <10). * [Test results are available on request. Email hello@zoonoo.com.]

In the UAE, a UAE Government appointed laboratory, Dubai Central Laboratory, conducted a series of efficacy and durability tests on Zoono Microbe Shield applied to numerous surfaces – steel, glass, plastics, tile and carpet. The results confirmed 99.9% efficacy of Zoono Microbe Shield against Staphylococcus and E.Coli 30 days after the initial coating . In the case of testing Microbe Shield on wood and rubber, the results were still >90% efficacy at 30 days. ** 

Intertek, a global laboratory chain operating under GLP (the OECD Principles of Good Laboratory Practice) has also recently completed testing of Zoono’s Microbe Shield out to 30 days against E.coli, Pseudomonas, Staphylococcus, Enterococcus, Listeria and Salmonella. In all cases results confirmed efficacy 30 days after the initial coating was at >7 Log (efficacy greater than 99.99999%). ***

Zoono also recently commissioned additional testing against E-coli to European standard, EN1500:2013-07 (20 persons), of Zoono’s Hand Alcohol Free Sanitiser GermFree24 by Lab-Test Laboratorium S.C, Poland. Results demonstrated that it meets the requirements of the EN1500 standard for hygienic hand rubs. ****

Zoono products are backed by over 100 laboratory reports proving its efficacy and longevity against a variety of pathogens. It is also completely safe for humans. Globally recognised companies continue to order Zoono products to help them protect their staff, customers and communities from pathogens and infection. It is successfully used in buildings, vehicles, aircrafts, homes and hospitals globally.

Notes:

  1. (*) Test results are available on request. Email hello@zoonoo.com
  2. (**) The Dubai Central Laboratory test results are available on Zoono’s website at zoono.com
  3. (***) The Intertek tests results are available on Zoono’s website at zoono.com
  4. (****) The EN 1500 is a European Standard test method that evaluates the efficacy of a hygienic hand rub by measuring the number of bacteria remaining on the fingertips after contamination and hand rub exposure. A hand rub is defined as a treatment that involves rubbing the hands without the addition of water. It is the standard used in healthcare globally. Test results are available on Zoono’s website at zoono.com

[I hold ZNO shares.]

About Zoono

Zoono Group Limited is a global biotech company that develops, manufactures and distributes a suite of scientifically-validated, long-lasting and environmentally-friendly antimicrobial solutions. Zoono’s mission is to improve health and well-being through innovative, safe, nontoxic and durable germ protection.

Zoono produces sprays, wipes and foams suited for skin care, surface sanitisers, and mould remediation treatments. The products are based on the ‘zoono molecule’, a unique antimicrobial molecule that bonds to any surface and kills pathogens including bacteria, viruses, algae, fungi and mould.

Zoono’s products have received numerous regulatory approvals and the company’s technology claims are supported by independent testing conducted in laboratories worldwide. Zoono is headquartered in New Zealand and its products are available globally.

To learn more, please visit: www.zoono.com

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#Quarterly Reports
Last edited 5 months ago

14-Oct-2020:  Quarterly Report - Q1 FY21

Financial Highlights:

  • Cash receipts from customers(unaudited) for the quarter ended 30 September 2020 were NZ$15.0M;
  • Positive operational cash flow for the quarter of NZ$2.8M (without the tax payment of NZ$2.4M, operational cash flow would have been $5.2M which compares to the NZ$5.3M for the June 2020 quarter on higher customer receipts);
  • Cash at bank decreased from NZ$10.3M to NZ$7.5M primarily as a result of the Tax and Dividend payments of NZ$7.5M (without these payments cash at bank would have been NZ$15M)
  • An additional positive net receivables / payables (unaudited) balance of NZ$1.9M;
  • Inventories of NZ$14.2M (unaudited) available to meet current demand. Stock is held at strategic global location to enable timely deliveries.

Zoono Group Limited (ASX: ZNO) is pleased to provide an overview of operations for Q1 2021.

Australia / New Zealand

Strong sales and orders continue in Australia and New Zealand (NZ$5.1M) across both the B2B and B2C markets. While B2C sales are important, especially for brand awareness, the B2B sector remains Zoono’s primary focus. B2B sales across the region remain consistent, despite a glut of other competing products in the market.

During the quarter, the Company engaged a digital marketing specialist to help drive growth within the B2C sector via localised market specific programs. The Company also secured additional support (Financial and Human Resources) from New Zealand Trade and Enterprise (NZTE) to complement its growth strategies.

UK & Europe

Zoono promoted Jamal McCleary to the role of General Manager for UK and Europe during the quarter. Originally a Christchurch (NZ) based Zoono distributor partner, Jamal's move to the UK comes after an 8-month induction process completed in the NZ Head Office.

Zoono is working with leading participants in the facilities management, transport, agriculture and healthcare sectors in the UK and EU, while also continuing to build relationships with key customers including Bunzl, Rentokil Initial, Atalian Servest, Killis and One Spray.

Zoono is also progressing well in obtaining regulatory approvals across the EU and continues to gain new customers in Scandinavia, Eastern Europe, Spain and Portugal. In addition, with the Company's products passing the new testing requirements in Germany, the Company is confident of sales growth in the German B2B market, including into new channels in the healthcare, childcare and government sectors.

In the UK, Zoono is continuing to work with Trading Standards in an effort to restore our efficacy and 30-day claims. Zoono has provided Trading Standards with additional test data which it believes sets out a compelling case for approval of its claims.

Asia & China

In China, Zoono is moving to a direct contact model with its customers. For that purpose, Zoono has established a wholly owned foreign entity in Shanghai, to be managed by Zoono's Chinese Regional Manager, Michael Wu, and is building a business development team in that country.

The recently opened Ali Baba international on-line store will be followed later this year by a TMall flagship store. Online sales have made a solid start and the Company will be investing a significant amount to grow both B2B and B2C channels in China.

Regulatory approvals (to hospital grade standard) have been now been received in China and the Company intends to aggressively target the healthcare markets.

Zoono is increasing B2B contact with key customers (unless already covered by existing Distributors) and intends to expand this model in all major markets. For example, IdsMED, Zoono’s channel partner for selected ASEAN countries, continues to place regular orders and, following the United Airlines announcement, a number of Asian airlines are in discussions with the Company about the use of its products in the aviation sector.

USA / Canada

As previously advised, Zoono now fully controls its US distribution and is selling direct within the USA through a newly established subsidiary, Zoono Holdings USA LLC.

The Company is growing the team to meet demand and has signed a new premises lease in Eatontown, New Jersey. This new facility will be the distribution hub for Zoono brands in North, Central and South America. 

Zoono will be launching a new on-line sales website during November to drive B2C salesin the US. The Company is also partnering with national organisations to increase its distribution channels. Animal Health sales also continue to grow in the US.

A new chemical reactor, located in South Carolina, US, that allows the Company to make its own raw materials has been finished at a total cost of NZ$200k* [see Note 1 below].  This minimises Zoono’s reliance on third parties to produce its finished goods and follows establishment of the Company’s bottle manufacturing abilities in NZ.

Following the recent announcement by United Airlines that it will be using Zoono Microbe Shield to spray its entire mainline and express fleet, there is fresh interest from aircraft manufacturers and other airlines to utilise Zoono Microbe Shield to inhibit the colonisation and growth of microbes.

Zoono also has new EPA applications underway (including further testing being undertaken by Nelson Laboratories in New Jersey), which could take several months, following which the Company expects it will be allowed to make COVID related and longevity claims in the US.

India & MENA [Middle East and North Africa]

Following the appointment of Dennis Montgomery as Zoono Regional Manager with responsibility for the Middle East, Africa, Turkey, India, Pakistan and Bangladesh, a new, UAE registered company is being established to protect Zoono’s intellectual property and prevent unauthorised distributors from operating in the Middle East.

South Africa is performing well with large orders under negotiation. A new Egyptian distributor has also come on board. Zoono is expecting significant business from these regions in the next six months.

Animal Health

Significant business continues to be pursued in the veterinary and animal health sector through Zoono’s channel partner, Zoono Animal Health, particularly in New Zealand, Australia, USA, UK, Ireland, Portugal, Hungary and Germany. Pig and poultry are forming the core of this business where Zoono products have already been shown to be very effective against several viral and bacterial groups, including African swine fever** [see Note 2 below].

New operations around the globe continue to be set-up based around best practice to ensure ongoing success and obtaining new customers.

Zoono has recently commissioned a series of further tests, benchmarked to the latest EN1500 Standard (Hand Sanitiser), plus a series of tests for Microbe Shield efficacy on plastics, steel, rubber, carpet and even wood. The testing is being done by the UAE Government Laboratories. It is expected that the test results will allow Zoono to make a series of efficacy and 30-Day durability claims in this region.

Appendix 4C

The Appendix 4C Quarterly Cash Flow Report follows. Payments to related parties of the entity and their associates detailed in the report are to directors.

Summary of Q1 Expenditure

Expenditure incurred during the quarter on business activities was primarily on product manufacturing and operating costs (NZ$3M), staff costs (NZ$1.1M) and administration and corporate overheads (NZ$1.1M). Other expenditure included advertising and marketing (NZ$200k), payments for leased assets (NZ$88k), research and development (NZ$62k) and other selling costs (NZ$600K).

Zoono remains confident of delivering a year-end revenue that surpasses last year.

Notes:

  1. (*) Approximately 66% of this CAPEX was including in Q4 2020 with the remaining spent in the this quarter (Q1 2021)
  2. (**) See announcement dated 9 December 2019 for further information on Zoono’s test results against African Swine Fever at: https://asx.api.markitdigital.com/asx-research/1.0/file/2924-02183223- 2A1191834?access_token=83ff96335c2d45a094df02a206a39ff4

About Zoono: 

Zoono Group Limited is a global biotech company that develops, manufactures and distributes a suite of scientifically-validated, long-lasting and environmentally-friendly antimicrobial solutions. Zoono’s mission is to improve health and well-being through innovative, safe, nontoxic and durable germ protection. Zoono produces sprays, wipes and foams suited for skin care, surface sanitisers, and mould remediation treatments. The products are based on the ‘zoono molecule’, a unique antimicrobial molecule that bonds to any surface and kills pathogens including bacteria, viruses, algae, fungi and mould.

Zoono’s products have received numerous regulatory approvals and the company’s technology claims are supported by independent testing conducted in laboratories worldwide. Zoono is headquartered in New Zealand and its products are available globally.

To learn more, please visit: www.zoono.com

--- click on the link at the top for the full report - including the Appendix 4C ---

[I hold ZNO shares, and I also use their products.  My daughter has a skin condition and can't use alcohol-based hand sanitiser, but she can and does use Zoono's hand sanitiser which does not contain any alcohol - and protects for a lot longer than alcohol-based sanitisers.]

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