Puget Technologies (PUGE) Signs Updated MOU With Weistek For Stronger 3D Printer Market Penetration
Seeking Alpha Analyst Since 2008
Today before the opening bell, Puget Technologies announced that it and international 3D printer manufacturer Weistek have signed an updated memorandum of understanding (MOU). The updated MOU strengthens both companies' collaborative efforts for intensified domestic market distribution and services.
President and CEO of Puget Technologies Ron Leyland said, "A definitive contract with Weistek is in the works which will solidify our strategy to deliver the highest quality 3D consumer market technology." He added, "Our engineering team is focusing on developing a user-friendly platform that will present an enjoyable and successful experience for consumers and enthusiasts."
The MOU features additional terms that are specific to the joint venture between Puget Technologies and Weistek for development of new product and software enhancements for enhanced user experiences. Those efforts also include improvement of sales and support channels. The company noted that it was not disclosing the terms of the agreement at the time of this announcement.
Puget Technologies plans to break into the U.S. 3D printer market in the next fiscal quarter, offering end users a highly affordable but high-performance printer and related production parts. Printer and related software enhancements are expected to be completed in the next few months, and new features will include an enhanced "out-of-box experience" for all categories of consumers.
Public demand for the printers is growing, as the 3D printer market is slated to approach $4 billion next year. With its agreement with Weistek in place, Puget Technologies will be in a position to start growing to new levels of market competitiveness.
For more information, visit: pugettechinc.com
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