Poda Holdings has signed a purchase agreement with its Chinese manufacturing partner to acquire Poda Pod manufacturing equipment, 15 patent applications related to Poda Pod technology and three Chinese trademarks for approximately CDN3.45 million ($2.7 million).
The manufacturing equipment is comprised of all proprietary custom-built equipment for Poda Pods production capable of producing an estimated 5 million Poda Pods per year. All manufacturing equipment will be shipped to Vancouver, British Columbia. The 15 patent applications were filed in China and represent unique product design and manufacturing methods applicable to the development and large-scale production of Poda Pods.
“Given the general unrest of the geopolitical situation around the globe, the company has determined it will manufacture Poda Pods in North America,” said Poda Holdings CEO Ryan Selby in a statement.
“This will reduce the amount of lag time from manufacturing to customer delivery and will provide a significant reduction in tariffs, allowing the company to be more competitive. The acquisition of the manufacturing equipment and patent applications is an important step in the growth and value of Poda, which the company believes outweighs the resulting delays in production.”