Stocks have turned sharply lower in trading today as a fresh slide in oil prices has once again weighed down investors’ sentiment. Investors are also cautious ahead of the release of the U.S. Federal Reserve’s monetary policy statement.
The Fed concludes its two-day monetary policy meeting today and will release a statement shortly. The Fed is unlikely to make any changes to its monetary policy after hiking benchmark interest rates for the first time in almost a decade at its last meeting.
While the broader market has come under selling pressure, some stocks have bucked the trend.
Rx Safes Inc. (OTCQB:RXSF) is one such stock. Based in Henderson, Nevada, Rx Safes is engaged in the design, development, engineering and marketing of fingerprint medical security storage solutions for consumers and healthcare professionals.
The company provides biometric medical security solutions in the new targeted sector of prescription (Rx) and over-the-counter (OTC) drug security, providing solutions to address Rx and OTC drug diversion and abuse.
This morning, RXSF announced that it has signed a licensing agreement with Talon Brands LLC, a manufacturer and seller of fingerprint products, for the rights to sell various fingerprint technology products in North America.
This is the first licensing agreement for RXSF and the company believes that it validates the strength of its intellectual property portfolio. RXSF noted that the agreement introduces a new source of revenue for it outside of the health-care market focus.
According to the terms of the agreement, Talon Brands may continue to sell certain types of biometric looking products in North America and will pay Rx Safes a per unit licensing fee.
Talon Brands will become the preferred distributor of other Rx Safes’ products. Talon Brands will also introduce Rx Safes products through its existing and established distribution channels, which include Grainger and Home Depot.
Lorraine M. Yarde, CEO at Rx Safes, said that the execution of this agreement recognizes and validates the company’s intellectual property and expands its reach beyond its primary health-care target market.
Yarde further said that the company anticipates that it will continue to be able to support and protect its proprietary patented technology as the demand for biometrics increases across a wide range of industries.
Yarde added that the company looks forward to recognizing the addition to its revenue stream as a result of the agreement and remains focused on creating additional opportunities in order to increase shareholder value.
