In August 2022, Graphene Manufacturing Group (GMG) announced its plan to acquire THERMAL-XR's IP and brand from OzKem. Now, GMG said it has completed this acquisition. GMG noted that OzKem developed the THERMAL-XR coating system products using GMG graphene together with OzKem's base Heating Venting and Air Conditioning (HVAC) coating.
GMG added that it now owns the THERMAL-XR brand, will buy the base coatings product from OzKem, and will manufacture the THERMAL-XR products containing GMG graphene.
GMG reportedly paid OzKem an initial A$1 million (around USD $644,320) in cash and issued GMG shares to OzKem upon the receipt of certain deliverables and equipment from OzKem on September 8 and September 22, 2022, respectively. The company also said it will issue additional GMG shares to OzKem, conditional on a successful commercial batch blend of the THERMAL XR product being completed by GMG.