Timestrip secures WD-40 contract

The deal is expected to generate revenues of at least $100,000 (£51,000) during 2008 through the supply of products required for the initial launch.

Timestrip joint chief executive Reuben Isbitsky could not say what the product would be, but confirmed that it would protect and prevent against oxidation and corrosion.

"It is a product that is effective for a particular period of time, hence the use of our technology," he said.

WD-40 said Timestrip labels would also be used on two additional products within the new range, one of them being an industrial application.

Timestrip said it would report in due course on the impact of this deal on revenue.

The news follows last month's announcement of a Timestrip trial with South African restaurant chain Nando's and a "strong pipeline" of potential contracts.

Timestrip raised £1m through a share offer earlier this month, which will be used to help secure both these contracts and license deals over the coming months.

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