Sharps Technology, Inc. and Roncadelle Operations signed a Letter of Intent (LOI) to enter into a sales and marketing agreement which would enable the Company and Roncadelle to cooperatively sell and distribute each other's products to their respective areas of influence and expand Sharps' American-based product market into Europe, the Middle East, Africa, and the Asia-Pacific region. The LOI was inked on January 16 and will be celebrated at the upcoming Pharmapack 2024 event in Paris later in the month. The LOI is subject to the negotiation of definitive documentation between the parties.

Accordingly, there can be no assurance that the parties will enter into a definitive agreement. Sharps Technology specializes in the development and manufacturing of innovative drug delivery systems. The Company's Securegard and Sologard product lines focus on low waste and ultra-low waste syringe technologies that incorporate active safety features as well as World Health Organization accredited re-use prevention measures. These features protect front line healthcare workers from life-threatening needle stick injuries and protect the public from the dangers of needle re-use.

The Company currently has a manufacturing facility in Hungary. Roncadelle Operations, based in Italy, specializes in developing and manufacturing proprietary passive safety syringes. As a Contract Development and Manufacturing Organization (CDMO), they also provide end-to-end services from design to finished products of innovative, safer medical drug delivery solutions.

Their SafeR Retractable Safety Syringe and needles offer a passive safety system with auto- disable reuse prevention features. Following the execution of a definitive sales and marketing cooperation agreement, Sharps and Roncadelle intend to collaborate on the development of new drug delivery products. The need for innovative injection solutions is expected to grow over the next several years as injectables are the first choice for therapies as diverse as vaccines, biologics, weight loss and maintenance, ophthalmics, gene therapies, and diabetes management.

The collaboration between Sharps and Roncadell would create a very important player in advancing these market opportunities, through the development of technologies such as prefilled syringes, needle guard systems, auto-injectors, and injector pen devices. In light of the recent FDA safety communication concerning the use of syringes manufactured in China, the Company believes that the market for safer syringes produced in the U.S. and Europe will grow at an accelerated rate.