PERTH-BASED Stirling Products Ltd has bought the worldwide licensing rights for the pet food product PetQuench, with sales of more than $25 million expected during the first five years. In a statement, Stirling said PetQuench was fortified water for dogs and cats, and was already on the market in North America. The Australian product launch is expected during the first quarter of 2009. PetQuench is a new offering in the $US42 billion global pet food sales market. Australia has one of the highest incidences of pet ownership, with more than half of all houses owning either a dog or a cat. Added to the increasing incidence of pet ownership in South-East Asia, China and Japan, Stirling is hoping to become an integral part of the $7 billion expenditure forecast on dog and cat foods and food-related items. Under the terms of the agreement with Aquience Inc, all global sales of PetQuench become Stirling’s sales revenue in exchange for which it pays royalty and consulting fees. As part of the agreement, Stirling has the option to acquire the rights to PetQuench outright in the fourth year.
