Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 3

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1
Chunk 3
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 replace lost prescription revenues with safe and effective products. Spryng®
is a veterinarian-administered medical device that should expand practice revenues and margins. We believe that the increased revenues
and margins provided by Spryng® will accelerate its adoption rate and propel it forward as the standard of care for canine
and equine lameness related to or due to synovial joint issues.

4

We
commenced sales of Spryng® in the second quarter of fiscal 2022 and plan to increase our commercialization efforts of
Spryng® in the United States through the use of sales reps, clinical studies and market awareness to educate and inform
key opinion leaders on the benefits of Spryng®.

We
entered into a Distribution Services Agreement (“Distribution Agreement”) with MWI on June 17, 2022. Pursuant to the Agreement,
we appointed MWI to distribute, advertise, promote, market, supply, and sell the Company’s lead product, Spryng®
on an exclusive basis for two (2) years within the United States (the “Territory”), transitioning to a non-exclusive basis
thereafter; provided however that the Company shall extend the exclusivity for an additional one (1) year if MWI achieves certain performance
targets agreed upon by the parties. The Company can continue to sell Spryng® within the Territory to established accounts,
which include: (a) customers who have purchased Spryng® from the Company prior to the date of the Agreement, (b) customers
who require that they deal directly with the Company, (c) governmental agencies, and (d) customers that order via the internet who are
not directly solicited by MWI to purchase Spryng®. All customers must be licensed veterinary practices.

In
December 2023, the Company and MWI agreed to change the Distribution Agreement from an exclusive distribution agreement to a non-exclusive
distribution agreement, effective as of January 1, 2024. This is consistent with the Company’s strategy to create multiple sales
channels for its products. In March 2025, the Company mutually terminated its non-exclusive distribution agreement with MWI. In December
2023, the Company entered into a non-exclusive distribution agreement with Covetrus North America, LLC (“Covetrus Distribution
Agreement”), to market, distribute and sell the Company’s products in the United States, including the District of Colombia.
The Covetrus Distribution Agreement had an initial term of one year,