LeanLife signs Letter of Intent with Ecovatec for Testing and Production
February 25 2019 - 8:00AM
LeanLife Health Inc. (CSE: LLP) (the “Company”) a Company focused
on plant-based food products is pleased to announce that the
Company has signed a Letter of Intent ("LOI") with Ecovatec
Solutions Inc. (“Ecovatec”), a local Canadian nutraceutical
manufacturing company, to provide LeanLife Health the use of its
facilities for testing and production.
The Letter of Intent provides a clear path forward for LeanLife
to move from testing and the creation of samples to interim and
long-term production of its unique patented Omega-3 plant-based
products. Ecovatec has a state-of-the-art manufacturing facility in
Abbotsford, BC Canada.
Upon the signing of a Phase 1 Testing Agreement, LeanLife
intends to validate a new high-volume, high-efficiency sanitary
manufacturing process. This testing has the potential to create
even further improvements in the production process and generate
additional intellectual property for the Company. LeanLife expects
Phase 1 to commence immediately following the signing of a
definitive agreement.
Following a successful trial run of the new process, samples
will be tested to ensure product quality, after which further
samples will be created to send to customers for their own
qualification.
The LOI further contemplates that upon validation of product
quality, LeanLife intends to enter into a Phase 2 Interim
Production Agreement which will immediately allow the Company to
begin meeting customer demand for its products. A Phase 3 Long-term
Production arrangement is a further option available to LeanLife
under the LOI should customer demand accelerate in the medium
term.
Initial production will be located at the Ecovatec facility
using equipment and processes supplied by LeanLife in a toll
processing arrangement that maintains protection of the Company's
intellectual property. This has the advantage of allowing LeanLife
to avoid the overhead costs and capital expenditure of acquiring
its own production facility while allowing for immediate
commercialization of its innovative plant-based food products.
"Completion of this Letter of Intent marks a significant
milestone for LeanLife Health as it allows the Company to move
towards immediate commercialization without bearing any substantial
overhead. Leanlife intends to start sending samples of its
plant-based Food products to prospective customers as well as fill
existing product orders on hand. Accordingly, and following a
definitive agreement, Leanlife will be able to generate revenues
this year while protecting our proprietary process," said Stan Lis,
CEO.
About LeanLife Health and the Omega-3
Market
LeanLife Health’s products are shelf-stable extractions from
flax seed, a plentiful plant-based source of Omega-3, that give
them a significant advantage as a fortified food ingredient.
The products can be used as food additives or as nutraceuticals
and have been used to make bread, noodles, cheese, yogurt, juice
and milk products for the European market.
LeanLife Health’s industry leading Omega-3 product formulations
are of the highest quality and contain no cholesterol. Products are
available in oil, emulsion and powder forms.
The global Omega-3 market reached USD $33 Billion in 2016 and is
expected to reach upwards of USD $57 Billion by 2025, according to
a report by Grand View Research, Inc.
For more information, please contact:
Stan Lis, CEO604-764-0518SLis@LeanLifeHealth.com
Forward Looking
InformationInformation set forth in this news release
contains forward-looking statements that are based on assumptions
as of the date of this news release. These statements reflect
management's current estimates, beliefs, intentions and
expectations. They are not guarantees of future performance. The
Company cautions that all forward looking statements are inherently
uncertain and that actual performance may be affected by a number
of material factors, many of which are beyond the Company's control
including, the Company's ability to compete with large food
companies; sales of any potential products developed will be
profitable; the ability to complete sales under the sales
agreement. Accordingly, actual and future events, conditions and
results may differ materially from the estimates, beliefs,
intentions and expectations expressed or implied in the
forward-looking information. Except as required under applicable
securities legislation, the Company undertakes no obligation to
publicly update or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NOR
DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
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