FreshXtend and Mantrose-Haeuser Form Joint Ventures
April 04 2008 - 12:12PM
Marketwired
VANCOUVER, BRITISH COLUMBIA and WESTPORT, CONNECTICUT and
Mantrose-Haeuser Co., Inc. are pleased to announce that, further to
their news release dated February 19, 2008, the two companies,
NatureSeal, Inc. (U.S.) and AgriCoat NatureSeal Limited (UK) have
been formed. Mantrose and FreshXtend have each transferred into the
two companies their respective antioxidant businesses that prolong
the shelf life and reduce discoloration of fresh-cut produce.
Mantrose is the majority shareholder and will control and direct
the operations of each company. FreshXtend is a shareholder with
board representation in each company and will continue to be
involved in the future development of the businesses.
The formation of the two joint ventures is part of an overall
settlement resulting from a lawsuit by Mantrose alleging patent
infringement by FreshXtend. FreshXtend has agreed to cease
marketing its antioxidant products used for preservation of
fresh-cut fruits and vegetables and has also negotiated the release
of all FreshXtend customers from any potential patent infringement
claims by Mantrose for the period up to the settlement date.
"We believe that this agreement not only provides clarity to the
marketplace with respect to our technology, but will also serve to
accelerate the development of new technologies and products
beneficial to our customers," said William Barrie, President and
General Manager of Mantrose. "We are certainly pleased to have this
litigation resolved and look forward to assisting Mantrose's
development efforts in this new venture," said Murray Boyte,
Chairman of FreshXtend.
Mantrose-Haeuser Co., Inc. is a leading supplier of edible film
coatings for the pharmaceutical, confectionery and agricultural
industries and is based in Westport, Connecticut. NatureSeal is a
family of products that keeps cut produce fresh and was developed
and patented jointly with the USDA - Agricultural Research
Service.
FreshXtend Technologies Corp. is a leading provider of life
extension technology to the high-growth fresh produce and flower
industry. FreshXtend's patented technologies naturally place
produce in a state of hibernation while it is being shipped and
extend the shelf-life of fresh produce, flowers and juices.
FreshXtend is based in Vancouver, British Columbia and has a
network of R&D relationships, which include the University of
British Columbia.
The statements in this news release may contain certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Exchange Act of 1934
and are subject to the safe harbour created by these sections.
Actual results may differ materially from the Company's
expectations.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release.
Contacts: FreshXtend Technologies Corp. Roy Robinson (604)
322-0759 (604) 322-0487 (FAX) Website: www.freshxtend.com
Mantrose-Haeuser Co., Inc. Karen Murphy (203) 454-1800
Freshxtend Tech Corp (TSXV:FXT)
Historical Stock Chart
From May 2024 to Jun 2024
Freshxtend Tech Corp (TSXV:FXT)
Historical Stock Chart
From Jun 2023 to Jun 2024