Plandai Biotechnology, Inc. Awarded $1.3 Million Grant From South African Department of Trade & Industry
June 02 2014 - 8:00AM
Marketwired
Plandai Biotechnology, Inc. Awarded $1.3 Million Grant From South
African Department of Trade & Industry
Grant Payments to Commence July 2014 and May Be Increased Later
in the Year
SEATTLE, WA--(Marketwired - Jun 2, 2014) - Plandaí
Biotechnology, Inc. (OTCQB: PLPL), a producer of highly
bioavailable plant extracts for industries including health,
wellness, nutraceutical, and pharmaceutical, today announced that
it has been awarded a grant valued at R13,089,448 ($1.3 million)
from the South African Department of Trade and Industry
(DTI). DTI grants are awarded based on qualifications relating
to capital investment in new industry. The Company's
extraction and processing factory in the Mpumalanga province in
northern South Africa is considered a qualifying
facility. Plandaí previously announced that representatives
from DTI toured the facility and then later accepted the grant
petition from Plandaí. The grant is payable over two years
with drawdowns commencing July 2014.
In addition, the DTI has announced that it has petitioned the
government for increased funding and, if approved later this
summer, Plandaí will apply for an increase in award up to $2.6
million.
According to the DTI website
(http://www.thedti.gov.za/about_dti.jsp), their strategic objective
is to facilitate transformation of the economy to promote
industrial development, investment, competitiveness, and employment
creation. The grant awarded to Plandaí is based on a fixed
percentage of actual capital invested in the project.
Chairman and Chief Executive Officer Roger Duffield commented,
"The South African government has been among our strongest
supporters, first with the $13 million government-backed loan from
the Land and Agriculture Bank, and now with an additional $1.3
million grant to help defray the cost of building our production
facility. It is a testament to their belief not only in our
technology but also our efforts to revitalize the region by
creating jobs and operating under a zero carbon footprint
model. The grant money will be useful in supporting our
operations as the factory comes online and sales begin to ramp up
in the coming months."
Plandaí first product to market will be Phytofare™ Catechin
Complex, which includes the entire catechin profile derived from
live green tea that is grown and processed on the Company's 30,000
sq. ft. factory located on its Senteeko estate in South Africa.
About Plandaí Biotechnology, Inc.
Plandaí Biotechnology, Inc. and its subsidiaries develop highly
bioavailable, phytonutrient rich extracts which are being utilized
to deliver a new family of drugs to safely and affordably treat a
multitude of diseases and conditions. Plandaí Biotechnology
controls every aspect of the process, from growing the raw
materials on its farms in South Africa, to producing its patented
Phytofare™ extracts in-house, allowing the Company to guarantee the
continuity of supply as well as quality control throughout the
entire process. Targeted industries for the Company's products
include beverage, cosmeceutical, wellness, nutraceutical,
anti-aging, and pharmaceutical. For more information, please
visit http://www.plandaibiotech.com.
Safe Harbor Statement
The information provided may contain forward-looking statements
and involve risks and uncertainties. Results, events and
performances could vary from those contemplated. These statements
involve risks and uncertainties which may cause actual results,
expressed or implied, to differ from predicted outcomes. Risks and
uncertainties include product demand, market competition, and
Plandaí's ability to meet current or future plans. Investors should
study and understand all risks before making an investment
decision. Readers are recommended not to place undue reliance on
forward-looking statements or information. Plandaí is not obliged
to publicly release revisions to any forward-looking statement, to
reflect events or circumstances afterward, or to disclose
unanticipated occurrences, except as required under applicable
laws.
CONTACT: Andrew Beyer Phone: 888-627-6902 Email:
investor@Plandaíbiotech.com
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