Plandai Biotechnology, Inc. Qualifies for Grant From South African Department of Trade & Industry
April 08 2014 - 9:10AM
Marketwired
Plandai Biotechnology, Inc. Qualifies for Grant From South African
Department of Trade & Industry
Grant Amount Between R14 Million and R26 Million to Be Awarded
in 4th Q 2014
SEATTLE, WA--(Marketwired - Apr 8, 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 qualified for and submitted the necessary paperwork to
receive a grant 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. DTI
representatives will be touring the facility in the first week of
May.
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 for which Plandaí qualifies is based on a fixed
percentage of actual capital invested in the project. Depending on
the final cost of the Senteeko manufacturing facility and the
percentage of award as determined by the legislature, the grant is
expected to be between 14-26 million Rands ($1.3-2.5 million US).
The final amount is expected to be determined over the coming 90
days with the award being paid later in 2014.
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 to
$2.5 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 8,000
acre Senteeko estate in South Africa. Later in 2014, and pending
the results of a human clinical trial for treating cold and flu
symptoms, the Company will begin producing Phytofare™ Limonoid
Glycoside Complex, which contains citrus bioflavonoids that will
also be extracted at the Senteeko facility using lemons bought from
neighboring farms until its own lemon trees reach maturity.
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
Plandai Biotechnology (PK) (USOTC:PLPL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Plandai Biotechnology (PK) (USOTC:PLPL)
Historical Stock Chart
From Sep 2023 to Sep 2024