Plandai Biotechnology up for $2.5 Million Grant in Continued Support From South African Government
May 02 2014 - 9:00AM
Marketwired
Plandai Biotechnology up for $2.5 Million Grant in Continued
Support From South African Government
NEW YORK, NY--(Marketwired - May 2, 2014) - Plandaí
Biotechnology (OTCQB: PLPL) could soon receive another injection of
money from the South African government, and this time it's in the
form of a South African Department of Trade and Industry (DTI)
grant of between $1.3 - $2.5 million. Plandaí originally received
$13 million in a government backed loan from the Land and
Agriculture Bank, and now the company is eligible for the DTI grant
which it has filed the paperwork to be awarded. As Plandaí
officially opens its production facility in South Africa, the
government there remains among the most confident in the company's
mission.
According to Plandaí CEO Roger Duffield, the grant will be used
to help defray the cost of building the production facility which
he feels the South African government has shown it stands solidly
behind. "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's facility is in the Mpumalanga province in northern
South Africa, and DTI representatives will tour the factory early
this month. On that tour, DTI officials will see the extraction and
processing factory that Plandaí says is considered a qualifying
facility for the grant because it relates to providing a capital
investment in a new industry in South Africa.
The company's extraction and processing technology is where
Plandaí is expected to separate itself from the competition as it
provides the nutraceutical and pharmaceutical markets with higher
bioavailable extracts. And, the South African government will get a
better look at the company's work when Plandaí unveils its first
product to market, Phytofare™ Catechin Complex.
When these new products enter production, they will include the
entire catechin profile derived from live green tea that is grown
and processed on the Plandaí's 8,000 acre Senteeko estate in South
Africa.
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