Mantrose-Haeuser and FreshXtend Form Joint Ventures
20 Februar 2008 - 12:31AM
Marketwired
WESTPORT, CONNECTICUT and VANCOUVER, BRITISH COLUMBIA today
announced that they have agreed to form two companies, NatureSeal,
Inc. (U.S.) and AgriCoat NatureSeal Limited (UK). Mantrose and
FreshXtend will transfer into the two newly formed companies their
respective antioxidant businesses that prolong the shelf life and
reduce discoloration of fresh-cut produce. The parties anticipate
closing to occur on or before April 1, 2008.
Mantrose will be the majority shareholder and will control and
direct the operations of each company. FreshXtend will be a
shareholder and have 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 will be 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 at closing, FreshXtend
customers will be released from any potential patent infringement
claims by Mantrose for the period up to the closing 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 certainly will be 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 TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: FreshXtend Technologies Corp. R.W. Robinson (604)
322-0759 (604) 322-0487 (FAX) Mantrose-Haeuser Co., Inc. Karen
Murphy (203) 454-1800
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