Burcon NutraScience Corp.
- WKN: 157793
- ISIN: CA1208311029
- Land: Kanada
Nachricht vom 17.09.2019 | 17:15
Burcon NutraScience Corp.: Burcon Updates on Development Activities
DGAP-News: Burcon NutraScience Corp.
/ Key word(s): Miscellaneous
Vancouver, British Columbia, September 17, 2019 - Burcon NutraScience Corporation (TSX: BU), a global technology leader in the development of plant-based proteins, is pleased to provide an update of its recent development activities.
Burcon and its partners have now funded their full share of the capital contributions to Merit Functional Foods Corporation ("Merit Foods" or "Merit") as originally planned. As previously announced, following their initial contributions in June 2019, Burcon and its joint venture partners had agreed that on or before September 3, 2019, they would complete further capital contributions to Merit Foods in the amount of an additional $10,000,000, with Burcon's 40% share being $4,000,000. The additional $10,000,000 has now been contributed and therefore the full $20,000,000 of capital contributions have now been completed by the joint venture partners.
Merit Foods continues to progress with the buildout of the previously announced C$65 million pea-protein and canola-protein commercial production facility (the "Flex Production Plant"). The land on which the 65,000 square foot facility will be built has been purchased, and excavating equipment is on-site and construction has begun. The Flex Production Plant is planned to initially process approximately 20,000 tonnes of yellow field peas per year beginning in mid-2020 and is expected to produce Peazazz(R) and Peazac(R) pea proteins, as well as Supertein(R), Puratein(R) and Nutratein(R) canola proteins.
Along with breaking ground on the plant, Merit has recently added key hires and is well into the process of building out its management team. Merit's management, together with Burcon's technical and engineering team in Winnipeg plus numerous third-party engineers and consultants, are diligently working on the development of the Flex Production Plant.
"Merit's management team has been working tirelessly over the summer to initiate the buildout of Merit's commercial plant-protein production facility," said Johann F. Tergesen, Burcon's president and chief executive officer. He added: "They are working to bring Burcon's novel pea and canola proteins to market and thereby to establish Merit Functional Foods as a force in the plant protein industry."
Looking forward, Burcon will continue to support Merit Foods through research and development focused on further optimizing Peazazz(R) and Peazac(R) pea proteins as well as Supertein(R), Puratein(R) and Nutratein(R) canola proteins, which in turn supports Burcon's investment in Merit Foods and the license granted to Merit over Burcon's pea and canola technologies. Research and development work, ranging from functional applications work to shelf-life testing, is and will continue to be undertaken. Burcon owns and operates a pilot-scale production facility at its technical centre in Winnipeg, Manitoba, complete with an analytical laboratory, for the development and small-scale production of proteins from various plant sources (the "WTC"). Burcon will continue to operate the WTC to produce protein samples for market development of pea and canola proteins for customers of Merit Foods as well as to produce other novel plant proteins to support Burcon's technology pipeline.
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