Plandai Biotechnology, Inc. Receives Additional R10 Million Funding From The Land And Agriculture Bank Of South Africa
LONDON, UNITED KINGDOM--(Marketwired - November 03, 2016) - Plandaí Biotechnology, Inc. (OTCQB: PLPL) ("Plandaí" or "the Company"), producer of the highly bioavailable Phytofare® catechin complex, is pleased to announce that its South African subsidiary, Green Gold Biotechnologies (Pty) Ltd, received funding commitment in the amount of 10 million rand [approx. $730,000] from the Land and Agriculture Bank of South Africa ("Land Bank"). These monies will be used to support additional engineering requirements in the factory and operational budgets on the Senteeko tea estate. Under the terms of the new financial instruments, the Land Bank was also granted an option to acquire a 20% equity interest in Green Gold, the value of which will be off-set against the new and prior financial agreements between the Company and the Land Bank.
Callum Cottrell Duffield, Director of Plandaí commented, "Since 2012, when Plandaí first rehabilitated the Senteeko tea estate and established our processing and extraction facility, the Land Bank has been an invaluable partner to Plandaí. Validated by clinical bioavailability studies, Plandai's Phytofare® catechin complex is now sold by Green Gold as an ingredient to the dietary supplement industry throughout the world, offering to the manufacturer bioavailability claims as well as formulation and cost-point advantages.
Mr. Cottrell-Duffield further added, "While South Africa remains in the worst drought since 1904, the Senteeko tea estate has been fortunate to have received sufficient rains during the second half of October which should now allow for the first harvesting to take place later this year. With the completion of the additional engineering requirements to the facility, the company expects to be able to process up to 15 tons of live green tea leaf a day yielding approximately 40 tons of Phytofare® extract throughout a full season of production. The company is also in the process of completing the manufacturing protocols for producing Phytofare® citrus bioflavonoid complex from live citrus fruits using the processing and extraction facility during the dormant tea season in 2017.
Please send all inquiries to hmerrill@plandaibiotech.com (435)-881-3611.
About Plandaí Biotechnology, Inc.
Plandaí Biotechnology, Inc. and its subsidiaries develop highly bioavailable extracts. It controls every aspect of the process, from growing the raw materials on its farms in South Africa, to producing its proprietary 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 cosmeceutical, wellness, anti-aging, pharmaceutical and animal husbandry.
For more information, please visit http://www.plandaibiotech.com.
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