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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