Merit Functional Foods Receives Co-Investment from Protein Industries Canada
Source: Burcon NutraScience Corporation
Via Newsfile Corp./Yahoo Finance - January 10, 2020
Vancouver, British Columbia--(Newsfile Corp. - January 10, 2020) - Burcon NutraScience Corporation (TSX: BU), a global technology leader in the development of plant-based proteins, is pleased to share that its joint venture company, Merit Functional Foods Corporation ("Merit Foods") announced today that it has received a significant co-investment from Protein Industries Canada, which will help facilitate the rapid growth of Merit Foods.
Merit Foods was established in May 2019 as a joint venture with Burcon and three veteran food industry executives. Merit Foods is building a state-of-the-art protein production facility in Manitoba, Canada, where it will produce, under license, Burcon's novel pea and canola protein ingredients.
"The support we've received from Protein Industries Canada thus far has been outstanding, and it will be a crucial driver for our continued growth," Merit Foods Co-CEO Ryan Bracken said. "We're entering the new year grateful and determined, and we're eager to start offering our protein to the market when our facility is completed in the fourth quarter of 2020."
Protein Industries Canada is an industry-led, not-for-profit organization committed to positioning Canada as a global source of high-quality plant protein ingredients. It is one of Canada's five innovation superclusters, which are government-initiated efforts to significantly boost Canada's job market, GDP, groundbreaking research, and bold innovations.
"We are pleased to see Merit receive this valuable support from Protein Industries Canada," said Johann F. Tergesen, Burcon's president and chief executive officer, adding, "The state-of-the-art protein production facility that Merit is currently building in Manitoba will produce the first high-purity, non-GMO canola protein products for sale to customers across the globe, which will create a new value-added revenue stream for canola grown in Western Canada."
About Burcon NutraScience Corporation
Burcon is a global technology leader and innovator in the development of plant-based proteins. With over 270 issued patents and more than 260 additional patent applications developed over a span of more than twenty years, Burcon has grown an extensive portfolio of composition, application, and process patents covering novel plant-based proteins derived from pea, canola, soy, hemp, sunflower seed and more. In 2019, Merit Functional Foods Corporation was established in a joint venture by Burcon and three veteran food industry executives. Merit Foods is building a state-of-the-art protein production facility in Manitoba, Canada, where it will produce, under license, Burcon's novel pea and canola protein ingredients. Learn more at www.burcon.ca.
The TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements or forward-looking information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward- looking statements or forward-looking information can be identified by words such as "anticipate," "intend," "plan," "goal," "project," "estimate," "expect," "believe", "future," "likely," "may," "should," "could", "will" and similar references to future periods. All statements other than statements of historical fact included in this release are forward-looking statements, including, without limitation, statements regarding expectations, intentions and plans contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements or information. Important factors that could cause actual results to differ materially from Burcon's plans and expectations include the actual results of business negotiations, marketing activities, adverse general economic, market or business conditions, regulatory changes and other risks and factors detailed herein and from time to time in the filings made by Burcon with securities regulators and stock exchanges, including in the section entitled "Risk Factors" in Burcon's annual information form dated July 2, 2019 filed with the Canadian securities administrators on www.sedar.com. Any forward-looking statement or information only speaks as of the date on which it was made and, except as may be required by applicable securities laws, Burcon disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although Burcon believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and accordingly, investors should not rely on such statements.
Manager, Business Development
Burcon NutraScience Corporation
Tel (604) 733-0896, Toll-free (888) 408-7960
Steve Campbell, APR
Campbell & Company Public Relations
Tel (604) 888-5267