3rd Sep 2014 14:00
Plant Impact plc
("Plant Impact" or the "Company")
Commercial Agreement with Bayer CropScience Brazil
Plant Impact plc and Bayer CropScience Brazil have signed a new, long-term agreement for the marketing of Veritas®, an advanced technology designed to boost the efficiency of soybean and dry bean crops in Brazil. The commercial partnership foresees the addition of the Veritas® product to Bayer CropScience's product portfolio in Brazil for the exclusive marketing of the technology in soybeans and dry beans beginning with the 2014/2015 growing season and continuing thereafter.
In the 2013/14 soybean and dry bean season, the two companies also partnered in a pilot project carried out in Midwestern Brazil. This 2013/2014 pilot was successful, and Bayer CropScience's customers have proven productivity (yield) results by adopting Veritas®.
Veritas® enhances soybean and dry bean plants' ability to fixate flowers and pods, thus contributing to filling grains at critical stages of their development. Veritas® is based on Plant Impact's patent-pending technology that is unique to the Brazilian market.
Gerhard Bohne, Head of Business Operations, Crop Protection for Bayer CropScience Brazil said: "As part of our commitment to helping our grower customers improve yield and enhance profitability, we are very pleased to include Veritas® in our full portfolio."
John Brubaker, CEO of Plant Impact said: "Plant Impact shares Bayer's commitment to thorough research and sound science, and we are extremely pleased with this important next step in our partnership. Our Crop Efficiency technologies help plants improve their growing capacity under a variety of conditions, and we are confident that Veritas® will bring additional benefits to the Brazilian soy and dry bean grower as well as to the overall technical impact of the Bayer CropScience solution."
The new, long-term agreement follows on the two companies' initial, pilot agreement which governed their relationship for the 2013/14 pilot. Under this new agreement, Veritas® will be marketed exclusively by Bayer CropScience and labelled with the Bayer CropScience corporate brand. The parties have agreed to an initial, multi-year sales and production forecast and to various commercial and intellectual property responsibilities under the agreement. The financial details were not disclosed.
For more information please contact:
Plant Impact plc
David Jones, Chairman Tel: +44 (0) 1582 465 540
John Brubaker, Chief Executive Officer
Peel Hunt - Nominated Adviser and Broker
Dan Webster Tel: +44 (0) 207 418 8900
Dan Harris
Richard Brown
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