23rd Sep 2010 07:00
Press release |
23 September 2010 |
Plant Impact and Agrimatco Sign Evaluation, Development and Distribution Agreement for Crop Nutrient Products
Plant Impact plc (AIM: PIM) ("Plant Impact" or the "Company"), which develops and markets ecologically friendly crop nutrition and protection products, is pleased to announce that it has entered into an exclusive evaluation, development and distribution agreement (the "Agreement") with Agrimatco covering the Company's InCa, PiNT K, PiNT Ca, Balance, Saxon, Scope, CaB and Speedo additive products (the "Crop Nutrient Products").
The Agreement covers countries in the Middle East, North Africa, Eastern Europe and Central Asia. Initial crop targets are in high value horticulture with potential extension into some arable crops.
The board of Plant Impact (the "Board") believe that this is an important development for the Company and further that it demonstrates the value of engaging with major companies in key territories. Agrimatco's geographically spread distribution chain and its 85 sales outlets, along with its man power on the ground, makes it, in the opinion of the Board, a strategically important partner in these territories.
The Agreement with Agrimatco:
·; extends territorial coverage of the Crop Nutrient Products from 52 to 73 countries;
·; increases the field trial development programme; and
·; increases the commercial potential of the Crop Nutrient Products.
Pursuant to the agreement, Agrimatco will have exclusivity to evaluate the Crop Nutrient Products until 31 December 2011. The evaluation of these products represents the field trial development programme referred to above. Following the successful completion of this, Agrimatco will ensure that products are registered locally and will market and distribute these products on an exclusive basis. Detailed development and distribution agreements will be signed country by country as they come on stream.
Khaled Miqdadi, Agrimatco President, stated: "This is a great step forward in the vision of Agrimatco, our partnership with Plant Impact follows our goal of providing the best quality products and services to the local farmers". Mustafa Miqdadi, Agrimatco Vice President, went on to say: "We believe that the addition of Plant Impact's products to the Agrimatco portfolio will help farmers in achieving higher quality yields".
Peter Blezard, CEO, commented: "We are delighted to announce this agreement which further demonstrates the potential of Plant Impact's products in key territories. Agrimatco are and will continue to be a valued and influential partner to Plant Impact."
Enquiries:
For further information, please contact:
Plant Impact Plc
|
|
|
|
Peter Blezard, Chief Executive Office
|
+44 (0) 1772 645 164
|
Mike Panteli, Chief Financial Officer
|
+44 (0) 1772 645 165
|
|
|
Allenby Capital Limited - Nominated Adviser and Broker
|
|
Nick Naylor / Alex Price
|
+44 (0) 20 3328 5656
|
|
|
Conduit PR - Financial PR/IR
|
|
Charlie Geller
|
+44 (0) 20 7429 6604
|
- Ends -
About Agrimatco
Agrimatco is an established company in the Middle East, North Africa, Eastern Europe, Russia, Central Asia, China and Vietnam. The company was founded by Khalil Miqdadi in 1936, is currently operating in of 50 countries and has a team of over 1,300 employees. Agrimatco supplies all of the agricultural requirements of farmers, including; seeds, crop protection products, fertilizers, sprayers, farming tools and equipments, machinery and veterinary products, together with a specialised team of over 500 agronomists that consult daily with farmers and give advice on the products application, use and after sales service.
The management's philosophy, which is structured to involve all of Agrimatco's employees in the business, and the policy of the company's agronomists making daily visits to the farmers, to understand their needs and resolve their problems. Agrimatco prides itself on excellence by seeking to provide expert services and high quality materials from renowned suppliers. Agrimatco have a strong distribution capability supported by 18 field trial stations and cooperation with research institutes.
For further information please visit www.agrimatco.com
About Plant Impact plc
Plant Impact develops and markets ecologically friendly crop nutrition and crop protection products. These products improve crop yields by reducing plant stresses caused by temperature, salinity, drought and light. The Company sells its products directly and through licensing agreements with international agrochemical companies. The Directors believe that Plant Impact is differentiated from its competitors by marketing effective and environmentally friendly products.
Plant Impact has four key technologies marketed initially to the high value fruit and vegetable crop sectors; Bug Oil, CaT, PiNT and Speedo. The next two years will be dominated by CaT and PiNT sales to existing markets, and BugOil milestone payments in advance of its international roll out through Arysta, a global top ten agrochemical company.
For further information please visit www.plantimpact.com
Related Shares:
Plant Impact