Else Nutrition Holdings Inc. Signs Production MOU with a Leading U.S. Organic Baby Formula Producer
Feb 04, 2020, 07:00 ET
VANCOUVER, Feb. 4, 2020 /CNW/ - ELSE NUTRITION HOLDINGS INC. (TSX-V: BABY) (OTCQB: BABYF) ("Else", "Else Nutrition", or the "Company"), a company focused on developing and marketing a real alternative to dairy-based infant nutrition, is pleased to announce that it has signed a 5-year production Memorandum of Understanding (MOU) with a leading U.S. based organic baby formula producer ("Manufacturing Partner").
Else Nutrition plans to produce its proprietary powder for infant, toddler formula and children's nutritional drinks at a new, state-of-the-art, infant nutrition facility. Else Nutrition will invest approximately USD $500,000 for a dedicated packaging and manufacturing line for its products.
Else Nutrition and the Manufacturing Partner expect to complete and sign a definitive production agreement in Q1-2020.
"After a rigorous selection process, we are delighted to enter into this production MOU, as it will allow us to ensure the highest quality and purity standards for Else formula. This world class facility provides for hands-on monitoring of each batch, ensuring increased testing accuracy and the highest quality in finished products. Producing in a facility dedicated to making baby formula has far reaching implications for quality and cleanliness," stated Ms. Hamutal Yitzhak, CEO and Co-Founder of Else Nutrition. "Having such high-caliber long-term production in the U.S. ensures we can efficiently meet future demand in this key global market while adhering to our strict quality standards," she added.
Else Nutrition's first products: plant-based, non-dairy, non-soy toddler formula and children's nutritional drinks, are expected to launch in the U.S. in Q2-2020.
About Else Nutrition Holdings Inc.
The Company is a food and nutrition company focused on research, development, manufacturing, marketing, sale and/or license of innovative plant-based food and nutrition products for the infant, toddler, children and adult markets. Its revolutionary 100% plant-based non-soy alternative to dairy-based baby formula received the "Best Health and Diet Solutions" award in the Global Food Innovation Summit in Milan in May 2017. For more information, visit: elsenutrition.com.
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Caution Regarding Forward-Looking Statements
This press release contains statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "will", "plan" or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the Company's commercialization of its products, the relevance of personnel's work experience, and industry conditions.
Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct.
Forward-looking statements made in this press release assume, among others, the successful completion of Else's proposed scale-up for its products, and such statements are intended to apply only to the infant formula market for ages 12 months and above, and having all necessary regulatory approval as required by each target market.
Numerous risks and uncertainties could cause the Company's actual results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: consumer demand for the Company's products, whether the Company's current and future products achieve commercialization, uncertainty regarding material changes in laws and regulations, retention of key personnel, the Company's ability to expand into global markets and competitive developments.
The foregoing list of factors is not exhaustive, and other risks and uncertainties not presently known, or believed to be material, to management Additional information and other factors that could affect the operations or financial results of the Company are set out in the Company's Filing Statement dated May 14, 2019 under the heading "Risk Factors" and may be accessed through the SEDAR website (www.sedar.com).
Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management's expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Else Nutrition Holdings Inc.
For further information: Ms. Chelsie Hodge, Director of Corporate Relations, ELSE Nutrition Holdings Inc., E: [email protected], P: (604)360-2977; Ms. Hamutal Yitzhak, CEO, Co-Founder & Director, ELSE Nutrition Holdings Inc., E: [email protected], P: +972(0)52-447-9931
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