MONTREAL, Dec. 1, 2014 /CNW Telbec/ - Imaflex Inc. (TSXV: IFX) is pleased to announce that it has acquired the rights and assets to ADVASEAL, a novel plastic film formulation for controlled release of plant protection products, from Bayer Innovation GmbH, a wholly owned subsidiary of Bayer AG. Imaflex is now the sole owner of all intangible assets and intellectual property (IP) worldwide relating to the versatile ADVASEAL platform technology as well as to the first commercial ADVASEAL HSM product, including the 2014 federal registration by the US Environmental Protection Agency (US-EPA), supply and manufacturing agreements and the ADVASEAL® trademark.
ADVASEAL HSM is an herbicide coated plastic barrier film that controls noxious broadleaf and sedge weeds and reduces emissions of volatile pesticides (fumigants), which is indispensable in today's fruit and vegetable production. ADVASEAL HSM efficacy, simplified application features and unmatched user safety eliminates economic and environmental issues associated with common spray application. Imaflex plans to produce ADVASEAL HSM in quantities sufficient for lead growers to test immediately.
"Acquiring all assets of the ADVASEAL coated releasing films, allows us to get a registered product into growers' hands in the 2015 spring season and to make a substantial step forward to our goal to offer a sustainable alternative to fumigants," stated Dr. Ralf Dujardin, Imaflex's Vice President of Marketing and Innovation. "We are confident that once growers have tested our active ingredient releasing films they will be convinced by the performance, cost, and environmental benefits, leading to what we expect will be, broad and fast adoption in the industry."
Joe Abbandonato, Imaflex's CEO added, "There are upwards of 3 billion pounds of plastic mulch used annually worldwide, almost all in combination with spraying herbicides and pesticides or application of fumigants. Now that we have consolidated all the key assets for active ingredient releasing films, we are poised to disrupt this enormous market with our patented products."
The ADVASEAL coating technology differs from Imaflex's proprietary co-extruded active ingredient releasing agricultural film technology in its ability to simultaneously release herbicide, fungicide and nematicide mixtures, a pre-condition for replacing fumigants and a processing method at ambient conditions, a basic requirement for using delicate naturally occurring plant protection products (biologicals).
As part of the ADVASEAL acquisition, all rights and intellectual property surrounding co-extruded active ingredient releasing agriculture films are also now wholly owned by Imaflex. Imaflex plans to submit its first co-extruded herbicide film formulation for registration to US-EPA in 2015.
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Cautionary Statement on Forward Looking Information
Certain information included in this press release constitutes "forward-looking" statements within the meaning of Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the management of the Corporation, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. The Corporation cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Imaflex to be materially different from the Corporation's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Corporation's most recent Management Discussion and Analysis filed on SEDAR. The Corporation disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
SOURCE: Imaflex Inc.
For further information: Imaflex Inc., Joseph Abbandonato, President and C.E.O, Giancarlo Santella, CPA, CA - Corporate Controller, Tel: (514) 935 - 5710, Fax: (514) 935 - 0264, e-mail: [email protected]; Website: www.imaflex.com