Brings 2018 orders from this recurring customer to CDN $4.5 million
- Material follow-on sale to industry leader
- Further endorses film's unique strengths in crop protection, tree growth and yield enhancement
- Ongoing field trials with new growers should broaden customer base and drive revenue expansion
MONTREAL, Sept. 5, 2018 /CNW Telbec/ - Imaflex Inc. ("Imaflex" or the "Corporation") (TSXV: IFX), announces that it has received a CDN $2.7 million follow-on citrus film order from a major citrus producer. All amounts are in Canadian dollars.
"We are pleased to receive our third order this year from this industry leader," highlighted Mr. Joe Abbandonato, President and Chief Executive Officer of Imaflex. Despite some weather related sales timing issues, total citrus film orders from this customer now stand at CDN $4.5 million for the year-to-date. "This is a clear reflection of the unique benefits our film brings citrus growers." Not only is Shine N' Ripe XL effective at reducing the onset of citrus greening, it also boosts tree and fruit growth, which allows for earlier and higher yields, and a significantly shorter pay-back time for citrus growers, compared to current conventional growing practices.
The Corporation continues to actively pursue new citrus film customers. Current field trials with growers are going well and initial customer feedback is positive. "Based on this, along with the success of past studies, and the important sales wins to date, we believe this should translate into new customer wins and revenue expansion going forward," concluded Mr. Abbandonato.
About Imaflex Inc.
Founded in 1994, Imaflex is focused on the development and manufacturing of innovative solutions for the flexible packaging and agriculture industries. The Corporation's products consist primarily of polyethylene (plastic) film and bags, including metalized plastic film, for the industrial, agricultural and consumer markets. Headquartered in Montreal, Quebec, Imaflex has manufacturing facilities in Canada and the United States. The Corporation's common stock is listed on the TSX Venture Exchange under the ticker symbol IFX. Additional information is available at www.imaflex.com.
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 at www.sedar.com and on the investor section of the Corporation's website at www.imaflex.com. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Imaflex Inc.
For further information: John Ripplinger, Vice-President Corporate Affairs, Tel: (514) 935-5710 ext. 157, Fax: (514) 935-0264, [email protected], www.imaflex.com