MONTREAL, March 30, 2017 /CNW Telbec/ - Imaflex Inc. ("Imaflex" or the "Corporation") (TSXV: IFX), announces excellent results from an on-going multi-year field trial designed by the independent nonprofit organization, Florida Research Center for Agricultural Sustainability (FLARES) to assess the benefits of using Shine N' Ripe XL citrus film in newly planted grapefruit trees over conventional growing practices.
Mr. Robert C. Adair, Jr., the Executive Director of FLARES presented the three-year results for the on-going field trial at the 2017 Florida Citrus show in Fort Pierce. The study, funded by the Citrus Research and Development Foundation, looked at the impact on newly planted grapefruit trees using compost or Shine N' Ripe XL metalized mulch, on top of current best grower practices. More specifically, the trial assessed the benefits of Shine N' Ripe XL in lowering Asian Citrus Psyllid ("ACP") populations and in turn reducing citrus greening disease incidence, along with its agronomic benefits on tree growth, crop yields, fruit size and juice quality. Both treatments, Shine N' Ripe XL and compost, were compared to the grower standard practice or bare ground as a control. All three treatments received the same pest management, fertilization and irrigation program.
"As confirmed by Mr. Adair, Shine N' Ripe XL provided clear benefits well beyond our original expectations," highlighted Mr. Joe Abbandonato, President and Chief Executive Officer of Imaflex. "Not only is Shine N' Ripe XL more effective in reducing ACP colonization and the onset of citrus greening as expected, 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 statistically significant data collected by FLARES clearly demonstrated that Shine N' Ripe XL outperformed the grower standard and the compost treatments. Colonization of young trees by ACP insects, which transmit the citrus greening disease, were significantly lower in trees with Shine N' Ripe XL. A 50% increase in tree growth and a dramatic 90% greater yield were observed, as were increased average fruit weight and juice volume per fruit. Shine N' Ripe XL treated trees generated increased crop revenue and they were the only ones with a net return on invested capital. "In my entire professional career, I haven't seen anything comparable to the positive benefits of Shine N' Ripe XL on citrus production, in terms of both growth and yield and the bottom-line," commented Mr. Adair. "In short, Shine N' Ripe XL reduces the time from planting to first harvest for grapefruit trees by more than one year."
According to the FLARES study, Shine N' Ripe XL already generated a positive net return of US $106 per acre in year three after planting, even with the higher investment costs for land preparation and installation associated with its use, whereas both the compost and the grower standard treatments resulted in negative net returns or losses of US $433 and US $709 per acre respectively. "We are very optimistic, that the trees grown on Shine N' Ripe XL should provide a significantly higher net return than either the grower standard or compost treatment in subsequent years," remarked Mr. Adair.
A copy of the presentation made by Mr. Adair at the 2017 Florida Citrus Show can be found on the Imaflex and FLARES website at http://www.imaflex.com/Browse/Article/1447/events-and-presentations and http://www.flaresearch.com/Greening.html, respectively.
About Shine N' Ripe XL
Shine N' Ripe XL is a highly-reflective, long-lasting, metalized agricultural film developed in-house by Imaflex to fight citrus greening (HLB), a bacterial disease transmitted by the insect Asian Citrus Psyllid ("ACP") while feeding on citrus trees. It is scientifically proven that Shine N' Ripe XL is more efficient and economically viable than common insecticides alone in fighting HLB, simply by reflecting high intensity of solar UV and visible radiation.
Shine N' Ripe XL's unique characteristics allow it to reflect the complete spectrum of sunlight at full strength and in a way that keeps ACP away from young citrus trees, accelerates tree growth and increases yields. The proprietary anti-corrosion coating maintains Shine N' Ripe XL high-reflectivity for at least 3 years, while its advanced plastic film structure also controls weeds and reduces water requirements for irrigation consumption, making it the most economically viable tool for currently managing citrus greening.
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 consumer, industrial and agriculture 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.
About Florida Research Center for Agricultural Sustainability Inc. (FLARES)
FLARES, established in 2003, works to innovate profitable and ecological strategies to sustain food and fiber production. In collaboration with local growers, governmental agencies, universities, and private corporations, the FLARES organization researches, develops, field tests, and promotes new cultural practices, fertilization techniques, pest management strategies, and other best management practices that protect the environment and are sustainable. Additional information is available at http://www.flaresearch.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 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, Fax: (514) 935-0264, [email protected].com, www.imaflex.com