MONTREAL, Oct. 15, 2014 /CNW Telbec/ - Imaflex Inc. (TSXV: IFX) is pleased to announce the commercial launch of Shine N' Ripe XL, a long lasting metalized agricultural mulch film, specifically designed for the citrus industry. Shine N' Ripe XL has been developed, in collaboration with the University of Florida – IFAS and citrus growers, to address the damage and devastation caused to orchards by citrus greening. Imaflex estimates that the immediate addressable market for Shine N' Ripe XL is upwards of 21,500 acres, requiring 13 million pounds of film, which translates into $45 million in potential revenue.
Citrus greening is a bacterial disease, spread by the Asian Citrus Psyllid (ACP) that causes trees to drop their fruit prematurely. Over the past decade citrus greening is estimated to have destroyed 25% of the globe's citrus crops. Common insecticides have proven ineffective in managing ACP, so Imaflex, along with its academic and industry partners, has been at the forefront of developing alternative approaches to control citrus greening.
Shine N' Ripe XL is long lasting metalized mulch film that can maintain high ultraviolet (UV) reflectivity for 3 to 5 years. Metalized film with UV reflectivity of 80% or more has been proven to be a highly effective insect deterrent, including for ACP, while also providing weed control and water preservation benefits. Current metalized films lose their reflectivity after 10 months, requiring citrus growers to replace them at least once annually. Imaflex's Shine N' Ripe XL has proven in field tests, run by the University of Flordia – IFAS, it can maintain its performance for 3 or more years. This makes Shine N' Ripe XL the only economically viable agricultural film for the management of citrus greening.
"We are very pleased with the recognition our work is getting among the citrus growers in United States and Brazil," commented Dr. Ralf Dujardin, Imaflex's Vice President of Marketing and Innovation. "Shine N' Ripe XL has evolved from a research product into a commercial product, and I look forward to sharing news on customer adoption in the near future."
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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