VANCOUVER, British Columbia, March 20, 2018 (GLOBE NEWSWIRE) — LeanLife Health Inc. (the “Company”) (CSE:LLP) is pleased to announce that it has received a preliminary order from RD Heritage Group, LLC (“RD Heritage”) reserving up to US$10,000,000 of the Company’s flaxseed-based Omega 3 ingredients for RD Heritage customers to use in enhancing the health profiles of their foods.
The preliminary order represents the next step in a relationship formalized between LeanLife Health and RD Heritage in January, when the companies entered an agreement calling for RD Heritage to market LeanLife Omega 3 products to its network of food industry contacts in the United States and other markets (see news release of January 25, 2018).
Terms call for the preliminary order to remain in effect for 12 months following the initiation of production by LeanLife’s processing facility in Vancouver, British Columbia. Processing equipment is currently being installed at the facility and production is anticipated toward the end of the second quarter of 2018.
Closing of the preliminary order is subject to a number of conditions, including the Company commencing production of Omega 3 products, RD Heritage customers completing testing and quality control confirmation of the Company’s Omega 3 products, and the parties agreeing on unit prices. RD Heritage will be entitled to an agreed upon commission on gross sales generated under the preliminary order.
“We are excited that RD Heritage sees the potential for such a significant amount of business with the food producers in its network during the first year that our new facility is in production,” said Stan Lis, Chief Executive Officer of LeanLife Health. “The last six months have been crucial to LeanLife, as we accessed technology late in 2017 that can dramatically increase output of our Omega 3 food ingredients and enable us to meet large orders. With the launch of our Vancouver facility drawing near, we will be reflecting input from RD Heritage as we finalize our initial production plans.”
About the Company and the Market
The Company’s products are extracted from flax seeds, a plentiful grain, an organic and a non-animal source. The products can be used as a food additive or as a nutraceutical and have been used in making bread, noodles, cheese, yogurt, juice and milk products for the European market. Their industry leading Omega 3 product formulations are of the highest quality with no cholesterol and toxic substances and are offered as an oil, emulsion and powder.
The global Omega 3 market was valued at 10 billion USD in 2016 and is expected to reach 16 billion USD by the end of 2023, growing at a CAGR of 7.57% between 2016 and 2023.
For more information, please contact:
Stan Lis, CEO
Tel: 604 764-0518
Forward Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control including, the Company’s ability to compete with large food companies; sales of any potential products developed will be profitable; the ability to complete sales under the sales agreement. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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