– Exclusive agreement extended from 3 to 5 years until December 31, 2026
– Supply and distribution agreement provides Symrise with exclusivity for several major key international customers in the cosmetic market
– Offering of new preservative free dry product formulation for oat beta glucan
EDMONTON, Alberta, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Ceapro Inc. (TSX-V: CZO; OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced the signing of an amendment to its long-term agreement with German-based multinational, Symrise AG, for the distribution and commercialization of Ceapro’s high value active ingredients to major key international players in the cosmetic market. The three-year agreement, signed on January 1, 2022, will now extend until December 31, 2026.
Under the agreement, Symrise is guaranteed to purchase minimum annual volumes of Ceapro’s high value active ingredients. Financial terms of the agreement were not disclosed.
“We are very pleased to extend our supply and distribution agreement and reaffirm our strong relationship with longtime partner Symrise. Given the changes and new trends in the marketplace, this agreement not only provides additional security for our ongoing cosmeceuticals base business but will also enable continued development and offering of new products like a new powder formulation of oat beta glucan on which both organizations have worked over the last months. Such developments are critical to maintain leadership positions and navigate through economical challenges while responding to more demanding customers. We are one more time delighted for the vote of confidence towards our Company and especially for the recognition of the quality and uniqueness of Ceapro's products,” said Gilles Gagnon, President and CEO of Ceapro.
“Ceapro and Symrise have a long-standing relationship in product development that has benefitted both companies over the years,” added Timothy Kenny, Global President Cosmetic Ingredients, Symrise AG. “We believe this renewed commitment is an important milestone in our continued collaboration and this agreement further secures a strong foundation for the future. We are equally looking forward to making it successful in creating value.”
About Ceapro Inc.
Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources.
Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com.
About Symrise
Symrise is a global supplier of fragrances, flavors, food, nutrition and cosmetic ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, pharmaceuticals and producers of nutritional supplements and pet food. Headquartered in Holzminden, Germany, the Group is represented by more than 100 locations in Europe, Africa, the Middle East, Asia, the United States and Latin America. www.symrise.com
For more information contact:
Jenene Thomas
JTC Team, LLC
Investor Relations and Corporate Communications Advisor
T (US): +1 (833) 475-8247
E: czo@jtcir.com
Issuer:
Gilles R. Gagnon, M.Sc., MBA
President & CEO
T: 780-421-4555
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
