Enzymotec Ltd. and Polar Omega A/S Sign a Joint Venture Agreement
05 December 2013 - 12:00AM
Enzymotec Ltd. (Nasdaq:ENZY), a developer, manufacturer and
marketer of innovative bio-functional lipid ingredients, and Polar
Omega A/S, a Danish company specializing in the production of
marine phospholipids from sustainable fish sources, announced today
that they have signed a joint venture (JV) agreement for the
commercialization of Omega PC™, a new premium fish based omega-3
product.
Omega PC™ is a wild fish cold extract, containing omega-3 fatty
acids bound to phospholipids (PL) and triglycerides (TG), to better
preserve the natural nutrients found in fish and enhance their
broad impact on general health.
Under the agreement, Enzymotec will be responsible for global
sales and marketing, research and development, and for the
intellectual property regarding Omega PC™. Polar Omega will be
responsible for supply chain, including sourcing of raw materials
and manufacturing Omega PC™.
"We are very pleased to join our scientific and intellectual
forces with Polar Omega's strength in supply chain management and
manufacturing, by establishing a strategic partnership between two
significant players in the global omega-3 market from Israel and
Denmark. This will take us one step further towards creating a new
gold standard for fish oil," said Dr. Ariel Katz, President and
Chief Executive Officer of Enzymotec Ltd. "The existing omega-3
market suffers from increased commoditization and lack of
innovation, Omega PC™ is an innovative product in the omega-3
category that brings new benefits to the consumer."
"Enzymotec, with 15 years of experience in developing,
manufacturing and marketing clinically-validated, bio-functional,
lipid-based compounds, and Polar Omega, with a
state-of-the-art-production facility and access to some of the
highest quality raw material, positions this joint venture to
redefine the omega-3 market. We are proud to join with
Enzymotec as our partner and look forward to many years of fruitful
collaboration," said Mr. Nils Christian Jensen Chief Executive
Officer of Polar Omega A/S.
About Polar Omega A/S
Located at the harbor in Esbjerg on the west coast of Denmark,
Polar Omega A/S is a Danish company specialized in production of
marine phospholipids from sustainable fish sources. Polar Omega A/S
has long experience with the production of fish oil and the
development of high quality products. Triple Fish Holding A/S is
the sole shareholder of Polar Omega A/S and a 50% shareholder in
TripleNine Group A/S.
About Enzymotec Ltd.
Enzymotec Ltd. is a leading global supplier of specialty
lipid-based products and solutions. The Company develops,
manufactures and markets innovative bio-functional lipid
ingredients, as well as final products, based on sophisticated
processes and technologies. For more information, visit
www.enzymotec.com.
Forward-Looking Statement
This release may contain forward-looking statements, which
express the current beliefs and expectations of Enzymotec's
management. Such statements involve a number of known and unknown
risks and uncertainties that could cause our future results,
performance or achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause or
contribute to such differences the following risks: a high
proportion of the sales of our InFat product is sold to end users
by a single company in China; we rely on our Swedish joint venture
partner to manufacture InFat, and certain matters related to the
joint venture are or, based on communications from our joint
venture partner, are the subject of disagreement; our gross profits
may be adversely affected if we are only able to obtain lower
quality krill meal; our ability to obtain krill may be affected by
conservation regulation or initiatives; we are dependent on a
single facility that houses the majority of our operations; we may
not be able to expand our production or processing capabilities or
satisfy growing demand; our product development cycle is
lengthy and uncertain, and our development or commercialization
efforts for our products may be unsuccessful; we are subject to
significant and increasing government regulations regarding the
sale and marketing of our products; we may not be able to protect
our proprietary technology or prevent its unauthorized use by third
parties; we are currently subject to litigation, and in the future
may become subject to additional litigation, regarding intellectual
property rights; and other factors discussed under the heading
"Risk Factors" in Enzymotec's final prospectus for its initial
public offering filed with the Securities and Exchange Commission
on September 30, 2013. Forward-looking statements in this release
are made pursuant to the safe harbor provisions contained in the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made only as of the date hereof, and
Enzymotec undertakes no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: ICR, LLC
Katie Turner
646-277-1228
or
John Mills
310-954-1105
John.Mills@icrinc.com
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