DGAP-News: NextFerm Technologies Ltd.
NextFerm Technologies Announces $3 Million Supply Agreement for its Vegan Protein: ProteVin™
16.08.2022 / 17:09 CET/EST
The issuer is solely responsible for the content of this announcement.
A 4.5-year supply contract with Spacemilk, an American health and sports nutrition brand
Currently, the company has a base of potential customers, including global food companies, dietary supplement companies and international brands, who are exploring the integration of ProteVin™ into a variety of alternative products.
(Yokneam Illit, August 8, 2022) – NextFerm Technologies Ltd. (TASE: NXFR), a food technology company that develops ProteVin™, a vegan, fermentation-based, non-GMO protein alternative and other innovative yeast-based nutrients, today announced that it has entered into a 4.5-year supply agreement totaling approximately $3 million with Spacemilk . , an American vegan health and sports nutrition brand. This agreement includes the initial protein supply of a few tons made in June 2022.
As reported to the company, Spacemilk is expected to launch in the fourth quarter of 2022 and for the first time in the United States, a vegan sports nutrition protein powder based on ProteVin™. The agreement stipulates that Spacemilk will promote the ProteVin™ brand on product packaging, as it is the dominant nutritional component underlying the product.
The agreement includes a mutual commitment to purchase and supply ProteVin™ for a total amount of approximately $1.6 million from July 2022 to the end of June 2025, and an estimate of additional purchases of $1.4 million dollars by the end of 2026. It should be noted that until the planned date of operation of the expanded production plant in 2023, the Company will supply a few tons of protein. The company is making progress in its strategic plan and in achieving the other objectives it has set for 2022, in particular:
Generate requests and receive additional purchase orders. The company is showcasing the product at food and dietary supplement raw material expos in the United States, Europe and Asia and is accelerating its launch efforts. Currently, the company has a base of potential customers, including global food and dietary supplement companies that are in various stages of evaluating ProteVin™ and integrating it into a variety of vegan products.
Expansion of ProteVin’s production capacity from an initial capacity of tens of tons per year to a scale of hundreds of tons per year in 2023, which is expected to start during the second half of 2022.
Boaz Noy, CEO of NextFerm, said: “We are pleased to announce the first multi-year supply agreement for ProteVin™. This is an important step towards realizing the company’s vision to position ProteVin™ as a leading vegan protein in the market. thriving global alternative protein industry, ProteVin™ is gaining a lot of interest from global food and dietary supplement companies and is currently being tested by dozens of potential customers.
This customer base continues to grow and should earn the company the following agreements. At the same time, we are preparing to increase production capacity to several hundred tonnes in 2023, to meet demand. »
Walter Ross, CEO and Founder of Spacemilk, said: “Based on my background and experience in sports nutrition – as a business owner, personal trainer and consumer in the industry, I can say that ProteVin™ is everyone’s perfect protein. The unique qualities from ProteVin provide amino acid content like whey, superior plant-based ethics and sustainability, and a flavor profile that’s better than both My company, Spacemilk, only sources ingredients from the most high quality, cleanest, longest lasting and most efficient which made developing our flagship product with ProteVin™ an easy choice.We are thrilled to take ProteVin™ and be the first to market in a new category protein powder, which we believe will replace large parts of the plant and animal nutrition industry today.”
About NextFerm Technologies
NextFerm Technologies, listed on the Tel Aviv Stock Exchange (TASE:NXFR) is a food technology company engaged in the research, development, manufacturing and marketing of innovative, functional and vegan protein alternatives derived from yeast and non-GMO for various applications in the food and dietary supplement markets and the growing market for animal protein alternatives.
NextFerm’s flagship product is ProteVin™, a vegan protein derived from yeast with an animal-like nutritional value (amino acid profile BCAA=21%, Leucine=9%, EAA=53% and high digestibility PDCAAS = 1) and a neutral flavor. ProteVin™ is designed for a variety of categories in the alternative protein market, which is estimated at $20 billion in end products and $3.5 billion in raw materials with an annual growth rate exceeding 20%, including milk and dairy alternatives, meat alternatives and additional categories such as infant nutrition, adult nutrition and sports nutrition.
Another product currently being sold is Astaferm®, an innovative yeast-derived astaxanthin antioxidant that has been sold in the United States since late 2020 through well-established and market-leading brands in the United States dietary supplement market. In July 2021, the Company received regulatory marketing authorization in Canada.
The company has additional products that have been licensed to Lallemand, a global yeast giant.
For more information, visit the NextFerm website at: www.nextferm.com
Legal notice regarding forward-looking statements
This announcement also includes forecasts, projections, assessments, estimates and other information that refer to future events and matters, the occurrence of which is uncertain and not exclusively within the control of the Company (forward-looking information). Principal facts and data used in support of this information are facts and data regarding the current condition of the Company and its business (including scope of sales and levels of profitability, workforce, commitments trade, etc.), facts and data regarding the current world situation. position of the Company’s operating segments (including industry-specific financial developments, environmental regulatory developments, competitive environment, technological developments, reinsurance market and more), and macro facts and data economic conditions (including the economic situation in Israel and around the world, capital market returns, social and state developments and more), all as known to the Company at the time of posting this announcement. The forward-looking information included above in this announcement is largely based, in addition to existing information held by the Company, on the Company’s current assessments and expectations of future developments with respect to each of the aforementioned parameters, and the the interdependence of each of these developments. The Company has no certainty that its forecasts and estimates will actually occur, and the results of the Company’s operations may differ materially from the results estimated or implied based on those set forth above, among other things, as a result of a change in any of the above factors.
Investor and media contact
Meirav Gomeh Bauer
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