Martek Biosciences Corporation announced today that it has entered into a multi-year DHA and ARA sole-source supply agreement with Rice Field Corporation. Martek will supply its DHA and ARA blend, life'sDHA & life'sARA, for all infant formula products manufactured by Rice Field Corporation under the Prodigy brand. In addition, Rice Field will be using Martek's life'sDHA & life'sARA in its growing up milks and will be using life'sDHA in its products for pregnant and nursing women, all of which will be sold under the Prodigy brand in China.
Rice Field Corporation, founded in 1985, has been at the forefront of the Asian specialty food segment, introducing numerous nutrition products to the marketplace in order to satisfy the growing demands of its customers. The Prodigy brand products will be manufactured at Rice Field's FDA and USDA certified food production plant in the United States.
"This agreement with Rice Field Corporation is yet another example of how consumers around the world are recognizing the benefits of adding Martek oils to formula," said Ethan Leonard, vice president of pediatric nutrition for Martek. "With every new agreement, more and more infants around the world benefit from Martek's products."
Naturally present in human breast milk, DHA (docosahexaenoic acid), and ARA (arachidonic acid) are fatty acids important to infant development and growth. Clinical studies have demonstrated numerous benefits for infants receiving DHA and ARA supplemented formula, including improved mental and visual development. Martek's blend of DHA and ARA, life'sDHA & life'sARA, is the only source of these nutrients currently used in U.S. infant formula, and is present in more than 95 percent of infant formula sold in the U.S. Additionally, Martek is a leading global supplier of DHA and ARA and infant formulas containing Martek's nutritional oils are available in more than 75 countries worldwide.
Martek Biosciences Corporation is a leader in the innovation and development of DHA and ARA and has developed patented technology for the production and use of these ingredients. DHA omega-3 products promote health and wellness through every stage of life and ARA omega-6 products support growth and development in infants and children. The company produces life'sDHA, a sustainable vegetarian source of DHA omega-3, for use in foods, beverages, infant formula and supplements, and life'sARA, a sustainable vegetarian source of ARA omega-6, for use in infant formula and growing up milks. For more information on Martek Biosciences, visit http://www.martek.com/. For more information on products containing life'sDHA and life'sARA, visit www.lifesdha.com.
Sections of this release contain forward-looking statements. These statements are based upon numerous assumptions which Martek cannot control and involve risks and uncertainties that could cause actual results to differ. These statements should be understood in light of the risk factors set forth in the company's filings with the Securities and Exchange Commission, including, but not limited to, the company's Form 10-K for the fiscal year ended October 31, 2008 and other filed reports on Form 10-K, Form 10-K/A, Form 10-Q and Form 8-K.