MONTREAL, Nov. 24, 2005 (Canada NewsWire via COMTEX) -- BioEnvelop Technologies Corporation (the "Company" or "BioEnvelop") (BIE - TSX Venture Exchange) is pleased to announce that it has entered into an exclusive agreement to manufacture nutraceutical film products for NutriCorp International.
The agreement covers the production and sale of all film-based nutraceutical products sold in the Canadian market for the private label manufacturer. The exclusivity is subject to achieving a minimum sales volume of $4.5 million over a three-year period.
Based in Windsor, Ontario, NutriCorp International is a wholly owned division of Jamieson Laboratories, one of North America's leading manufacturers and suppliers of natural source minerals, herbal remedies and nutritional food supplements. Jamieson is Canada's largest Nutritional Supplement manufacturer, marketing three brands: Jamieson Natural Sources, Wampole and Quest Vitamins, for a total of 30.1% market share of the branded Vitamin-Mineral Supplement category.
The exclusive agreement demonstrates the successful application of BioEnvelop's high-quality film delivery system in the nutraceuticals industry. BioEnvelop's unique technology maximizes the active ingredient capacity required in value-added over-the-counter nutrition products. The alliance brings together one of the edible film industry's leading quality manufacturers with one of North America's leading suppliers of nutraceutical products. BioEnvelop's manufacturing facility was required to meet Jamieson's strict level of manufacturing requirements in order to execute the agreement with NutriCorp.
"The nutraceutical films, manufactured by BioEnvelop, allows us to offer a new and convenient delivery system to our customers and consumers. This innovation is aligned with Jamieson/NutriCorp strategic goals in the worldwide nutritional supplement industry," said Vic Neufeld, President and CEO, Jamieson Laboratories Ltd.
"We are pleased to be working with a vitamin and nutritional supplement company of such global prominence. This development goes a long way in confirming our emergence as a key supplier to the health and wellness industry," said Nagui Naoum, President and Chief Executive Officer of BioEnvelop Technologies Corporation.
Founded in 1998, BioEnvelop Technologies Corporation (www.bioenvelop.com) develops, manufactures and markets Longevita(R) coating solution, a biodegradable and edible protein-based coating treatment that prolongs shelf life and inhibits humidity transfer in fresh and frozen food products, Bari- Kad(TM), a gel or solid film aimed at the agri-food market, and Miracle Glaçage(TM), which addresses the fruit coating and glaze market. BioEnvelop is also developing applications of its biodegradable films for packaging, protecting and transporting food products. BioEnvelop now markets four (4) distinctive product lines: Longevita(R), Bari-Kad(TM), Miracle Glaçage(TM), as well as BioP100(TM) for the packaging industry. BioEnvelop is registered with the U.S. Food & Drug Administration (FDA) under Title 21, Part 207 of the Code of Federal Regulations (CFR), for the manufacturing of commercial drug products.
NutriCorp International is a division of Jamieson Laboratories specializing in private-label packaging and contract manufacturing. NutriCorp has three strategically positioned locations providing fast and efficient distribution worldwide. Within these facilities they offer a complete start-to- finish pharmaceutical protocol operation.
NutriCorp's mission is to be a leader in private label packaging and contract manufacturing. Experienced Research & Development staff can formulate specific products unique to their customers. They strive to develop strategic partners that allow for the production of exceptional pharmaceutically pure products and to constantly meet the expectations of their customers
FORWARD LOOKING STATEMENTS
Certain statements in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties that could result in important divergences between predicted and actual results. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events, several of which are beyond the control of management, could prove to be false, given that they are subject to certain risks and uncertainties. Management declares that it has neither the intention nor the duty to provide public updates for each forward looking statement as a result of new information, new events or for any other reason and that such statements are made as of the date of this news release.