BELTSVILLE, Md., May 27, 2004 -- Spherix Incorporated (SPEX) , today reported that the Firm's revolutionary sweetener, tagatose, will be used in chocolate products to be sold in New Zealand and Australia. Tagatose is being marketed and produced by Spherix's licensee, Arla Foods Ingredients, under the brand name Gaio(R) tagatose, for use in foods and beverages. For more information on the food and beverage uses of tagatose, see Arla's http://www.gaio-tagatose.com website.
Miada Sports Nutrition of New Zealand has introduced a new line of chocolate products, containing Gaio(R) tagatose, called Miada(R) ChocoLite(TM). According to this company, the new products are expected to hit supermarket shelves in New Zealand and Australia in mid-2004. This event marks the commercial introduction of Spherix's low-calorie, full-bulk, low- glycemic, and low-carb sweetener to the Pacific Rim, the first market outside the United States in making its way into the world market.
The first of the new products to be introduced will be a 50-gram chocolate bar in milk, dark, and white chocolate flavors. According to Miada Sports Nutrition's website, http://www.miadasport.com, the company plans to expand the product to include Miada(R) ChocoLite(TM) coated nuts and nut bars, Easter eggs, and novelty chocolate products under development. The company has also developed a new line of low-glycemic protein health bars coated with Miada(R) ChocoLite(TM).
Miada(R) ChocoLite(TM) is the first true chocolate to go on sale anywhere in the Southern Hemisphere that not only has lower calories than standard sucrose-sweetened chocolate and very low glycemic and insulin indices, but also has all of the delicious taste of real chocolate. Miada(R) ChocoLite(TM) is unique in that it has prebiotic health benefits not found in standard chocolate, and, unlike other chocolate substitutes currently available, Miada(R) ChocoLite(TM) contains no artificial sweeteners.
Thomas W. Gantt, President and CEO of Spherix, said, "This is exciting news for us and for SweetGredients. We believe that chocolate is a perfect product for the use of Gaio(R) tagatose and we are very happy to see the international interest it is generating."
In 1996, Arla Foods Ingredients licensed the exclusive worldwide rights to produce and commercialize tagatose for use in foods and beverages from Spherix. Arla and Nordzucker, a German sugar producer, have formed a joint venture company named SweetGredients to manufacture and market Gaio(R) tagatose. The first commercial production of tagatose was announced in May 2003.
Certain statements contained herein are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission, including the filing on Form 8-K made on March 3, 1999.
Under its motto, "A World of Solutions," Spherix's mission is to create value and increase shareholder wealth through innovations that benefit our clients and the human condition. Spherix offers innovations in information technology, knowledge management, and biotechnology.