Verde appoints USA distributor
TORONTO, June20, 2017(GLOBE NEWSWIRE) -- Verde AgriTech (TSX:NPK) ("Verde" or the "Company") is pleased to announce it has signed a marketing and distribution agreement with a leading North American distributor specialized in the markets for organic agriculture and cannabis ("Distributor"). The Distributor will have exclusive rights over the Pacific Northwest region of the USA and non-exclusive distribution rights for the rest of the country. As part of the agreement the Distributor has agreed to minimum volumes for the next 4 years and has already placed multiple orders with Verde for Super Greensand (R).
In addition to cannabis and organics, the Distributor will work on market development for salinity sensitive high value crops. The main target is almonds in California. American almond production is worth about 6.4 billion dollars annually and over 80% of it is grown in one of the most salinity damaged areas of the United States. Salinity usually accumulates in soils after reiterated application of salt-heavy fertilizers in regions that are not washed by rains, such as irrigated agriculture in arid regions.
The graphic below compares Super Greensand (R)'s salt index with that of other potassium fertilizers. The lower the salt index, the greater the advantage against soil salinity and water stress.
A PDF accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/aab68419-3437-46ad-81d0-1697b390fe86
Verde has been granted a Fertilizing Materials License by the state of California and should soon receive the registration of Super Greensand (R) as an Organic Input Material. Super Greensand (R) is already approved by Organic Materials Review Institute ("OMRI") to be used in organic production in all other states.
Commenting, President & CEO, Cristiano Veloso said: "We are proud to be partners with a leading American distributor that has a longstanding history supplying the organic agriculture market. This will allow Verde to join two sectors of rapid growth in North America: organics and cannabis. The 7 containers of Super Greensand sold in the US are only the start of a wholesome expansion."
About Verde AgriTech
Verde AgriTech promotes sustainable and profitable agriculture through the development of its Cerrado Verde Project. Cerrado Verde, located in the heart of Brazil's largest agricultural market, is the source of a potassium-rich deposit from which the Company intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: cv@verdeagritech.com
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