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Burcon Announces its Alliance Partner Signs Purchase and Sale Agreement to Acquire Protein Production Facility
Vancouver, British Columbia--(Newsfile Corp. - January 31, 2025) - Burcon NutraScience Corporatio...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Announces its Alliance Partner Signs Purchase and Sale Agreement to Acquire Protein Production FacilityVancouver, British Columbia--(Newsfile Corp. - January 31, 2025) - Burcon NutraScience Corporation (TSX: BU) (OTCQB: BRCNF) (\"Burcon\" or the \"Company\"), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce that its alliance partner, RE ProMan, LLC (\"ProMan\"), has signed a Purchase and Sale Agreement (the \"PSA\") to acquire a protein production facility in North America (the \"Transaction\"). Pursuant to the terms of the PSA, ProMan, a company led by Mr. John Vassallo, a director and shareholder of Burcon, has entered into a binding agreement to purchase a commercial production facility. The closing of the Transaction is subject to certain conditions, including satisfactory due diligence and approval by the parties. \"This acquisition is the result of months of dedication and collaboration between ProMan and Burcon,\" said John Vassallo, Burcon’s director. \"It underscores our strong confidence in Burcon’s proprietary protein technologies, leadership, and ability to successfully execute a capital-light strategy.\"\"A dedicated commercial facility gives us a direct path to market for all our protein products, putting us in control of our own commercial production,\" said Kip Underwood, Burcon’s chief executive officer. \"We are excited to begin production and to deliver our products to prospective customers.\"Following the review of several commercial facilities with the potential to produce Burcon's entire protein portfolio, Burcon and ProMan identified this facility as an ideal fit. Burcon has developed comprehensive plans for facility start-up, raw material procurement, production ramp, product launch and sales. Upon the close of the Transaction, Burcon expects to complete installation of proprietary unit operations and begin commercial-scale production of its protein products during the first half of 2025.About Burcon NutraScience CorporationBurcon is a global technology leader in the development of plant-based proteins for foods and beverages. Our proteins exhibit superior functionality, taste and nutrition, making them ideal ingredients for food formulators. With over two decades of experience, Burcon has amassed an extensive...