Business
Burcon Introduces JV Partner
Vancouver, British Columbia--(Newsfile Corp. - June 12, 2019) - Burcon NutraScience Corporatio...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Introduces JV PartnerVancouver, British Columbia--(Newsfile Corp. - June 12, 2019) - Burcon NutraScience Corporation (TSX: BU), a global leader in developing functionally and nutritionally valuable plant-proteins, is pleased to introduce the investor group and joint venture partner for its new $65 million pea-protein and canola-protein production facility to be built in Western Canada. The investor group is made up of Shaun Crew, Barry Tomiski and Ryan Bracken, three exceptionally talented veterans of the agri-foods industry. The three are proven entrepreneurs, most notably demonstrated by the rapid growth and highly successful sale of Hemp Oil Canada Inc. (\"HOCI\"). Originally founded by Shaun Crew in 1998, HOCI grew to become the world's largest producer and processor of bulk hemp food products and ingredients. The investor group's association with HOCI ended with the recent acquisition of FHF Holdings Ltd. (the parent company of Manitoba Harvest Hemp Foods including HOCI) by Tilray Inc, one of the largest and most sophisticated producers of medical cannabis in the world. \"We are thrilled to have partnered with Barry, Ryan and Shaun to bring Burcon's unique plant proteins to the world directly as a producer,\" said Johann F. Tergesen, Burcon's president and chief executive officer, adding, \"They are proven entrepreneurs with an exceptional track record of delivering results and building value for their shareholders. We are confident that they will be outstanding partners, as well as disciplined and skilled operators.\" As previously disclosed, the investor group has committed to contribute up to $16 million of the joint venture's required funding. Burcon expects to contribute $8 million of the joint venture's required funding and own 40% of the joint venture company. Barry Tomiski and Ryan Bracken will serve as co-CEOs and directors of the joint venture company. Shaun Crew, Johann Tergesen, Burcon's chief executive officer and Jade Cheng, Burcon's chief financial officer will also serve as directors of the joint venture company. The joint venture company, which the partners intend to rebrand as Merit Functional Foods Corporation (\"Merit Foods\"), has entered into a royalty-bearing licence agreement with Burcon for the production, sale and distribution of Burcon's pulse proteins, including Peazazz® and Peazac&#x...