Business
Burcon Provides Update on JV, Merit Functional Foods Corporation
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2023) - Burcon NutraScience Corporati...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Provides Update on JV, Merit Functional Foods CorporationVancouver, British Columbia--(Newsfile Corp. - February 28, 2023) - Burcon NutraScience Corporation (TSX: BU) (\"Burcon\" or the \"Company\"), a global technology leader in the development of plant-based proteins for foods and beverages, today announced that Merit Functional Food's (\"Merit\") lenders, Export Development Canada and Farm Credit Canada, have filed an application with the Court of King's Bench of Manitoba (the \"Court\") for the appointment of a receiver in respect of the assets of Merit. The application is expected to be heard by the Court on Wednesday, March 1, 2023. Burcon intends to continue its discussions with Merit's lenders, as outlined in its recent shareholder letter, in order to seek a potential funding solution for Merit's business.About Burcon NutraScience CorporationBurcon is a global technology leader in the development of plant-based proteins for foods and beverages. With over two decades of experience formulating high-purity proteins that have superior functionality, taste and nutrition, Burcon has amassed an extensive patent portfolio covering its novel plant-based proteins derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources. In 2019, Merit Functional Foods Corporation (\"Merit Foods\") was established between Burcon and three veteran food industry executives. Merit Foods has since built and commissioned a state-of-the-art protein production facility in Manitoba, Canada that is producing, under license from Burcon, best-in-class pea and canola proteins for the food and beverage industries. Burcon currently holds a 31.6% shareholding interest in Merit Foods. For more information, visit www.burcon.ca.Forward-Looking Information Cautionary StatementThe TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements or forward-looking information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or i...