Business
MustGrow Biologics and Sumitomo Corporation Announce Exclusive Agreement
Exclusive agreement with Sumitomo Corporation to evaluate MustGrow's technology to determine ...
About this update from Mustgrow Biologics Corp.
[{"type":"text","content":"MustGrow Biologics and Sumitomo Corporation Announce Exclusive AgreementExclusive agreement with Sumitomo Corporation to evaluate MustGrow's technology to determine commercial potential.Sumitomo Corporation has option to acquire exclusive rights to MustGrow's technology for preplant soil fumigation, bioherbicide, postharvest and food preservation for potatoes, and bananas in North, Central, and South America.Sumitomo Corporation to fund and drive all field development, including toxicology, safety, efficacy, and regulatory work necessary for commercialization.MustGrow will complete its existing on-going field trials with other corporate collaborators.Saskatoon, Saskatchewan--(Newsfile Corp. - August 4, 2021) - MustGrow Biologics Corp. (CSE: MGRO) (OTCQX: MGROF) (FSE: 0C0) (\"MustGrow\") and Sumitomo Corporation (TYO: 8053) (OTC: SSUMY) have signed an Exclusive Evaluation and Option Agreement (the \"Agreement\") to evaluate MustGrow's technology for purposes of determining efficacy and commercial potential.Sumitomo Corporation (www.sumitomocorp.com/en/jp) is a diversified corporation and one of the world's largest general trading companies. Sumitomo Corporation is listed on three Japanese stock exchanges (Tokyo, Nagoya and Fukuoka under the symbol \"8053\") and is a constituent of the TOPIX and Nikkei 225 stock indices. For the year ended March 31, 2021, Sumitomo Corporation had US$41.8 billion in annual revenue, US$5.4 billion of cash & cash equivalents and 957 consolidated subsidiaries & associated companies.MustGrow's remarkably safe and effective organic biopesticide is plant-based - harnessing the mustard seed's natural defense mechanism to control diseases, pests and weeds. Sumitomo Corporation Exclusive GrantMustGrow has granted Sumitomo Corporation the right to MustGrow's intellectual property and the exclusive option to acquire exclusive rights to MustGrow's technology (the \"Technology\") for preplant soil fumigation, bioherbicide, postharvest and food preservation for potatoes, and bananas in North, Central, and South America (the \"Field of Use\"). In addition to the commercial development, Sumitomo Corporation will fund and assume the role and responsibilities for conducting all toxicology, safety, efficacy, and regulatory work necessary for commercializing the Technology. Financial terms are not being disclo...