Business
Pond Technologies acquires exclusive Canadian distribution and sales rights for products sold by RFI Ingredients, Grant Smith to become V.P. Pond Naturals
Pond Technologies acquires exclusive Canadian distribution and sales rights for products s...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\n\n\n\nPond Technologies acquires exclusive Canadian distribution and sales rights for products sold by RFI Ingredients, Grant Smith to become V.P. Pond Naturals\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Dec. 3, 2018\n\n\n\nCALGARY, Dec. 3, 2018 /CNW/ - Pond Technologies Holdings Inc. (Pond) TSX.V: POND, is pleased to announce that on November 30, 2018 Pond acquired the exclusive Canadian distribution and sales rights for certain products of RFI, LLC (RFI), a U.S. based food ingredient and health nutrition blend supplier.  RFI is a leading North American purchaser and re-seller of Spirulina and Chlorella, providing Pond with a vertical integration channel for its algae and related products.  The rights were previously held by RFI Canada Partnership, an Ontario partnership comprised of RFI, and 2197992 Ontario Inc.\nIn the year ended December 31, 2017, the RFI Canada partnership recorded sales revenues exceeding $2.3 million against expenses of $1.9 Million. RFI and Pond agree to negotiate distribution agreements within the next 12 months under which RFI agrees to buy from Pond a minimum of 100 metric tonnes of nutraceutical Spirulina algae annually, and to receive US distribution rights for Pond bulk ingredients including retail distribution of Pond's Astaxanthin brand. Pond receives the exclusive distribution rights for an initial term of 5 years with an exclusive right to renew for a further 5 years provided certain sales targets are met. Pond Naturals will resell certain RFI products and promote algae derived products into growing high value markets, including nutraceuticals, food colourants, cosmetics, and animal and aquaculture feeds. Grant Smith, President, RFI Canada Partnership and 2197992 Ontario Inc., and Pond strategic advisor, will join Pond Technologies full-time as Vice President of the Pond Naturals division. Mr. Smith is a 25-year veteran of the North American nutraceutical industry.Partial consideration for the purchase by Pond of the exclusive distribution rights to the RFI products is comprised of $160,...