Last Updated on March 10, 2022 by GlobeNewsWire
– Symrise to distribute and commercialize Ceapro’s high value active ingredients in the cosmetic market –
– Supply and distribution agreement provides Symrise with exclusivity for several major key international customers in the cosmetic market –
EDMONTON, Alberta, March 10, 2022 (GLOBE NEWSWIRE) — Ceapro Inc. (TSX-V: CZO; OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced the signing of a long-term agreement with German-based multinational, Symrise AG, for the distribution and commercialization of Ceapro’s high value active ingredients to major key international players in the cosmetic market.
Under the agreement, Symrise is guaranteed to purchase minimum annual volumes of Ceapro’s high value active ingredients. Financial terms of the agreement were not disclosed.
“Symrise has been and will continue to be a valued, committed partner and we are very pleased to have renewed this agreement with them. This agreement not only provides security for our ongoing cosmeceuticals base business but also is expected to enable us to accelerate the growth of that base business through the potential to expand the list of exclusive customers to Symrise. We are delighted for the vote of confidence towards our Company and especially for the recognition of the quality and uniqueness of Ceapro’s products,” said Gilles Gagnon, President and CEO of Ceapro. “We are confident that our partnership with Symrise, one of the most respected player in our industry, will continue to equally aid in the achievement of our common goals” he added.
“Ceapro and Symrise have a long-standing relationship in product development that has benefitted both companies over the years,” said Joern Andreas, President Cosmetic Ingredients Division, Symrise AG. “We see great value in this partnership and are very pleased to have secured this agreement, which will continue to pave the way for future developments that I believe will benefit both companies in creating value.”
About Ceapro Inc.
Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources.
Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com.
Symrise is a global supplier of fragrances, flavors, food, nutrition and cosmetic ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, pharmaceuticals and producers of nutritional supplements and pet food. Headquartered in Holzminden, Germany, the Group is represented by more than 100 locations in Europe, Africa, the Middle East, Asia, the United States and Latin America. www.symrise.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Source: Ceapro Inc.