Radient Technologies Inc. (TSX-V: RTI) (“Radient”) announced today that it has been awarded a contract by a Fortune 500 consumer staples company (the “Customer”) valued at approximately half a million Canadian dollars.
Under the terms of the agreement, Radient, using its proprietary Microwave Assisted Processing (“MAP™”) technology and from its facilities in Edmonton, Alberta, Canada, will develop and produce initial quantities of an improved, high-value, natural feedstock to be used in the Customer's portfolio of differentiated products. Having met the Customer’s specific requirements for purity, speed, and cost, Radient was selected from a global list of potential suppliers.
“This agreement, particularly given the sophistication and scale of the Customer, reflects the strength of Radient’s technology and our ability to meet even the most stringent specifications in a cost-effective manner,” said Denis Taschuk, President and CEO of Radient. “We expect to complete this contract before the end of March, 2015.”
About RadientRadient extracts natural compounds from a range of biological materials using microwave assisted processing ("MAP™"), a patented technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. From its 20,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health, personal care and biofuel markets. Visit www.radientinc.com for more information. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements. More particularly, this press release contains statements concerning the contract with the Customer (the “Contract”), the expected value of the Contract and the expected completion time for the Contract. The forward-looking statements are based on certain key expectations and assumptions made by Radient, including, but not limited to, economic conditions in the Customer’s industry, regulation of the Customer’s products in the jurisdictions in which the Customer does business, and the availability, cost, and quality of raw materials. Radient cautions that the foregoing list of expectations and assumptions is not exhaustive. Although Radient believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the processing of biological materials in a production environment in general, the uncertainty of estimates and projections relating to the value of the contract, working capital constraints, health and safety risks, transportation costs, environmental risks, failure to realize the anticipated benefits of the contract, changes in legislation, the impact of general economic conditions, stock market volatility, fluctuations in costs, delays in development timelines, and reliance on third parties and/or collaborative agreements to complete the Contract. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and Radient does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.