Orkla Food Ingredients Expands its Acrylamide-Reducing Yeast Technology Licence Agreement with Renaissance BioScience Corp.
OSLO, Norway and VANCOUVER, British Columbia, Feb. 13, 2018 (GLOBE NEWSWIRE) -- Orkla Food Ingredients, a business area of Orkla ASA (OSE:ORK), and Renaissance BioScience Corp. have agreed to expand their licence agreement for Orkla to exclusively manufacture and sell Renaissance's acrylamide-reducing yeast, Acrylow(TM), to food manufacturers in additional new markets in Poland, the Czech Republic and Slovakia. The agreement builds on the initial exclusive agreement implemented in Q3/2017 that covered the Nordic and Baltic regional markets in Europe.
Thore Svensson, Senior Vice President of Orkla Food Ingredients, commented, "Since we finalized our agreement with Renaissance last year we have conducted several commercial trials, all of which have shown excellent results and successfully launched the product for sale in the Nordic markets. As the European regulatory structure governing the acrylamide content of many food products and coffee comes into force within a few months, Orkla is pleased to expand its agreement with Renaissance to include Poland, the Czech Republic and Slovakia, in order to make Acrylow(TM) available to food manufacturers in those countries."
Dr. Cormac O'Cleirigh, Chief Business Development Officer for Renaissance BioScience, said, "It's gratifying to see that Orkla and its food manufacturer customers have found our acrylamide-reducing yeast to be effective and easy to use in trials with no sensory impact on the finished product. Orkla is a leader in food quality and safety, and Renaissance is pleased to be partnering with the company to bring Acrylow(TM) not only to the already licensed Nordic and Baltic markets but also to these new central European markets."
Acrylow(TM) has shown excellent results in large-scale industrial trials in baked goods and snack foods, as well as in lab-scale tests in French fries, chips and coffee. This yeast was granted GRAS status by the U.S. FDA in 2016 - the same status as conventional baker's and brewer's yeasts. It is patent-pending and was developed using classical non-GMO techniques.
Orkla is a leading supplier of branded consumer goods and concept solutions to the grocery, out-of-home and bakery markets in the Nordics, Baltics and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and its head office is in Oslo. In 2016, the Group had a turnover of approximately NOK 38 billion, and 18,000 employees at year-end.
About Renaissance BioScience Corp.
Renaissance BioScience Corp., based in Vancouver, Canada, is a privately held applied life sciences company that develops novel, yeast-based, patent-protected technologies for the global food, beverage, nutrition, biofuel and pharmaceutical industries. The wholly owned commercial subsidiaries of Renaissance BioScience Corp. include Renaissance Yeast Inc., which commercializes H2S-preventing wine yeast; Renaissance Ingredients Inc., which commercializes acrylamide-reducing yeast; and Bright Brewers Yeast Inc., which commercializes beer yeast technologies. Detailed information about the Renaissance group of companies can be accessed at www.renaissancebioscience.com .
Oslo, 13 February 2018
Contact: Orkla ASA Group Director, Corporate Communications and Corporate Affairs Håkon Mageli Tel.: + 47 928 45 828 Email: email@example.com Renaissance BioScience Corp. Steve Campbell Campbell & Company Strategies Inc. Communications and Public Relations Vancouver, BC CANADA Tel.: 01 604 888-5267 Email: firstname.lastname@example.org
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Renaissance BioScience Corp. via Globenewswire
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