Burcon JV, Merit Functional Foods and Canadian Partners to Develop New Line of Plant-Based Seafood Alternatives
Merit's Best-in-Class Protein Ingredients Deliver on Functionality, Taste and Nutrition to Exceed Consumer Expectations
Vancouver, British Columbia--(Newsfile Corp. - November 17, 2022) - Burcon NutraScience Corporation (TSX: BU) ("Burcon or the "Company"), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to share that its joint venture company, Merit Functional Foods Corporation ("Merit"), has partnered with Konscious Foods and Canadian Pacifico Seaweeds in a project co-invested by Protein Industries Canada, to develop a new line of high quality plant-based seafood alternative products.
The new line of more than 20 plant-based seafood alternative products will incorporate Canadian-grown and processed ingredients, including Merit's pea and canola proteins and Canadian Pacifico Seaweeds' seaweed ingredients. While focusing on keeping the products sustainable and clean label, the partners have also matched the taste and texture of the products' seafood counterparts. Konscious Foods expects to roll out the new line of products across the North American markets through grocery store freezer aisles and food-service channels.
The growth and success of the partnership so far, is built on a combination of the products' sustainable development, the collaborative relationship between the partners, and the combined, long-term expertise of the project partners' senior team members. This includes Konscious Foods' principal founder, Yves Potvin, who founded and sold the successful plant-based companies Yves Veggie Cuisine and Gardein.
"We are pleased to see Merit's protein ingredients developed into innovative and sustainable plant-based seafood products, one of the fastest growing plant-based categories on the market," said Kip Underwood, Burcon's chief executive officer. "Yves Potvin has a strong track record of building successful plant-based brands and Merit's ingredients can further accelerate that growth by delivering on exceptional taste and texture. We are thrilled to see more in-demand products using Merit's pea and canola proteins being launched in the marketplace."
A total of $15.3 million has been committed to the project, with Protein Industries Canada committing $5.5 million and the partners committing the remaining $9.8 million.
Read the full news release from Protein Industries Canada here.
About Burcon NutraScience Corporation
Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. With over two decades of experience formulating high-purity proteins that have superior functionality, taste and nutrition, Burcon has amassed an extensive patent portfolio covering its novel plant-based proteins derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources. In 2019, Merit Functional Foods Corporation ("Merit Foods") was established between Burcon and three veteran food industry executives. Merit Foods has since built and commissioned a state-of-the-art protein production facility in Manitoba, Canada that is producing, under license from Burcon, best-in-class pea and canola proteins for the food and beverage industries. Burcon currently holds a 31.6% shareholding interest in Merit Foods. For more information, visit www.burcon.ca.
Forward-Looking Information Cautionary Statement
The TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements or forward-looking information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements or forward-looking information can be identified by words such as "anticipate," "intend," "plan," "goal," "project," "estimate," "expect," "believe," "future," "likely," "may," "should," "could," "will" and similar references to future periods. All statements included in this release, other than statements of historical fact, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements or information. Important factors that could cause actual results to differ materially from Burcon's plans and expectations include the implementation of our business model and growth strategies; trends and competition in our industry our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; and other risks and factors detailed herein and from time to time in the filings made by Burcon with securities regulators and stock exchanges, including in the section entitled "Risk Factors" in Burcon's annual information form for the year ended March 31, 2022 and its other public filings with Canadian securities regulators on SEDAR at www.sedar.com. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Any forward-looking statement or information speaks only as of the date on which it was made, and, except as may be required by applicable securities laws, Burcon disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although Burcon believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and, accordingly, investors should not rely on such statements.
Steve Campbell, APR
Campbell & Company Public Relations
Tel (604) 888-5267
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144683