NextFerm Technologies announces a strategic manufacturing agreement for the production of ProteVin™, its vegan protein, with a subcontractor in Europe

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DGAP-News: NextFerm Technologies Ltd.
NextFerm Technologies announces a strategic manufacturing agreement for the production of ProteVin™, its vegan protein, with a subcontractor in Europe
08.09.2022 / 15:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

Commissioning of the plant will be completed in the second half of 2023 with an annual production capacity of approximately $10 million, with future expansion capacity to tens of millions of dollars per year

The subcontractor will bear the construction costs of the factory building and will provide all production infrastructure and services as well as the baker’s yeast necessary for the production of ProteVin™. The company will bear the cost of purchasing and installing the equipment necessary for production

The product has been launched to several customers and the company has a wide range of food and dietary supplement companies, including global companies, who are investigating the integration of ProteVin™ into a variety of alternative products.

(Yokneam Illit, September 8, 2022) – NextFerm Technologies Ltd. (TASE: NXFR), a food technology company that develops ProteVin™, a vegan, fermentation-based, non-GMO protein alternative and other innovative yeast-based nutrients, today announced a strategic manufacturing agreement for the production of ProteVin™ with a contract manufacturer in the Balkan region in Europe. This marks the achievement of the company’s third (of five) strategic milestones set for 2022.

According to the agreement, the manufacturing plant will initially enable the production of ProteVin™ with an annual capacity of up to $10 million starting in the second half of 2023. The commissioning plan for the plant allows future capacity expansion to tens of millions of dollars. This plant is expected to replace GFR Canada’s current pilot production plant.

The subcontractor will establish the factory and provide the production services as well as the baker’s yeast necessary for the production of ProteVin™. The company will bear the cost of purchasing and installing the equipment needed for production.

The Company estimates that the investment required to complete the manufacturing plant and reach the capacity mentioned above will be approximately $6 million. The main equipment needed for the plant has already been ordered.

The agreement relates only to the production services and does not include the transfer of intellectual property to the subcontractor.

Boaz Noy, CEO of NextFerm, said: “This manufacturing agreement for the production of our vegan protein is an important milestone for our company and represents the transition to an industrial enterprise in the field of alternative proteins. The plant has been designed in a way to allow investment in the capacity of production in accordance ProteVin™ is the only alternative protein on the market today with a neutral taste and animal-like nutritional value, and we believe it will become a leading solution in the global alternative protein industry .

About NextFerm Technologies

NextFerm Technologies, listed on the Tel Aviv Stock Exchange (TASE:NXFR) is a food technology company engaged in the research, development, manufacturing and commercialization of innovative, functional and vegan protein alternatives derived from yeast and non-GMO for various applications in the food and dietary supplement markets and the growing market for animal protein alternatives.

NextFerm’s flagship product is ProteVin™, a vegan protein derived from yeast with animal-like nutritional value (BCAA amino acid profile = 21%, leucine = 9%, EAA = 53% and high digestibility PDCAAS = 1) and a neutral flavor. ProteVin™ is designed for a variety of categories in the alternative protein market, which is estimated at $20 billion in end products and $3.5 billion in raw materials with an annual growth rate exceeding 20%, including milk and dairy alternatives, meat alternatives and additional categories such as infant nutrition, adult nutrition and sports nutrition.

Another product currently being sold is Astaferm®, an innovative yeast-derived astaxanthin antioxidant that has been sold in the United States since late 2020 through well-established and market-leading brands in the United States dietary supplement market. In July 2021, the Company received regulatory marketing authorization in Canada.

The company has additional products that have been licensed to Lallemand, a global yeast giant.

For more information, visit the NextFerm website at: www.nextferm.com

Legal notice regarding forward-looking statements

This announcement also includes forecasts, projections, assessments, estimates and other information that refer to future events and matters, the occurrence of which is uncertain and not exclusively within the Company’s control (forward-looking information). Principal facts and data used in support of this information are facts and data regarding the current condition of the Company and its business (including scope of sales and levels of profitability, workforce, commitments trade, etc.), facts and data regarding the current world situation. position of the Company’s operating segments (including industry-specific financial developments, environmental regulatory developments, competitive environment, technological developments, the reinsurance market and more), and facts and data macro-economic (including the economic situation in Israel and around the world, capital market returns, social and state developments and more), all as known to the Company at the time of posting this announcement. The forward-looking information included above in this announcement is largely based, in addition to existing information held by the Company, on the Company’s current assessments and expectations of future developments with respect to each of the aforementioned parameters, and the the interdependence of each of these developments. The Company has no certainty that its forecasts and estimates will actually occur, and the results of the Company’s operations may differ materially from the results estimated or implied based on those set forth above, among other things, as a result a change in any of the above. The factors.

Contact details

Investor and media contact

Meirav Gomeh Bauer

+972 54-476-4979

[email protected]

Company Website

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08.09.2022 CET/CEST Dissemination of a Corporate News, transmitted by the DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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