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LONDON, UNITED KINGDOM--(Marketwired - Mar 28, 2016) - Plandaí Biotechnology, Inc. (
Callum Cottrell-Duffield, Vice President of Sales and Marketing for Plandaí Biotechnology, commented, "This past quarter represents the first quarter where we had full operating capacity and were able to establish significant sales in multiple territories. The hail storm last Spring set back our production and impacted our inventory, but we were able to launch our Phytofare® product regardless and start gaining traction in the markets. We've been able to steadily grow our customer base over the past six months and re-orders are growing month-to-month, both of which are positive signs for the future of Plandaí."
Addressing forecasts for the coming months, Mr. Cottrell-Duffield added, "Our immediate goal is to reach 500kg of sales per month, which, if month-to-month increases continue, should be easily attainable in Q3. By the end of the current fiscal year, we would like to be shipping over a ton (1,000kg) per month. We are in active discussions to expand our sales base to cover the remaining global markets, including North and South America and Asia, and expect to announce success on that front shortly."
Mr. Cottrell-Duffield continued, "Our product is definitely one of those that requires time to build a foothold in the marketplace since customer base is comprised of well-established supplement and nutrition product manufacturers. Adding Phytofare® to their products requires extensive in-house testing, then they have to change over all packaging and labeling. This then is followed by a new marketing program and product launch. So, it takes time and patience on everyone's part, but the momentum is rolling now and we're excited by the coming months."
With respect to the Company's financial statement filings, the company commented that the audit for the 2015 fiscal year is nearly complete and it expects to file its Form 10-K in the coming weeks. The subsequent quarterly reports should be filed shortly thereafter. Management regrets the unavoidable delays which, as reported on Form 8-K, resulted from the loss of its auditor days before the original filing deadline.
About Plandaí Biotechnology, Inc.
Plandaí Biotechnology, Inc. and its subsidiaries develop highly phyto-available™ extracts. Plandaí Biotechnology controls every aspect of the process, from growing the raw materials on its farms in South Africa, to producing its proprietary Phytofare® extracts in-house, allowing the Company to guarantee the continuity of supply as well as quality control throughout the entire process. Targeted industries for the Company's products include beverage, cosmeceutical, wellness, nutriceutical, anti-aging, and pharmaceutical. For more information, please visit http://www.plandaibiotech.com.
Safe Harbor Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Readers are advised to review our filings with the Securities and Exchange Commission that can be accessed over the Internet at the SEC's website located at http://www.sec.gov.
Plandaí Biotechnology, Inc.