Nov. 7, 2022
Plant Health Care® (AIM: PHC.L), a leading provider of novel patent-protected biological products to global agriculture markets, has signed an agreement for EDAF Unipessoal LDA ("EDAF") to become the exclusive distributor in Portugal for its proprietary PREtec-containing fertilizer, PREzym™, for use in fruit, vegetable and cereals crop production.
The Company expects to commence commercial sales of PREzym in the first half of 2023. Plant Health Care and EDAF have been working together since 2016 when EDAF became the exclusive distributor in Portugal of the Company's proprietary ProAct® plant health product. Today's announcement further strengthens the partnership and will help Plant Health Care fulfill its ambitious plans to grow its global footprint/market share across Europe.
Derived from natural proteins, PREtec is an environmentally friendly technology which stimulates crop growth and ability to withstand a variety of abiotic stresses to improve plant health and yield. PREtec is compatible with mainstream agricultural practices.
Plant Health Care continues to expand into new markets around the world and is growing its relationships with major global distribution partners. The Company is on track to achieve revenue of $30 million by 2025 through the launch of new products and continued organic business growth through current and future distributor relationships.
This announcement marks the first sales of PREtec-based products into Europe and supports farmers seeking to use more sustainable practices. Europe is fast becoming one of the largest markets for sustainable biological products and PREtec-containing products will help produce higher crop yields locally to address the global food supply crisis.
Jeff Tweedy, CEO of Plant Health Care, said: ‟Today's announcement marks a significant milestone for Plant Health Care and our ambitious plans to grow our global footprint/market share. I am excited for our first sales of the PREtec technology in Europe which has the potential to grow considerably and transform the European farming industry towards a sustainable future with better crops delivering a higher yield for thousands of farmers. EDAF has proven to be a strong partner over the years, supporting the growth of PHC's products in Portugal.
Pedro Tavares, CEO of EDAF Unipessoal Lda, said: "Plant Health Care is a reliable partner, with cutting-edge technology and always looking for sustainable solutions for an increasingly demanding market, which allows for differentiated and technologically advanced products. This agreement aligns with our strategy to supply an innovative and high-quality portfolio to our customers and is responsive to the increasing demand for sustainable solutions. EDAF, LDA and its technical team would like to thank Plant Health Care for all the trust placed in it to develop and commercialize PREtec in Portugal."