Last checked at 6 May 2010 07:00
6 May, 2010
Plant Health Care plc
("Plant Health Care" or "the Company")
Plant Health Care signs Myconate deal with alfalfa company Legacy Seeds Inc.
Plant Health Care (AIM: PHC), a leading provider of naturally derived products to the agriculture and landscape industries, has entered into an agreement with one of the major alfalfa industry companies, Legacy Seeds Inc. ("Legacy") for the development of a combination Myconate and Harpin product on alfalfa seeds in the United States.
Under the four year agreement, Plant Health Care will grant Legacy the exclusive rights to develop and market the Myconate and Harpin combination seed treatment technologies for use on alfalfa, the animal feed crop which is currently grown on over 30 million acres in the US. In addition to supply payments, Plant Health Care will receive milestone payments under the terms of the agreement, which may be extended beyond the original four-year term.
With more than 60 years of combined seed industry experience, Legacy Seeds is one of the US's major full-service seed companies specialising in clover, alfalfa and small grass seed with operations in Nampa, Idaho, and Waupaca, Wisconsin. They also service numerous independent seed companies who market under their own brands.
Bruce Ceranske, Vice President and Co-Founder at Legacy Seeds said, "This as an exciting opportunity to bring two complementary, value-adding technologies to alfalfa growers. The early results from Plant Health Care look promising. If Myconate stimulates root development and Harpin increases vigour as they have in other major crops, then alfalfa growers stand to win on all counts and Legacy Seeds secures a valuable differentiation tool for our seeds"
John Brady CEO of Plant Health Care commented: "This agreement represents a significant step forward for our company on several fronts. Legacy will be the first company to develop the power of both a Myconate and Harpin combined product for seed treatment on a very substantial crop. Alfalfa is one of the most important crops in the US and is planted on a very diverse range of soil and climatic conditions which will further validate the flexibility and comprehensiveness of our product portfolio. Additionally this deal along with our previously announced transactions demonstrates market appetite for Plant Health Care's naturally derived technologies and underlines the value we put on partnering with industry leaders in order to derive maximum benefit from the technologies and value for our shareholders."
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For further information, please contact:
| Plant Health Care plc |
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| John Brady, Chief Executive Officer |
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| Tel: +1-603-525-3702 |
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| jabrady@planthealthcare.com |
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| Evolution Securities | Tavistock Communications |
| Tim Worlledge / Tim Redfern | Jeremy Carey/Matt Ridsdale |
| Tel: +44-20-7071-4300 | Tel: +44-20-7920-3150 |
| tim.worlledge@evosecuties.com tim.redfern@evosecuties.com | jcarey@tavistock.co.uk mridsdale@tavistock.co.uk |
Notes to editors:
About Plant Health Care plc: Plant Health Care plc ("PHC") is a leading provider of naturally derived products for plants and soil. Established in 1995 in Pittsburgh (Pennsylvania) in the United States, PHC currently has approximately 90 employees and has operations in the United States, Mexico, the United Kingdom, Spain, and the Netherlands. The Company's ordinary shares have been quoted on the Alternative Investment Market ("AIM") of the London Stock Exchange since July 2004 and listed on the Official List of the Channel Islands Stock Exchange ("CISX") in February 2010 (ticker symbol/ mnemonic: PHC).
PHC's products are aimed at the agriculture and landscape industries and are environmentally beneficial. Through the commercialisation of these products, PHC is capitalising on current long-term trends toward natural systems and biological products for plant care and soil and water management. Further information is available at: www.planthealthcare.com.