FreshXtend Technologies Corp.
TSX VENTURE : FXT

FreshXtend Technologies Corp.

February 19, 2008 18:31 ET

Mantrose-Haeuser and FreshXtend Form Joint Ventures

WESTPORT, CONNECTICUT and VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2008) - Mantrose-Haeuser Co., Inc. and FreshXtend Technologies Corp. (TSX VENTURE:FXT) today announced that they have agreed to form two companies, NatureSeal, Inc. (U.S.) and AgriCoat NatureSeal Limited (UK). Mantrose and FreshXtend will transfer into the two newly formed companies their respective antioxidant businesses that prolong the shelf life and reduce discoloration of fresh-cut produce. The parties anticipate closing to occur on or before April 1, 2008.

Mantrose will be the majority shareholder and will control and direct the operations of each company. FreshXtend will be a shareholder and have board representation in each company and will continue to be involved in the future development of the businesses.

The formation of the two joint ventures will be part of an overall settlement resulting from a lawsuit by Mantrose alleging patent infringement by FreshXtend. FreshXtend has agreed to cease marketing its antioxidant products used for preservation of fresh-cut fruits and vegetables and at closing, FreshXtend customers will be released from any potential patent infringement claims by Mantrose for the period up to the closing date.

"We believe that this agreement not only provides clarity to the marketplace with respect to our technology, but will also serve to accelerate the development of new technologies and products beneficial to our customers," said William Barrie, President and General Manager of Mantrose. "We certainly will be pleased to have this litigation resolved and look forward to assisting Mantrose's development efforts in this new venture," said Murray Boyte, Chairman of FreshXtend.

Mantrose-Haeuser Co., Inc. is a leading supplier of edible film coatings for the pharmaceutical, confectionery and agricultural industries and is based in Westport, Connecticut. NatureSeal is a family of products that keeps cut produce fresh and was developed and patented jointly with the USDA -- Agricultural Research Service.

FreshXtend Technologies Corp. is a leading provider of life extension technology to the high-growth fresh produce and flower industry. FreshXtend's patented technologies naturally place produce in a state of hibernation while it is being shipped and extend the shelf-life of fresh produce, flowers and juices. FreshXtend is based in Vancouver, British Columbia and has a network of R&D relationships, which include the University of British Columbia.

The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • FreshXtend Technologies Corp.
    R.W. Robinson
    (604) 322-0759
    (604) 322-0487 (FAX)
    or
    Mantrose-Haeuser Co., Inc.
    Karen Murphy
    (203) 454-1800