LONDON, UNITED KINGDOM--(Marketwired - Jul 6, 2016) - Plandaí Biotechnology, Inc. (OTCQB: PLPL) ("Plandaí" or "the Company"), producer of the highly bioavailable Phytofare® catechin complex, today discussed the recent filing of the Company's financial statements for the year ended June 30, 2015, filed last week on Form 10-K, and announced that the quarterly reports for the first, second and third quarters of the current year being prepared for review. The Company anticipates that all delinquent filings will be made in the coming weeks with a goal of being fully reporting and relisted on the OTCQB by the end of August 2016.
Roger Baylis-Duffield, Chairman and Chief Executive Officer of Plandaí, commented, "The past several months have been exhausting as we were forced to change auditors and then re-audit 2014 on top of 2015. We wanted to ensure that our filings were beyond reproach, so the process took longer than any of us anticipated. With that said, our commitment is to remain current on our filings going forward so that our shareholders have timely and accurate financial information."
In addressing the June 30, 2016 operating results, Mr. Baylis-Duffield stated, "In January 2016 we finally began selling our inaugural product, Phytofare® Catechin Complex, a green-tea derived extract high in bioavailability that contains all eight catechins. Thus far, the market has been accepting. Phytofare®, as a premium product, is not comparable to generic green tea and thus customers cannot simply swap out to our ingredient. Besides subjecting Phytofare® to a battery of tests, customers need to change over all their packaging, labeling and, in some cases, rework their product formulations. All of this translates into a fairly long buy cycle. With this said, revenues have been steadily growing and we booked around $175,000 in Phytofare® sales over the first six months of 2016.
"Going forward," Mr. Baylis-Duffield added, "we expect to maintain current sales level of between 300-400kg per month through September 2016. At that point, weather permitting, we can recommence production and expect to grow sales from October 2016 forward until we reach the two tons per month level. We are finalizing the manufacturing and processing specifications for our solvent-free Phytofare® Citrus Complex and hope to have an announcement soon on this product's availability to the market."
"With respect to our research for the animal husbandry industry," Mr. Baylis-Duffied stated, "Plandaí is working on a commercial solution to improve poultry health, lower mortality and control diseases, all of which represent higher profits to the producer and healthier products to the consumer. We are commencing a three-phase clinical investigation in South Africa to confirm that pH2 catechins™ inhibit pathogens naturally found in the intestinal tract of poultry and which are the primary cause of the most common and financially devastating bacterial diseases in modern broiler flocks. The first of these studies is set to commence next week and we would like to be complete with all studies by the end of the year."
Mr. Baylis-Duffield concluded, "While ongoing reporting delays hampered operations to an extent in 2016, we were able to successfully launch Phytofare® into the market. We have had encouraging levels of sales in Europe and Africa, and developed a solid sales structure in North America that should soon start generating significant results. We are grateful to be over the hurdled and excited to start the new fiscal year."
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.
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