BUFFALO, NY and PERTH, AU, Feb 17, 2018 - (Antara) - Holista CollTech Ltd (Holista; ASX: HCT) is pleased to announce that group company Holista Foods Inc. (Holista Foods) has signed a 3-year MoU to supply its patented low glycemic index (GI) mix to Ontario-based Wing's, North America's leading noodle supplier.
The MoU marks Holista's entry into the noodle market, and is expected to have a significant impact on revenue from the present fiscal year. Pursuant to the MoU, sales of US$6 million are expected for fiscal 2018, projected to increase to US$12 million in 2019 and to US$25 million in 2020.
Buffalo, NY-based Holista Foods' patented formula recorded a GI reading of 38 in tests by Glycemic Index Laboratories, Inc., well below the global average of 60. The noodles are now endorsed by the Glycemic Index Foundation and recommended by Diabetes Canada.
An 85-gram serving contains 11 grams of protein, 3 grams of fibre and no sugar while being low sodium and cholesterol and providing sustained energy. The formula comprises extracts of okra, lentils, barley and fenugreek - clean label ingredients with no artificial ingredients or preservatives.
Neal Lee, President of Wing's, said: "Diabetes is becoming a global pandemic that threatens lives and increases healthcare costs. Wing's is proud to be the first major noodle manufacturer in the world to launch a dedicated low-GI noodle. We are confident that our partnership with Holista will be well-received in North America, if not globally."
Nadja Piatka, CEO of Holista Foods, said: "The North American noodle market is sizeable and significant, and we believe this collaboration with Wing's can set the trend for global acceptance of a healthy version of instant noodles without compromising taste or texture. We are grateful to Wing's for this partnership."
Dr Rajen Manicka, Chairman and CEO of Holista, said: "Our MoU with Wing's is significant as it marks our entry into the global noodle market with a low-GI product that is both healthy and affordable. We are confident that this market validation will also enable us to gain greater acceptance in Asia, especially the leading noodle markets of China and Indonesia, and in the lucrative instant noodle market."
About Holista CollTech Ltd
Holista CollTech Ltd (Holista; ASX: HCT), a research-driven biotech company, comes of a merger between Holista Biotech Sdn Bhd and CollTech Australia Ltd. Headquartered in Perth with extensive operations in Malaysia, Holista is dedicated to delivering first-class natural ingredients and wellness products and leads in research on herbs and food ingredients. Please visit www.holistaco.com.
About Holista Foods Inc
Holista Foods is an American joint venture between Holista Colltech and Nadja Foods, aimed at commercializing all its patents in North America. To learn more, visit: www.holistafoods.com
About Wing's Food Products
Wing's Food Products (Wing's), a family business founded in 1953, and has grown to become a major Canadian manufacturer of noodles, wraps and cookies. Serving retail, food service and B2B Wing's has operations in Toronto and Edmonton, Alberta. For more information, please visit www.wings.ca.
For further information, please contact:
Dr Rajen Manicka
Media and Investor Relations
WeR1 Consultants Pte Ltd
E: firstname.lastname@example.org; +603 2731 9244
E: email@example.com; +65 6737 4844