VANCOUVER, BC, May 18, 2021 /CNW/ - Pontus Protein Ltd. (TSXV: HULK) (FSE: 8YC) ("Pontus" or the "Company"), is pleased to announce that, pursuant to its news releases dated March 31, 2021, February 24, 2021 and February 3, 2021, Pontus is on track to complete its phase 1 of production, laboratory infrastructure (the "Lab") construction by mid-June, at its Surrey, British Columbia production facility (the "Surrey Facility"). The Lab will replace the current production capacity from Pontus' first farm in Victoria, B.C.
"We are very pleased to bring the first part of our production capabilities online. The Lab has three immediate benefits: firstly, allowing increased production for additional scientific testing as we work towards our nutraceutical regulations in the U.S. and Canada; secondly, allowing batch protein powder production enabling third-party manufacturers to initiate product development; and lastly, the Lab will allow us to further test and refine our new technologies, such as HARV ("Harvesting Automated Robotic Vehicle")," said Steve McArthur, Pontus' Chief Technology Officer.
Prior to securing the prebuilt 20,570 sq ft Surrey Facility, Pontus forecasted its annual production capacity at 6.4 metric tonnes of annualized product based on building a 10,000 sq ft facility. The additional space of the Surrey Facility has enabled Pontus to add the research and development Lab space and increase its overall production capacity. Based on detailed analysis, the Company is now projecting an increased production of up to 11.0 metric tonnes of annualized product, a 72% increase in output from previously stated numbers.
About Pontus Protein Ltd.
Pontus Protein Ltd. is a Vancouver, B.C. based company that grows water lentil protein for commercial use. Pontus is reinventing agriculture with their proprietary Closed Environment Vertical Aquaponic System (CEVAS) – the farming of the future. Pontus specializes in the indoor vertical farming of water lentils that use 95% less water than traditional agriculture and no pesticides or chemicals. Pontus is committed to solving the global food crisis by providing access to sustainable indoor biosecure pure plant based proteins. Pontus' water lentils can be harvested every 24 hours, exceed organic certification, and can be grown in any climate in a relatively small area. Our water lentil protein is filled with antioxidants, minerals, vitamins and all the amino acids, making a complete protein food source. Pontus aims to revolutionize the plant based sector as the entire sector is currently based on two main protein sources: soy and pea. Lentil protein is far superior to pea and soy protein. It contains over 40% protein vs. 5-36% protein*, and Pontus aims to be the base protein for plant based food products, leading to the movement transitioning the world from meat based to plant based proteins.
To learn more, please visit pontuswaterlentils.com.
On behalf of the Board of Directors
Connor Yuen, CEO
Pontus Protein Ltd.
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the anticipated completion of the Surrey Facility, including the Lab construction, and any anticipated production benefits therefrom including, but not limited to, estimated production yields or outputs of Pontus' water lentils, and Pontus' ability to revolutionize the plant based sector. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. These risks include, but are not limited to, the following: the unknown magnitude and duration of the effects of the COVID-19 pandemic, the failure of Pontus to receive the necessary approvals from the City of Surrey for its proposed leasehold improvements at its Surrey Facility or from the Canadian Food Inspection Agency, the inability to complete the Surrey facility's leasehold improvements, as well as other general business, economic, or market related risks beyond the director control of the Company and which may affect the Company's business, operations, or products. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.