LONDON, UNITED KINGDOM--(Marketwired - Mar 28, 2016) - Plandaí Biotechnology, Inc. (OTCQB: PLPL) ("Plandaí" or "the Company"), producer of the highly bioavailable Phytofare® catechin complex, today announced that it has sold and shipped over half a ton (640kg) of Phytofare® Catechin Complex to customers on four continents during the quarter ending March 31, 2016, its first full quarter of sales. The bulk of these sales were to customers in South Africa and Europe, with initial orders also being filled for Australia and India.
Callum Cottrell-Duffield, Vice President of Sales and Marketing for Plandaí Biotechnology, commented, "This past quarter represents the first quarter where we had full operating capacity and were able to establish significant sales in multiple territories. The hail storm last Spring set back our production and impacted our inventory, but we were able to launch our Phytofare® product regardless and start gaining traction in the markets. We've been able to steadily grow our customer base over the past six months and re-orders are growing month-to-month, both of which are positive signs for the future of Plandaí."
Addressing forecasts for the coming months, Mr. Cottrell-Duffield added, "Our immediate goal is to reach 500kg of sales per month, which, if month-to-month increases continue, should be easily attainable in Q3. By the end of the current fiscal year, we would like to be shipping over a ton (1,000kg) per month. We are in active discussions to expand our sales base to cover the remaining global markets, including North and South America and Asia, and expect to announce success on that front shortly."
Mr. Cottrell-Duffield continued, "Our product is definitely one of those that requires time to build a foothold in the marketplace since customer base is comprised of well-established supplement and nutrition product manufacturers. Adding Phytofare® to their products requires extensive in-house testing, then they have to change over all packaging and labeling. This then is followed by a new marketing program and product launch. So, it takes time and patience on everyone's part, but the momentum is rolling now and we're excited by the coming months."
With respect to the Company's financial statement filings, the company commented that the audit for the 2015 fiscal year is nearly complete and it expects to file its Form 10-K in the coming weeks. The subsequent quarterly reports should be filed shortly thereafter. Management regrets the unavoidable delays which, as reported on Form 8-K, resulted from the loss of its auditor days before the original filing deadline.
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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