VANCOUVER , BC, March 11, 2021 /CNW/ - Pontus Protein Ltd . (TSXV: HULK) (FSE: 8YC) (" Pontus " or the " Company "), in a move to develop sales, has signed a Letter of Intent (the " LOI ") with Canadian T&J International Development Inc. (" T&J "), a private arm's length British Columbia corporation, and distributer to 80% of all Asian Supermarkets in Western Canada , with products including the well-known Natural World brands. The Agreement between Pontus and T&J covers potential distribution and sales of both Pontus Protein and Pontus Foods added value products.
Connor Yuen , CEO of Pontus, stated, "Our market analysis identified the increase in meat reduction and the increase in demand for sustainable plant based protein across North America , yet this is still a fairly new phenomenon. In many Asian cultures, vegetarianism has been established for centuries, driven by access to meat, culture and religion. T&J's comprehensive distribution to the Asian supermarkets, including T&T and most Asian Supermarkets, will give us access to this large existing market."
Dean Liu , CEO of T&J added, "The demand for healthful plant based products in Asian supermarkets is well established, and we also see a move to gluten-free and low carbohydrate diets. Pontus Protein will meet these trends, and its versatility as a raw ingredient added into products will be very appealing to my clients. This agreement is for North American sales and distribution. Still, we also have significant sales in China that I believe we can access with Pontus, as it is such a strong product and Chinese people love Canadian products. Food is used as medicine, and people are often looking for the healthiest options for their wellbeing. In China, with the population growth, there is an increasing concern for food security. In the growing Chinese middle class, there is a thirst for premium and clean products, Pontus well meets these growing needs of the most populated country in the world."
It is the intentions of Pontus and T&J to continue good faith negotiations to finalize a definitive agreement (a " Definitive Agreement ") that would cover distribution and sales, which will also include the economic terms of such arrangement.
About Canadian T&J International Development Inc.
T&J is an international trader that supplies over 200 products, a distributor to 80% of all Western Canadian Asian Supermarkets, including T&T, Lucky Supermarkets, H-Mart, Foody World. A-mart and China World and online via Amazon and in Walmart in China . Our focus is on three categories, Grains and Beans, Spices and Dried Edibles. T&J has established sales and distribution channels for quality products, including the Natural World brand, ubiquitous in Asian Households.
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 percent 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 at being the base protein for plant based food products, which will lead this movement that has begun in the world transitioning from meat based to plant based protein.
To learn more, please visit pontuswaterlentils.com.
On behalf of the Board of Directors
"Connor Yuen"
Connor Yuen , CEO
Pontus Protein Ltd.
Forward-Looking Information
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, progression of the letter of intent to a formal business relationship. 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. The risks include, but are not limited to, the following: the unknown magnitude and duration of the effects of the COVID-19 pandemic. 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.
SOURCE Pontus Protein Ltd.
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