(MENAFN - GlobeNewsWire - Nasdaq) itemprop="articleBody">
Today, June 24th 2019, Hofseth BioCare ASA ('HBC') has entered into a Letter of Intent (the 'LOI') with Florida-based and Nestlé-owned Garden of Life® ('GOL') for sales of HBC products in the USA.
The LOI states that as soon as the final organoleptic tests are done, the parties envisage entering into a long-term agreement with the intention of developing a close collaboration on cultivating and developing the world market for HBC's products; Salmon Collagen Peptides, CollaGo®, and Salmon Protein Hydrolysate, ProGo® ('the Products'). HBC will appoint GOL its exclusive partner in the US market for the purposes of implementing the Products as ingredients in GOLs product range.
Upon GOL's approval of a successful testing, HBC will grant GOL an exclusive and non-transferable license in the US market for the Products as ingredients in GOL products. The exclusivity is dependent on GOL reaching agreed annual sales and marketing targets.
The Products will be distributed by HBC's partner in the US, Chicago-based Hofseth North America, LLC, which negotiated this agreement. The parties aim to finalize the testing in 2019 and launch the Products in the US market early in 2020.
For further information, please contact:
Roger Hofseth, CEO of Hofseth BioCare ASA
Phone: +47 951 47 941
Matt Mixter, CEO and Partner of Hofseth North America Llc.
Phone: +1 312 888 1683
About Garden of Life®:
Garden of Life LLC is the recognized leader and innovator in whole food, science-based, Certified USDA Organic and Non-GMO Project Verified nutrition. Garden of Life LLC manufactures and markets nutritional products. The company offers more than 350 branded supplements; plant-based vegan high-protein powders, raw meals, raw proteins, organic plant proteins, digestive health products, beauty products, foundational nutrition products, herbal immune balance products, immunity support products, raw digestion products, extra virgin coconut oils and organic whole food bars, living nutrients, weight management products, Omega-3 supplements and fish oils, whole food multivitamins and nutrients, and raw food vitamins multivitamin formulas, targeted nutrient formulas, and grow bone systems.
GOL serves customers via retailers in the United States. The company, formerly known as JSR Wellness, Inc., was founded in 2000 and is based in Palm Beach Gardens, Florida. Garden of Life LLC operates as a subsidiary of Atrium Innovations Inc. Atrium Innovations, a globally recognized leader in the development, manufacturing and commercialization of innovative, science-based, natural health products and Permira, is an independent operating division within the Nestlé Health Science business. For more information on Garden of Life, visitwww.gardenoflife.com
About Hofseth BioCare ASA:
HBC is a Norwegian biotech company that offers high-value ingredients and finished products for humans and pets. The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC is able to preserve the quality of salmon oil, proteins and calcium, prepared of fresh salmon off-cuts. HBC's objective is to contribute to the efficient use of marine resources and deliver quality products for ingredients and finished consumer products in the nutrition market.
Hofseth BioCare's headquarters are located in Ålesund, Norway with branches in Oslo, Chicago, Mumbai and Tokyo. HBC is listed on Oslo Stock Exchange Axess list with ticker "HBC". More information about Hofseth BioCare at www.hofsethbiocare.com and www.facebook.com/hofsethbiocare
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act