|By Marketwired .||
|March 7, 2014 12:15 PM EST||
NEW YORK, NY -- (Marketwired) -- 03/07/14 -- Plandaí Biotechnology, Inc. (OTCQB: PLPL), a producer of highly bioavailable plant extracts for industries including health, wellness, nutraceutical, and pharmaceutical, announced today that it has acquired an additional eighteen percent (18%) ownership interest in Dunn Roman Holdings Africa (Pty) Ltd, the South African holding and management company that operates the Senteeko Tea Estate and the Phytofare production facility. With this acquisition, Plandaí now owns 100% of Dunn Roman.
Commenting on the acquisition of the minority holders' interest, Plandaí Chairman and Chief Executive Officer Roger Duffield commented, "Strategically this acquisition makes sense for us because now we can consolidate all of our South African interests into one company. This eliminates intercompany transfer pricing, which is detrimental to customers, and also avoids the double taxation at the different corporate levels in South Africa. In the early stages of our operations, when we first started rejuvenating the tea estate and designing the factory, it made sense to keep the various aspects of our operations separate and to bring in minority shareholders to assist with financing and Shamile community relations. Now that we are set to commence production and sales, it makes more business sense to consolidate and streamline our operations. This move will result in a marked reduction in overhead, greater margins, and a significant tax savings. The acquisition also means that once we are generating income from our South Africa operations, we get to keep a much greater percentage of it."
The Company's South African holdings consist of Dunn Roman, which is now owned 100% by Plandaí, Breakwood Trading 22 (Pty) Ltd.; which operates the Senteeko Tea estate to grow the green tea and of which Plandaí owns 74%; and Green Gold Biotechnologies (Pty) Ltd, which operates the extraction facility and of which Plandaí now owns 84%. The remaining ownership is held by the Shamile tribal community in accordance with the long-term notarial lease agreement. Plandaí issued a total of 1,050,000 restricted common shares to acquire the remaining 18% interest in Dunn Roman and an additional 10% interest in Green Gold.
About Plandaí Biotechnology, Inc.
Plandaí Biotechnology, Inc. and its subsidiaries develop highly bioavailable, phytonutrient rich extracts which are being utilized to deliver a new family of drugs to safely and affordably treat a multitude of diseases and conditions. Plandaí Biotechnology controls every aspect of the process, from growing the raw materials on its farms in South Africa, to producing its patented 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, nutraceutical, anti-aging, and pharmaceutical. For more information, please visit http://www.plandaibiotech.com.
Email: [email protected]
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