Ceapro renews licence, distribution deal with Symrise
Ceapro Inc (C:CZO)
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Last Close 4/5/2016 $0.53
Wednesday April 6 2016 - News Release
Mr. Gilles Gagnon reports
CEAPRO ANNOUNCES RENEWAL OF A LONG TERM LICENSE AND DISTRIBUTION AGREEMENT WITH SYMRISE
Ceapro Inc. has signed a new long-term agreement with multinational Symrise AG, based in Germany, for the distribution and commercialization of Ceapro's high-value active ingredients to major key international players in the cosmetic market.
The financial terms of the agreement were not disclosed. However, Symrise will provide Ceapro with financial support under the form of a significant line of credit until Jan. 1, 2019.
"Symrise is a long-term partner of Ceapro, and we are very pleased to have renewed this agreement. Their continued partnership and financial support should enable us to accelerate the growth of our cosmeceuticals base business. We are delighted for the vote of confidence towards our company and especially for the recognition of the quality and uniqueness of Ceapro's products to be manufactured in our new and larger-capacity facility in Edmonton," said Gilles Gagnon, president and chief executive officer of Ceapro. "We are confident that our partnership with Symrise, one of the most respected players in our industry, will continue to equally aid in the achievement of our common goals," he added.
"Ceapro and Symrise have a long-standing relationship in product development that has benefited both companies over the years," said Eder Ramos, president, cosmetic ingredients division, Symrise AG. "We see great value in this partnership and are very pleased to have secured the renewal of this agreement, which will continue to pave the way for future developments that should benefit both companies in creating value."
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