Kane Biotech Signs Distribution Agreement and Secures First Order from China
WINNIPEG, Manitoba, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE), (the “Corporation” or “Kane Biotech”), is pleased to announce that it has signed a non-exclusive Distribution Agreement with a major Chinese distributor and secured its first order valued at $25K USD. The order includes Kane's StrixNB™ Water Additive for the Chinese Veterinary market as well as its bluestem™ Water Additive and Oral Spray for the Chinese pet specialty market.
Grant Humphrey, Vice President Sales and Business Development of Kane Biotech, stated, “The Chinese market holds incredible potential with regards to new business for Kane. China’s middle class has grown significantly and the market for pet specialty products has grown right along with it. There are now over 73 million families that own a pet in China versus 85 million families in the US. By 2020 the market in China will be worth 31.4B RMB or $4.62B USD. We’re very pleased to have our foot in this door.”
Marc Edwards, Chief Executive Officer of Kane Biotech, added, “This order is great news for Kane Biotech and we’re excited about the opportunity this brings for expanding our sales and distribution into a significant new market. This nicely builds upon the momentum of our recent successes of growing sales in both Canada and the United States.”
The terms of the Distribution Agreement stipulate that orders are to be paid up front. At the time of this release, funds had not yet been received.
About Kane Biotech
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms.
The Corporation has a portfolio of biotechnologies, intellectual property (75 patents and patents pending, trade secrets and trademarks) and products developed by the Corporation’s own biofilm research expertise and acquired from leading research institutions. StrixNB™, DispersinB®, Aledex®, bluestem™, AloSera™, coactiv+™ and Kane® are trademarks of Kane Biotech Inc. The Corporation is listed on the TSX Venture Exchange under the symbol "KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.
For more information, please visit www.kanebiotech.com or contact:
Marc Edwards
Chief Executive Officer
Kane Biotech Inc.
+1 (514) 910-6991 medwards@kanebiotech.com
Grant Humphrey
Vice President, Sales and Business Development
Kane Biotech Inc.
+1 (204) 914-5089 ghumphrey@kanebiotech.com
Neither 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.
Caution Regarding Forward-Looking Information
This press release contains certain statements regarding Kane Biotech Inc. that constitute forward-looking information under applicable securities law. These statements reflect management’s current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to, risks relating to the Company’s: (a) financial condition, including lack of significant revenues to date and reliance on equity and other financing; (b) business, including its early stage of development, government regulation, market acceptance for its products, rapid technological change and dependence on key personnel; (c) intellectual property including the ability of the Company to protect its intellectual property and dependence on its strategic partners; and (d) capital structure, including its lack of dividends on its common shares, volatility of the market price of its common shares and public company costs. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by the Company with applicable securities regulatory authorities, available at www.sedar.com. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive.
These risks and uncertainties should be considered carefully undue reliance should not be placed on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot provide assurance that actual results will be consistent with these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.
“Neither 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."
Released February 19, 2019