Kane Biotech Announces Fulfilment of First Major Animal Oral Care Product Order from China
WINNIPEG, Manitoba, Dec. 17, 2019 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE) (the “Corporation” or “Kane Biotech”), a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms, today announced that it has fulfilled its first major order, for $125,000 in bluestemTM Pet Oral Care products, to its exclusive Chinese distribution partner, Eetoys Pet Products Limited (“Eetoys”).
In July 2019, Kane Biotech announced the signing of an exclusive distribution agreement with Eetoys, pursuant to which Eetoys will distribute Kane Biotech’s bluestemTM Oral Care products to more than 2,000 retailers across major markets in China. In the third quarter of 2019, Kane Biotech fulfilled a test order from Eetoys, successfully shipping the product overseas and clearing customs.
“This shipment, which represents our second largest global order to-date, is a major milestone for Kane Biotech, particularly with the recent relaunch of our animal health business,” stated Marc Edwards, CEO of Kane Biotech. “We believe this shipment marks the beginning of significant global sales growth of Kane’s specialty pet product line, supported by our partnership with Eetoys in the fast-growing Chinese market as well as our ongoing strategy to increase North American sales via online and major retailer channels.”
“This summer, we received strong interest in Kane Biotech’s Oral Care products at one of China’s largest pet shows, China Pet Fair Asia 2019,” said James Chen, President of Eetoys. “Given this early positive response from our customers, we are looking forward to continuing to work with Kane Biotech to offer a variety of specialty pet products to retailers across China.”
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 (56 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. StrixNBTM, DispersinB®, Aledex®, bluestemTM, AloSeraTM, coactiv+TM and Kane® are trademarks of Kane Biotech Inc. The Corporation is listed on the TSX Venture Exchange under the symbol "KNE".
For more information, please visit www.kanebiotech.com, or contact:
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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.
Released December 17, 2019