Clover Corp Ltd - (Nu Mega site)
Sydney, Mar 16, 2009 AEST (ABN Newswire) - Clover Corporation Limited (ASX:CLV)(PINK:CLVCF) wholly owned subsidiary Nu-Mega Ingredients Pty Ltd ("Nu-Mega") has appointed North American based GTC Nutrition, a business unit of Corn Products International, Inc. (NYSE:CPO), as exclusive distributor and agent of Nu-Mega Ingredients' range of refined and microencapsulated fish oil powders in the America's and the European Union.
Nu-Mega is a specialist Australian nutraceutical company with an established reputation for technical expertise and product innovation, and is a leading global provider of innovative Omega-3 HiDHA(R) functional liquid and powder ingredients. Nu-Mega manufactures a range of patented microencapsulated omega-3 powders, including those containing HiDHA(R) tuna oils, that enable the addition of these nutritionally essential oils to a broad spectrum of infant formulas, supplements and foods in a convenient and stable form.
GTC Nutrition is a recognized leader in providing innovative, customized ingredient solutions along with scientific, technical and marketing expertise to the food processing, dietary supplement and animal feed industries. GTC Nutrition promotes health globally with innovative functional food ingredients and unsurpassed customer support.
GTC Nutrition will assume distribution and agency responsibilities in the Americas and Europe from 16 March 2009. The distribution and agency agreements for both regions cover the entire Nu-Mega(R) product range, including Driphorm(R) and ThermoMax(TM) microencapsulated HiDHA(R) powders and long-chain polyunsaturated fatty acid (lcPUFA) oils.
Nu-Mega will continue to manage the relationships with a number of global companies based in the Americas and Europe. Nu-Mega will continue to service the Asian, Oceania and those markets not specified in the agreements from Australia.
The distribution and agency agreements follow a period of strong financial performance and restructuring within Clover, including the acquisition of the remaining 30% equity in Nu-Mega in mid FY2008 and the integration of the Nu-Mega management team.
Clover Corporation CEO and Managing Director Dr Ian Brown said that the company had recognised that the American and European markets represent a key opportunity for the next stage of the Company's development.
"We have seen a significant increase in sales to Asia over the past year. As we implement a multi-year plan for growth the appointment of GTC Nutrition as our exclusive distributor and agent in the America's and the EU makes us equally confident that the market opportunity in these regions will be just as exciting for Nu-Mega Ingredients" Dr Brown said.
Through Nu-Mega Ingredients' distribution and agency agreements with GTC Nutrition, Clover Corporation is strategically placed to exploit the increasing regional demand in the Americas and Europe for nutritionally important long chain omega-3 oils and value-added functional food ingredients. Both companies are excited about the opportunity of working together to develop these markets through a proactive market presence and a focus on the development of innovative nutritional and functional ingredients.
Contact
Dr Ian Brown
Tel: +61-2-9224-6703
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