Minneapolis-St. Paul, Minnesota and San Carlos, Caliifornia, USA
December 12, 2017
Calyxt, Inc. (NASDAQ: CLXT), a consumer-centric, food- and agriculture-focused company, and Farmer's Business Network, Inc (FBNSM), the independent farmer-to-farmer network, today announced a partnership to expand the distribution and grower base of Calyxt's identity-preserved high oleic soybeans in the upper Midwest.
As a specialty food ingredients company Calyxt has been building its supply chain in preparation for the commercial launch of its first product, high oleic soybeans in 2018. FBN has been scaling up its analytics, agricultural inputs distribution infrastructure, farmer member base and geographical reach, now representing over 16 million acres of farms. By working together, the companies will be able to offer turnkey solutions aiming to increase profitability for farmers interested in growing identity-preserved soybeans.
This new partnership enables FBN DirectTM to distribute Calyxt's identity-preserved high oleic soybean seeds to growers in its network and register farmers for Calyxt's Producer Premium Program.
“This unique partnership with Calyxt allows farmers to grow identity-preserved crops and expand their profitability in a time of low commodity prices,” said Amol Deshpande, Chief Executive Officer and Co-Founder of the Farmers Business Network. “Working with Calyxt allows FBN members to get paid premiums for producing crops that benefit consumers.”
“Working with the FBN is a great strategic fit given the complementary business models of both companies,” added Federico Tripodi, Chief Executive Officer of Calyxt. “Calyxt's focused innovation to create heathier foods for consumers, is now enhanced by the rapidly growing FBN farmer network. The companies together will disrupt the ag and food space by delivering innovative products and solutions directly to both farmers and consumers.”
“Through utilizing the rapidly growing FBN farmer network, Calyxt will not only be able to develop a dedicated, high-quality grower base for the commercial launch of its high-oleic soybeans in 2018, but will also allow the Company to rapidly bolster its supply chain operations in the upper Midwest,” concluded Manoj Sahoo, Chief Commercial Officer of Calyxt. “It's a win-win for farmers and consumers alike, and we are one step closer to truly making history by bringing food products to people all over the country who want to lead a healthier lifestyle with more nutritionally rich foods.”
About Calyxt
Calyxt, Inc. is a consumer-centric, food- and agriculture-focused company. By combining its leading gene-editing technology and technical expertise with its innovative commercial strategy, Calyxt is pioneering a paradigm shift to deliver healthier food ingredients, such as healthier oils and high fiber wheat, for consumers and agriculturally advantageous crop traits, such as herbicide tolerance, for farmers. Calyxt is located in Minneapolis-St. Paul, MN, and is listed on the Nasdaq market (ticker: CLXT).
For further information please visit our website: www.calyxt.com
Calyxt™ and the corporate logo are trademarks owned by Calyxt, Inc.
TALEN® is a registered trademark owned by the Cellectis Group.
About Famer's Business Network, Inc.
Farmer's Business Network, Inc. is an independent farmer-to-farmer network, built by and for Farmers, representing Farmers FirstSM. FBN members receive comprehensive farm benchmarking, real world seed performance, input optimization and pricing analytics based on over 115 million acre events of real-world precision agronomic data. The FBN Direct e-commerce platform provides national, transparent pricing on ag chemicals, fertilizers, seeds, technology and services. FBN Crop MarketingTM provides farms premium contracts, production contracts, risk management, and price intelligence powered by a global buyer network.
The FBN Network has grown to over 16 million acres of member farms in the US and Canada. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has offices in San Carlos, California, and a National Operations Center in Sioux Falls, South Dakota, and employees spanning 25 states and Canadian provinces.
The FBN Network's mission of creating a better farm economy has earned the support of world-class technology investors GV (formerly Google Ventures), DBL Partners, Kleiner Perkins Caufield Byers LLP, Bow Capital, Acre Venture Partners, Temasek, and T. Rowe Price. To learn more, visit: www.farmersbusinessnetwork.com.
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