SASKATOON, SASKATCHEWAN--(Marketwire - April 5, 2012) - MCN BioProducts Inc. ("MCN" or the "Company") announced today that it completed the sale of substantially all of its technology assets to Bunge Limited, a leading global agribusiness and food company.
MCN was formed by David Maenz, Henry Classen and Rex Newkirk, University of Saskatchewan researchers, to develop new products from canola. The Company proceeded to develop a unique, patented process to manufacture value-added canola-based ingredients for the aquaculture and animal feed industries.
Todd Lahti, President & CEO of MCN said, "We have taken this technology from the lab bench to the processing floor and proven the commercial value of our new canola-based products. The time is right to pass it on to a major processor with worldwide operations. Bunge has the processing and distribution expertise and infrastructure to maximize the technology's potential in a commercial setting."
After spinning out from the University, MCN received seed capital funding from Foragen Technologies, an agricultural technology venture capital firm. This was critical to advancing the technology to the point of interest for later stage investors. Investment followed from CIC Asset Management, GrowthWorks and FCC Ventures and this allowed the Company to finish the necessary research and development work, optimize its manufacturing process and complete product validation, all of which was necessary to attract interest from the large agribusiness firms.
Mr. Lahti continued, "Technology development is not an easy business. Advancing our canola processing ideas from invention to commercialization would not have been possible without the extraordinary commitment, perseverance and energy of our scientific team, David Maenz and Dierdre Culbert. They are both talented scientists, who have now had the unique experience of taking a home-grown technology to the international marketplace."
Note: Certain of the statements in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed by such forward-looking statements.