Planet Polymer Technologies Inc. (Nasdaq:POLY), announced that the Food and Drug Administration has approved the application for a FCN (Food Contact Notification) for the topical coating technology that it has developed for use in extending the shelf life of fruit and vegetables and also helps lengthen the growing/harvest season for produce products.
This technology, which is licensed to Agway’s CPG Technologies subsidiary, extends the shelf life of a wide variety of tropical fruits and produce. It is sold by Agway under the trade name of FreshSeal(TM).
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Planet also announced that the U.S. Patent and Trademark Office has issued Patent Number 6,165,529 for the process of preserving fresh produce and coating composition.
Richard C. Bernier, chief executive officer & president, said, “With both the intellectual property protection and the FDA approval we believe that Agway will be able to move forward aggressively to promote this technology and the benefits it offers to the growers, packers and, ultimately, the consumer in the form of better, fresher and lower cost produce.” According to Michelle M. Burnett, president, CPG Technologies, a division of Agway, “FreshSeal(TM), which controls the respiration rate of the fruit, is commercially available for mangoes and cantaloupe. In addition, the technology is being tested for papaya, limes avocados, bananas and pineapples.”
Planet Polymer is an advanced materials company that develops and licenses unique water-soluble polymers and biodegradable materials with broad applications in agriculture and industrial manufacturing. Planet has licensed its proprietary coating technology exclusively to Agway for this application. More information on FreshSeal(TM) is available at www.freshseal.com.
Except for the historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties, including the risk that actual results could differ materially from the results that may be indicated by such forward-looking statements. Factors that could cause or contribute to such differences include, but not limited to are that the Company and Agway Inc. will be unable to negotiate future business opportunities, the risk of acceptance and pricing of new products, market conditions, dependence on key personnel as well as the other risks detailed from time to time in Planet Polymer’s SEC reports, including the report on Form 10-KSB for the year ended Dec. 31, 1999.
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