Eastwood Bio-Medical Canada Inc. (TSX- V: EBM) (the “Company”) is pleased to announce the Company has agreed on binding terms with an Asian distribution company for a purchase order, the first segment of which will total $1.05 million USD. Announcements regarding the shipments and ensuing orders are expected to follow.
This initial segment of the purchase orders will include products already well established in Canada, such as Eleotin® Kalimera and Eleotin® Ma5, and also new „advanced‟ formulas made especially for Asian markets.
Eastwood Bio-medical Research Inc. fully supports the transaction. This initial segment of the purchase order is expected to be reflected in the next interim statements, for Q3 or Q4 2018, and is expected to result in a 900% increase in revenues compared to the same quarters last year.
Yunji Kim, President and CEO, commented, “We are extremely pleased to have reached this milestone. Our new manufacturing capabilities allow us to finally start producing highly advanced and complex products with the best quality and process control on a meaningfully larger scale. The manufacturing capacity was limited to less advanced products in the past. It was one of the factors that limited our growth. Our entering into this agreement proves that we are confident that we are no longer being bound by such production limitations.
Even though we have already had an exciting and growing line of products, including products that have been authorized by Advertising Standards Canada (ASC) to be marketed as the „World‟s #1 Doctor Recommended Natural Source Healthy Blood Glucose Promoting Product available in Canada.‟, our revenue has been extremely limited by these technical production limitations. Understandably, a few analysts and experts have been puzzled as to why the revenues were so small, when the products were proven to have attractive results. I hope that a continuing stream of larger scale transactions will soon put to rest all the remaining puzzles and scepticisms.
It is the first order to Asia of this size that takes advantage of the new capabilities. The Asian market for these products are already vast and growing explosively rapidly. The Company has begun negotiating distribution terms with several other Asian companies, as well as additional orders from the above mentioned company.
Having gained critical manufacturing capacities for advanced products and begun negotiations with major distributors, I am looking forward to our company‟s continuing bright performance and growth in the future.”
About Eastwood Bio-Medical Canada, Inc.:
The Company is a Vancouver based biotechnology company whose Eleotin® brand of products provide natural sourced solutions for metabolic syndromes such as blood glucose control, obesity, and hypertension.
Eleotin® was initially developed by the scientists at the Julia McFarlane Diabetes Research Center (JMDRC) at the University of Calgary in Alberta, Canada. The JMDRC is a leader in research on the cause, cure, and prevention of Type I and Type II diabetes. After the initial development by the JMDRC, research and development were continued by Eastwood Bio- medical Research Inc., the Company, and other institutions around the world, including Tsinghua University of the People‟s Republic of China. Eleotin® products have been endorsed by thousands of doctors and diabetes associations around the globe.
More information on Eastwood Bio-Medical Canada Inc, can be found on the website www.eleotin.ca.
For further information, please contact:
Eastwood Bio-Medical Canada Inc.
Yunji Kim, President and Chief Executive Officer Telephone: (604) 247-2100
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