October 11, 2018 – Richmond, British Columbia – Eastwood Bio-Medical Canada Inc. (TSX-V: EBM) (the “Company”) is pleased to announce the Company has begun discussing manufacturing for several health food companies, including those with a wide presence in North America. The Company expects its facilities to generate manufacturing revenue from these sources beginning November 2018. It is expected that the Company will produce for them an estimated 12 million capsules, 50,000 bottles of capsules, 100,000 jars of functional food powder, as well as 500,000 blister packs a year. The Company expects to update these figures as the true capacity of the new facilities become clear.
The Company announced this past April that it was exercising its right to purchase the manufacturing assets of Eastwood Bio-Medical Research Inc. (EBMR). EBMR’s manufacturing facilities holds a site licence granted by Health Canada in accordance to General Manufacturing Practices (GMP) requirements. The facilities are currently capable of producing up to 3 million capsules and packaging 10,000 bottles per day. The facilities are also capable of packaging powdered natural health products such as meal replacement foods and supplement sachets. These capacities are expected to increase as the new facilities go through initial break-in periods.
Yunji Kim, President and CEO, commented, “We can only roughly estimate today the true long-term capacity of our new facilities, and our capability to maintain contract manufacturing clients. However, we do know that we can offer high quality manufacturing services with a practice dedicated to an efficiency unique to the market. We estimated that the facilities could yield possible savings of up to $7 million in manufacturing costs, as well as allow us to research and develop additional products, and fast track to the market launch of new products in the Company’s pipeline. The acquisition of additional streams of revenue would be a further example how the facilities could contribute to our Company’s growth.”
About Eastwood Bio-Medical Canada, Inc.:
The Company is a Vancouver based 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
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. There is no assurance that the new products will produce the revenue increase the Company expects. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
