Released on January 22, 1999
Deputy Premier and Crown Investments Corporation (CIC) Minister Dwain
Lingenfelter said today that CIC is pleased to join with other
investors to help finance the continued growth of Bioriginal Food and
Science Corporation of Saskatoon.
CIC will invest $1.5 million in preferred shares in the company, to
help expand its facility in Saskatoon and its oilseed crushing plant
in Asquith. Bioriginal manufactures and sells processed
agricultural/organic products for use in health foods, nutritional
supplements, body care preparations, cosmetics, pharmaceuticals and
pet foods. CIC's current investment is $250,000.
"Bioriginal is one of the many vital, growing companies in the
nutraceutical industry in Saskatchewan," Lingenfelter said. "It has a
proven track record and we are confident that it will continue to be
successful.
"Our additional investment is consistent with CIC's and the
government's strategies to support companies that create value-added
agricultural products. The company is also important to Saskatoon and
Asquith, providing 60 high-quality jobs and spending thousands of
dollars a year on local goods and services. We expect all of this to
increase as a result of the company's expansion."
"Bioriginal is pleased and excited by CIC's decision to increase
its participation," said Rick Kulow, president of Bioriginal.
"The increased resources will allow us to extend our value-added
processing in Saskatchewan into new areas such as standardized
herbal extracts."
Kulow added that plans for the expansion are on the drawing board
and construction is to begin this summer, with everything
expected to be in full operation by early 2000.
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For more information, contact:
Ted Boyle
Crown Investments Corporation
Regina
Phone: (306) 787-9039
Rick Kulow
Bioriginal Food & Science Corp.
Saskatoon
Phone: (306) 975-9256