- Exclusive patent licensed from University of Idaho.
- Mustard-derived fumigation of stored food - targeting vegetables and potatoes.
- Leading agrochemical for sprout suppression - chlorpropham - banned by European Union on Oct. 8, 2020.
- Appointment of Scientific Advisor Dr. Matthew J. Morra, professor emeritus of soil biochemistry at University of Idaho.
MustGrow Biologics Corp. (CSE: MGRO) (OTCQB: MGROF) (FSE: 0C0) (the "Company", "MustGrow") is pleased to announce the exclusive patent licensing from the University of Idaho pertaining to a natural biopesticide mustard-based treatment of stored produce and other foods, particularly sprout suppression of potatoes.
Post-harvest sprout suppression is a key element of potato storage. The current annual European sprout suppression market is estimated at US$64 million and over US$100 million globally(1). The leading agrochemical product for sprout suppression, chlorpropham ("CIPC"), was banned by the European Union on Oct. 8, 2020. CIPC has long been the major global sprout suppressant, widely applied to stored potatoes.
With this ban now effective, growers will be forced to refrigerate produce, adding an estimated US$150 million expenditure annually in the European Union(1). The additional capital expenditure and refrigeration energy consumption make this temporary approach unsustainable. Although the ban was anticipated, no effective treatment alternatives have emerged - creating a major problem for existing potato storage sites.
MustGrow has exclusively licensed from the University of Idaho, U.S. utility patent number 10,588,321 titled "Mustard Meal to Inhibit Sprouting", which was issued/granted on March 17, 2020 (the "Patent"). The Patent makes matter and method claims to utilize the mustard plant's active ingredient, allyl isothiocyanate ("AITC"), to control vegetable and potato sprouting without the use of harmful synthetic chemicals.
MustGrow is advancing a solution for the food storage industry (particularly potatoes and grains), combining expertise in mustard-derived AITC with the newly secured Patent. MustGrow has identified logical partners in relevant global regions based on food product characteristics and economics.
Emerging literature, from a range of sources, has confirmed a broad array of AITC applications outside of its proven biopesticide function, including treatment of stored grains and sprout suppression. MustGrow's intellectual property suite is a platform for several crop protection categories and now stored food protection, aiming to disrupt global agriculture markets that have traditionally been dominated by synthetic chemicals. MustGrow's existing patent portfolio protects both method-of-use and composition-of-matter claims for its signature mustard-derived approach to controlling soil-borne pests, diseases and weeds.
Additionally, MustGrow is pleased to announce the appointment of Dr. Matthew J. Morra, a leading world expert on value-added products derived from oilseeds, as Scientific Advisor. One of three inventors on the Patent, Dr. Morra has extensive expertise in developing mustard-based biopesticides and is professor emeritus of soil biochemistry at the University of Idaho.
Dr. Morra commented, "Alternatives to potato sprout inhibition are in critical need as the U.S. moves towards eliminating CIPC. Mustard-derived biopesticides rely on a natural sprout inhibitor that meets the needs of the potato industry without the negative human health consequences of current synthetic sprout inhibitors."
(1)Cirrus Partners research.
MustGrow is a publicly traded (CSE: MGRO) (OTCQB: MGROF) (FSE: 0C0) agriculture biotech company focused on providing natural science-based biological solutions for high value crops, including fruits and vegetables. MustGrow has designed and owns a U.S. EPA-approved natural solution that uses the mustard seed's natural defence mechanism to protect plants from pests and diseases. Over 110 independent tests have been completed, validating MustGrow's safe and effective signature products. The product, in granule format, is EPA-approved across all key U.S. states and by Health Canada's PMRA (Pest Management Regulatory Agency) as a biopesticide for high value crops such as in fruit and vegetables. MustGrow has now concentrated a liquid format, called TerraMG, which, with regulatory approval, could be applied through standard drip or spray equipment, improving functionality and performance features.
The Company has approximately 37 million basic common shares issued and outstanding. For further details please visit www.mustgrow.ca.
ON BEHALF OF THE BOARD
Director & CEO
Certain statements included in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may affect the results, performance or achievements of MustGrow.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved".
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of MustGrow to differ materially from those discussed in such forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, MustGrow.
These risks are described in more detail in MustGrow's Prospectus and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities and available at www.sedar.com. Readers are referred to such documents for more detailed information about MustGrow, which is subject to the qualifications, assumptions and notes set forth therein.
This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
© 2020 MustGrow Biologics Corp. All rights reserved.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68658