Calyxt and Farmer’s Business Network, Inc. Partner to Expand Grower Base for Calyxt’s Identity-Preserved High Oleic Soybeans
Minneapolis-St. Paul, Minn. and San Carlos, Cali., December 12, 2017 – Calyxt, Inc. (NASDAQ: CLXT), a consumer-centric, food- and agriculture-focused company, and Farmer’s Business Network, Inc (FBNSM), the independent farmer-to-farmer network, today announced a partnership to expand the distribution and grower base of Calyxt’s identity-preserved high oleic soybeans in the upper Midwest.
As a specialty food ingredients company Calyxt has been building its supply chain in preparation for the commercial launch of its first product, high oleic soybeans in 2018. FBN has been scaling up its analytics, agricultural inputs distribution infrastructure, farmer member base and geographical reach, now representing over 16 million acres of farms. By working together, the companies will be able to offer turnkey solutions aiming to increase profitability for farmers interested in growing identity-preserved soybeans.
This new partnership enables FBN DirectTM to distribute Calyxt’s identity-preserved high oleic soybean seeds to growers in its network and register farmers for Calyxt’s Producer Premium Program.
“This unique partnership with Calyxt allows farmers to grow identity-preserved crops and expand their profitability in a time of low commodity prices,” said Amol Deshpande, Chief Executive Officer and Co-Founder of the Farmers Business Network. “Working with Calyxt allows FBN members to get paid premiums for producing crops that benefit consumers.”
“Working with the FBN is a great strategic fit given the complementary business models of both companies,” added Federico Tripodi, Chief Executive Officer of Calyxt. “Calyxt’s focused innovation to create heathier foods for consumers, is now enhanced by the rapidly growing FBN farmer network. The companies together will disrupt the ag and food space by delivering innovative products and solutions directly to both farmers and consumers.”
“Through utilizing the rapidly growing FBN farmer network, Calyxt will not only be able to develop a dedicated, high-quality grower base for the commercial launch of its high-oleic soybeans in 2018, but will also allow the Company to rapidly bolster its supply chain operations in the upper Midwest,” concluded Manoj Sahoo, Chief Commercial Officer of Calyxt. “It’s a win-win for farmers and consumers alike, and we are one step closer to truly making history by bringing food products to people all over the country who want to lead a healthier lifestyle with more nutritionally rich foods.”