Capital raising boosts Botry-Zen confidence

July 31                                                                        
 
For Immediate release
 
Capital raising boosts Botry-Zen confidence
 
Buoyed by shareholder approval for $1.7 million in capital, biotechnology company Botry-Zen is confidently approaching the new grape growing season
 
At a special meeting of shareholders immediately following Friday’s AGM, approval was given for the ratification of last September’s issue of $700,000 of ordinary shares to Melic Innovators Ltd and German investors Claus and Margarita Hartge. Melic Innovators Ltd reinforced its continued support for the company by investing a further $1million, which was also approved.
 
Stephen Lorimer, general manager of Botry-Zen Ltd, said that while much work had gone into successfully stabilising the company’s production process, this added capital would allow it to further realise the potential of the New Zealand market for both BOTRY-Zen and ARMOUR-Zen as well as look at key markets internationally.
 
“We have already produced more product year-to-date than we did for the entire year in 2008 which means we are in a position to meet the New Zealand demand, something that we have not achieved in recent years due to production problems,” he said.
 
Backing this lift in production will be the on-site support that Botry-Zen can offer.
 
“We are very confident in the products that we manufacture. Some earlier formulations produced in the early days of product development did give variable results, but if the correct timing, rate and speed of application is followed, then we know that BOTRY-Zen and ARMOUR-Zen will give sustainable and proven residue free protection.
 
“In the United States registration of the product is almost complete and work has begun on approval at the state level. Opportunities are opening up in Germany where we are looking to boost the number of trials we are carrying out with BOTRY-Zen and ARMOUR-Zen,” he said.
 
Closely aligned with plans for overseas expansion is the need to ramp up New Zealand production.
 
“Even though we have increased production through better utilisation of our existing equipment, we will eventually need to add four more fermenters, allowing us to harvest eight fermenters per week. This will see the factory capable of producing enough to satisfy the NZ market and provide for initial sales from emerging international markets..
 
“Extra fermenters and registration in the USA are only part of our growth story. To date we have focused almost exclusively on viticulture, but we are looking at expanding our marketing base of providing agents for use against fungal/bacterial diseases in horticultural crops where New Zealand is internationally recognised such as kiwifruit,  apples, black currants and flowers,” Stephen Lorimer said.
 
The AGM voted the following as directors: Dr John Forrest, Michael Mellon, Timothy Dunn, and Stephen Higgs (chairman).
 
 
ends
 
 

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