VANCOUVER, British Columbia, Feb. 01, 2018 (GLOBE NEWSWIRE) -- LeanLife Health Inc. (the “Company”) (CSE:LLP) is pleased to announce that production equipment ordered in December (see December 20, 2017 news release) is being commissioned for delivery to the Company. The main production equipment, used to produce the Company’s omega products, consists of a BioCube processing plant, which with associated gear and apparatus, is estimated to cost $800,000. Currently the Company has incurred costs for a total of $630,000.
Pursuant to the delivery of the BioCube, the Company has leased approximately 4,000 square feet of industrial space in South Vancouver. Possession of this space is immediate pending insurance coverage. The Company will spend an estimated $350,000 on improvements, security systems, and initial supplies.
The Company has acquired certain laboratory and testing equipment necessary for essential testing of raw materials, and finished product. Additional equipment is being ordered and will be set up in a laboratory in the new space.
The expected capacity of the production equipment is estimated to produce at least 2.5 million litres of product on an annual basis.
About LeanLife Health and the Omega 3 Market
LeanLife Health’s products are extracted from flax seeds, a plentiful and non-animal source of Omega 3. The products can be used as a food additive or as a nutraceutical and have been used to make bread, noodles, cheese, yogurt, juice and milk products for the European market. LeanLife Health’s industry leading Omega 3 product formulations are of the highest quality and contain no cholesterol. Products are available in oil, emulsion and powder forms.
The global Omega 3 market was valued at 10 billion USD in 2016 and is expected to reach 16 billion USD by the end of 2023, growing at a CAGR of 7.57% between 2016 and 2023.
For more information, please contact:
Stan Lis, CEO
Tel: 604 764-0518
E-mail: slis@leenlifepharma.com
Forward Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control including, the Company's ability to compete with large food companies; sales of any potential products developed will be profitable; the ability to complete sales under the sales agreement. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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