Shares of LeanLife popped on the news, up 11.1% at C$0.05 by midday Tuesday.
The Vancouver-based company develops proprietary plant-based food products that can be used as food additives or nutraceuticals. It has a patented process to isolate Omega-3 fatty acids from flax seeds.
LeanLife’s proprietary Omega-3 product will be distributed to a consumer base of some of the continent’s largest producers of bread, pasta, cheese, yogurt and butter.
"With the samples now available for distribution in Europe and confirmation of the quality and specifications of our propriety Omega-3 product underway, our experienced sales and industry expert will soon be visiting some of Europe's largest food producers," said Stan Lis, LeanLife’s CEO.
Recently, a trial application using the Omega-3 product as a substitute for vegetable oil showed negligible difference in taste and quality, LeanLife said in a statement.
The testing resulted in the production of samples which will now be evaluated by SGS, a third-party accredited lab.
According to the extract manufacturer, the company is ready to begin large-scale production and fulfill multiple orders following the validation of samples by buyers.
The global Omega-3 market reached US$33 billion in 2016 and is expected to reach upwards of US$57 billion by 2025, according to a report by Grand View Research Inc.
The company also announced that it has granted stock options to officers, directors and consultants of LeanLife entitling them to purchase a combined total of 3.9 million shares at C$0.05 per share.
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