The achievement of 100,000 contracted acres for 2020 represents 178% growth over Calyxt’s ~36,000 planted acres in 2019. This achievement surpasses the company’s stated goal of doubling its soybean acreage annually.
“We continue to strengthen Calyxt’s position as a leader in high oleic soybeans,” said Vince Restucci, vice president of agronomy services with Calyxt. “We are not only diversifying revenue options for American growers, but also providing our customers with an improved soybean oil product, driving opportunities for healthier everyday consumer choices.”
“I am proud of our commercial and agronomy teams for their efforts and achievement of our 2020 contracted acreage goals to support our continued growth,” said Jim Blome, chief executive officer of Calyxt. “The achievement of 100,000 contracted acres will support market demand for our high oleic soybean oil, which now includes expanded distribution through another top U.S. foodservice distributor and use in prominent restaurants on the East Coast.
“We also received our first purchase order from a world class customer that operates in all four of our premium oil target markets: foodservice, food ingredients, animal nutrition, and industrial. I look forward to an exciting 2020 and sharing more details about the year ahead on our upcoming yearend earnings call in March,” concluded Blome.
Calyxt (NASDAQ: CLXT), based in Roseville, Minnesota, is a plant-based technology company that utilizes patented breeding technology to make the food you love a healthier choice. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that can help improve diets by reducing bad fats, allergens and toxins. Today oil from our high oleic soybean plants has lower saturated fats than commodity soybean oil. We are also developing high fiber wheat designed to provide an excellent source of daily fiber when incorporated into wheat-based foods. We continuously pursue innovation to deliver good food that is good for you. For further information, please visit our website at www.calyxt.com.
Calyxt Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the caption entitled “Risk Factors” in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by applicable laws.
Director of Communications