Pyrmont, New South Wales, Australia
October 19, 2016

Highlights

• Cash flowing from direct and on‐line ‘Cutecumber’ seed sales, with two additional cucumber lines recently released for coming growing seasons
• Tomato trials yield encouraging results, supporting potential near‐term commercialisation of five high‐quality varieties to sell into the large and attractive global tomato market
• Abundant Produce continues to engage with a large globally‐recognised agricultural firm with the purpose of executing an international seed distribution agreement for selected cucumber varieties
• Corporate cash balance of more than $2.1 million at 30 September 2016, having controlled operational cash burn to less than $85,000 per month

Abundant Produce Ltd (ASX: ABT), Australia’s only listed plant breeding company, is pleased to present its September 2016 quarterly report on business progress.
 
Operational review
 
Abundant Produce continues to make pleasing progress toward its goals of gaining industry acceptance of its plant intellectual property and global distribution of its hybrid vegetable plant seeds.
 
Cash flowing from cucumber seed sales
 
Abundant Produce is pleased to report initial small cash receipts flowing from domestic sales of cucumber seed. These sales are primarily to growers of the Company’s ‘Cutecumber’ baby snacking cucumbers.
 
Abundant Produce Chief Executive Officer, Tony Crimmins, said:
 
“Farmers are responding positively to our thoroughbred seeds that grow into high‐yielding, strongly resistant plants that produce great‐tasting cucumbers of A‐grade colour, texture and shape. Since we enabled direct domestic purchase of professional seeds by serious gardeners through AbundantProduce.com during the quarter, we have received online orders from fresh produce growers around Australia”.
 
“More than four years of research and development have gone into the Cutecumber range we brought to market for the first time in July 2016. The rigour of our breeding programme has been a key selling point for South Australian commercial farmers, who have been buying our Cutecumber seeds for metropolitan supermarket sales.
 
“Having also recently released the Ultimo and Jyndy hybrid cucumber varieties for the coming growing seasons, we look forward to helping to meet more Australian fresh produce growers’ need for high‐ quality seed. Direct seed sales for serious home grower are available on line through AbundantProduce.com.”

Click here for the full ASX announcement
 

Website: http://abundantproduce.com/

Published: October 19, 2016