IFT Announces Major Transaction

Last Updated on Sunday, 07 November 2010 20:51

Durban - 8 August 2007: DalinYebo subsidiary company International Furan Technolgoy (Pty) Ltd (IFT) and Proserpine Cooperative Sugar Milling Association made the following announcement today:

The Proserpine Cooperative Sugar Milling Association have purchased the rights, patents and licenses to the new Suprayield technology which is the technology used in the furfural plant currently being constructed at the Mill.

In a move seen as ensuring the long term control of not only the technology but also the future development of furfural projects throughout the world Chairman Lui Raiteri stated that “the move was viewed confidently by the board as a further opportunity to diversify the income streams of the cooperative and to take control of what is the only environmentally friendly technology to produce furfural in the world. We are very cognisant of the fact that this step will ensure that we are in the driving seat on where this technology is now used and we have a strong belief that the furfural market will be expanding strongly into the future.”

General Manager Chris Connors noted “that the Furfural Plant currently being constructed would commence production in the 2008 crushing season and will be the only ISO 14000 environmentally accredited furfural production plant in the world. That is a huge advantage in the market place. We have a number of serious enquiries about using the technology in new projects in Australia and other countries. The proponents are basically awaiting the commissioning of our plant and will proceed once we have commissioned and produced. By owning the technology we will receive significant license fees and we control the development of the technology. We in fact have taken control of our own destiny.”

The Suprayield patents and licenses were purchased from International Furan Technology (IFT) a South African company who have been retained to assist in the marketing of the technology.

Commenting on the agreement Philipp Steiner Chief Executive Officer of IFT expressed his satisfaction that the five year relationship with PCSMA culminated in PCSMA taking ownership of the technology. “This will significantly strengthen SupraYield and the relationship with IFT, as we are committed to support Chris and his team with the global marketing of the technology and the growing of their furfural business in the years to come”.

Contact for PCSMA: Christ Connors via www.prosugar.com.au

Contact for IFT: Philipp.Steiner via www.ift.co.za

SocButtons v1.4