Calyxt Achieves 2020 Soybean Contracted Acreage Goal of 100,000 Acres
Contracted Acres for 2020 Triples 2019 Planted Acreage Footprint to Support Growing Demand for Calyxt High Oleic Soybean Oil
First Purchase Order for HO Soybean Oil in Industrial Segment from New Customer Operating in All Four of Calyxt’s Premium Oil Target Markets
ROSEVILLE, Minn.--(BUSINESS WIRE)-- Calyxt, Inc. (NASDAQ: CLXT), a plant-based technology company, has achieved its 2020 contracted acreage target, successfully contracting 100,000 soybean acres with U.S. farmers.
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.
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Source: Calyxt, Inc.
Released February 7, 2020