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Pace International Acquires FruitGard, LLC
Pace To Expand The Raynox Technology Beyond Apples Into Other Fruits and Vegetables
SEATTLE, WASHINGTON – January 14, 2008 – Pace International, LLC has acquired FruitGard, LLC. Prior to Pace’s acquisition, Pace was the exclusive manufacturer and distributor for FruitGard’s products. FruitGard holds two exclusive license agreements with the Washington State University Research Foundation (WSURF). The first agreement relates to Raynox, a carnauba coating used to reduce sunburn. The second relates to RainGard a carnauba coating used to reduce cherry cracking. Both products have been patented by WSURF.
As a result of this acquisition by Pace, Washington State University will continue to receive royalties from the sales of these two products, funds which will be used by the University to fund research to develop new and innovative technologies.
Sunburn is a major source of crop loss for apples. By using Raynox, growers save millions of dollars worth of fruit every year. Raynox was launched in 2003. Today Raynox is extensively used by apple growers on more than 40,000 acres in Washington State and across the world. Raynox is the only sunburn protectant product that does not leave visible residues on the fruit or trees, making it easier for growers to color pick during harvest and pack clean and quality fruit.
Recently launched RainGard is a protective film applied on cherries to decrease water uptake in order to reduce cracking caused by rain. RainGard is currently undergoing extensive trials in the US and other cherry growing regions of the world.
PACE is committed to continued development of new and improved formulas and applications for both Raynox and RainGard. Pace is planning to expand the Raynox technology worldwide beyond apples to include a variety of other fruits and vegetables currently suffering from sunburn.
About Pace International: Pace International,LLC is a subsidiary of Valent BioSciences Corporation, a Sumitomo Chemical Company. Pace collaborates with growers, packers and agricultural organizations to develop innovative solutions to enhance, protect, and preserve fruit and vegetable quality. Paceis the leading provider of postharvest solutions and technologies, equipment and technical services to maximize efficiencies in packing operations and increase the value of crops being processed. For more information, visit the company’s website at www.paceint.com
