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Holista Colltech (ASX:HCT) - CEO, Rajen Manickavasagar - The Market Herald
CEO, Rajen Manickavasagar
Source: The Sun Daily
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  • Health and wellness business Holista CollTech (HCT) has received its first order of GI Lite Bread Premix through its U.S. subsidiary
  • Holista Foods has teamed up with Costanzo’s Bakery to launch the world’s lowest low glycemic index (GI) white bread
  • The order for the low GI Bread Premix comes from Caldic Canada, which managed the supply chain for Costanzo’s
  • All up Holista CollTech will send a total of US$220,000 (around A$302,000) worth of bread premix to Caldic in this initial order
  • HCT is also anticipating more orders before the end of 2020, with Costanzo's agreeing to order US$1.9 million (about A$2.61 million) worth of product in the first year of the three-year agreement
  • Shares in Holista CollTech are trading for 7.6 cents each, up 1.33 per cent

Holista CollTech's (HCT) U.S. subsidiary Holista Foods has received its first order of GI Lite Bread Premix as part of its agreement with a leading North American baker.

Holista Foods announced in early October that it had teamed up with Costanzo’s Bakery to launch the world’s lowest low Glycemic Index (GI) white bread.

Under the agreement, Holista will supply its GI Lite Bread Premix to Constanzo's, which in turn will produce bread, rolls and buns from the premix for its American and Canadian customers.

This initial order announced today, worth a total of US$220,000 (around A$302,000), comes from Caldic Canada — the company in charge of managing the supply chain and blending for Costanzo’s.

At this stage, the baker expects to begin selling the low GI bread offerings in its stores by January next year.

"We have received very good early feedback on our soon to be released low GI
clean label all-natural white bread," Costanzo’s CEO Angelo Costanzo III said.

"With our successful scientific and taste tests, we are confident that this product will be well-received by the consumers," Angelo added.

Holista is also expecting several more orders to be placed by the end of 2020, with Costanzo's agreeing to order US$1.9 million (about A$2.61 million) worth of product in the first year of the three-year agreement.

The orders will then ramp up in the second and third years of the contract, with the baker agreeing to buy US$2.5 million (roughly A$3.43 million) worth of the bread premix each year.

"We are elated to be partnering with Costanzo’s given their 87-year track record in the North American market and their extensive network of customers," Holista CollTech CEO Rajen Manicka said.

"The feedback we have received so far gives us confidence that we can successfully expand our sales in Australia and internationally," he concluded.

Shares in HCT are currently trading for 7.6 cents each at 11:57 am AEDT, up 1.33 per cent.

HCT by the numbers
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