Shares jumped around 33% on Thursday morning to reach C$0.06 in Canada.
The Vancouver-based company develops proprietary plant-based food products that can be used as food additives or nutraceuticals. It has a patented process to isolate Omega-3 fatty acids from flax seeds.
LeanLife’s proprietary Omega-3 product was shipped to Europe, where it will be distributed to a consumer base of some of the continent’s largest producers of bread, pasta, cheese, yogurt and butter.
Recently, a trial application using the Omega-3 product as a substitute for vegetable oil showed negligible difference in taste and quality, LeanLife said in a statement.
The testing resulted in the production of samples which will now be evaluated by a third-party accredited lab.
According to the extract manufacturer, the company is ready to begin large-scale production and fulfill multiple orders following the validation of samples by buyers.
CEO Stan Lis said that LeanLife is “very excited” to be back in production. “Now that LeanLife is capable of producing in large volumes, the shipping of samples to potential customers that have been waiting for our product brings the company to the verge of revenue generation in this multi-billion dollar market,” he said in a statement.
“Our salesforce in Europe has been eagerly awaiting the opportunity to revisit potential customers. As the awareness of the importance of healthy eating continues to expand, LeanLife intends to meet the growing consumer demand for plant-based essential food ingredients.”
The global Omega-3 market reached US$33 billion in 2016 and is expected to reach nearly US$57 billion by 2025, according to data provided by LeanLife.
--Updates with share price--
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