Martek Biosciences Corporation announced today that it has signed a five-year agreement with Fortune Global 500 company COFCO Food Sales & Distribution Co., Ltd, a branch of the COFCO group, for the use of Martek's life'sDHA in COFCO cooking oils and potentially other categories.
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Martek Announces Agreement with COFCO Food Sales & Distribution Co., Ltd., in China
Fortune Natural Grains Blended Cooking Oil with life'sDHA™ Now Available Nationwide in China
COLUMBIA, Md.– March 31, 2010 –DHA omega-3 innovator and maker of the life'sDHA™ brand, Martek Biosciences Corporation (NASDAQ: MATK) announced today that it has signed a five-year agreement with Fortune Global 500 company COFCO Food Sales & Distribution Co., Ltd, a branch of the COFCO group, for the use of Martek's life'sDHA in COFCO cooking oils and potentially other categories.
COFCO launched its first consumer product featuring Martek's life'sDHA this month. COFCO's Fortune Natural Grains Blended Cooking Oil with life'sDHA is now available at major retailers across China and features the life'sDHA logo on the product packaging and in related marketing, advertising and promotional materials. This is the first cooking oil with DHA to be launched in China.
"Our new Fortune Natural Grains Blended Cooking Oil with life'sDHA signals a new era of scientificand technological innovation in the cooking oil industry," said Chen Gang, COFCO's general manager.
In China, the edible cooking oils market is excess of $9 billion and continues to grow each year. China is the world's largest consumer of edible oils, at 24 million tons per year.
"We are pleased to be working with COFCO, a leader and innovator in the Chinese cooking oil industry, to introduce the first healthy cooking oil with life'sDHA to Chinese consumers to help support brain, eye and heart health," said David Abramson, president of Martek. "This product launch is a significant milestone as we seek to expand our presence in international markets like China, and as we continue to diversify our product applications, including the large and growing cooking oil category."
DHA omega-3 is a long-chain omega-3 fatty acid that serves as a primary building block for the brain and the eyes and supports brain, eye and cardiovascular health throughout life. There is a large and growing body of scientific evidence demonstrating that people of all ages benefit from an adequate supply of DHA omega-3 in their diets. Scientific reviews have highlighted the importance of DHA omega-3 in proper brain and eye development and function, as well as its importance in cardiovascular health. Leading experts around the world have noted that DHA is an important nutrient for health throughout the life cycle. Yet despite its importance, most consumers do not get enough DHA in their diets.
"This is a very innovative product," said Shanghai senior nutritionist Chen Wen. "DHA is important for brain, eye and heart health throughout life and we believe Fortune Natural Grains Blended Cooking Oil with vegetarian life'sDHA will appeal to the Chinese market."
Fish are often incorrectly thought to be the only source of DHA omega-3. However, life'sDHA offers a trusted, vegetarian form of DHA that contains no oceanic pollutants or toxins. Fish are sources of DHA because of the DHA-rich microalgae in their food chain; life'sDHA is derived directly from microalgae, a renewable, sustainable source of DHA that does not deplete ocean resources, and is produced entirely in the U.S. in an FDA-inspected facility. Today, life'sDHA is found in numerous foods, beverages and supplements for people of all ages. It is also the only source of DHA used in U.S. infant formula and is included in more than 99 percent of all formulas on the U.S. market, as well as in more than 350 infant formula, nutritional supplement, and food and beverage products sold in over 75 countries worldwide.
SOURCE: Martek Press Release
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