Phyto Nutricare and Plandai Technology enter into licensing agreement

In the United Kingdom, Phyto Nutricare and Plandai Biotechnology have entered into a license agreement. Phyto will oversee all aspects of developing and marketing Phytofare extracts for nutraceutical applications, covering supplements, food and drink additives, cosmetics, healthcare, and related fields. Under the terms of the agreement, Phyto will pay Plandai a one-time license fee of US$2,000,000 and then a recurring payment equal to five percent (5%) of future profits from Phytofare product sales, which are expected to commence in Q4 of 2013.

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