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Power Leaves Corp disclosed this morning that it has officially begun generating revenues following the successful delivery of its first commercial shipments.
The company, who manufactures decocainized coca leaf extract in Colombia, indicated it delivered its first three shipments of coca essence and decocainized coca extract in the third quarter. The shipment marks the transition of the company to its revenue-generating phase, while at the same time demonstrating its ability to ship product internationally.
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The products are said to be part of previously announced supply agreements, including an agreement to sell up to US$2.75 million worth of product to a Canadian food and beverage firm over a period of two years. The extract is expected to be used for product development, as well as for finished beverage products that will enter the North American markets.
READ: Power Leaves Enters Canadian Market With US$250,000 Order For Coca Extract
“The shipment of PLC’s coca essence product also signifies what we understand as the first-ever commercial sale of this novel product. While Coca-Cola has previously leveraged coca extract, PLC has a robust product development pipeline of novel coca products that have previously been unavailable to the market, including our coca essence product,” commented CEO Pat McCutcheon.
McCutcheon at the same time disclosed that he expects more sales agreements to be signed in the coming weeks and months, without providing further details.
Financial details for the shipments were not provided.
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