Tara Minerals has completed the acquisition of FreshTec’s intellectual property for the preservation and protection of fresh fruit, vegetables and flowers during extended periods of shipping and storage.
Under the deal, the company has paid $500,000 to FreshTec and will pay royalties related to licensing fees and packaging system unit sales.
The company has pooled $750,000 to complete this transaction and market the technology, which solves problems for bulk produce by replacing the industry-standard shipping cartons with a sealed container system.
According to Tara Minerals, the acquisition comprises patents, trademarks and other intellectual property in the US, Europe, Mexico, Canada, South Africa, Japan, and Chile with regard to systems as well as methods to pack fresh produce and flowers incorporating modified atmosphere packaging (MAP) in bulk quantities.
Pending applications throughout the world regarding the active treatment of MAP are also included in the acquisition.
The SmartPac system, which has been demonstrated commercially, provides for immediate opportunities to license towards its worldwide adaptation and for use with fresh produce that are Tara branded.
Opening up new distribution channels, the solution is said to be made available for the packing, storage and shipment of bulk quantities of fresh produce such as avocado, tomato, iceless broccoli, d'anjou pears, cherries, stone fruits and flowers.
Tara Minerals president Francis Biscan Jr said the technology can impact and disrupt the way fresh produce is shipped and stored around the world.
"For the benefit of all shareholders, we could not ignore this strategic, rapid growth opportunity presented by the advanced technology in the international produce and packaging supply industries," Biscan added.
The packaging system, which reduces spoilage and opens up cheaper transportation options, also improves food safety through an efficient mechanism for the distribution of anti-microbial agents.
