Tara Minerals has signed an agreement with FreshTec to acquire the intellectual property for the preservation and protection of fresh fruit, vegetables and flowers during extended periods of shipping and storage.
As per the deal, upon closing, Tara Minerals will pay a total of $500,000 to FreshTec, and will pay royalties related to licensing fees and packaging system unit sales.
The company has raised $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.
The acquisition includes patents, trademarks and other intellectual property in the US, Europe, Mexico, Canada, South Africa, Japan, and Chile regarding systems and methods to pack huge quantities of fresh produce and flowers that incorporate modified atmosphere packaging.
According to Tara Minerals, pending applications throughout the world regarding the active treatment of modified atmosphere packaging are also included in the acquisition.
Demonstrated commercially, the patented SmartPac system 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.
The system reduces spoilage considerably and has a mechanism which is helpful for the distribution of anti-microbial agents that deter mold, disease and infestation during transit or in storage.
Tara Minerals president Francis Biscan 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 acquired patented bulk packaging system positions Tara with a key competitive advantage in the food industry."