NEW YORK, January 23, 2014 /PRNewswire/ --
BreedIT Corp (OTC: BRDT; "BreedIT" or the "Company"), through its Israeli subsidiary, BreedIT Ltd., the exclusive worldwide license holder and distributor of highly sophisticated agro-breeding solutions software for plant breeders and researchers, today issued a letter to shareholders commenting on progress made in 2013 and its business plan for 2014 and beyond.
The year ended December 31, 2013 was a significant year of change for the Company and its initiatives moving forward. During the second half of 2013, specifically, management and Board of Directors acknowledged the need to expand its technology capabilities, revenue streams and market opportunities to bring greater value to the Company and its shareholders.
BreedIT's agro-breeding technology, developed at The Robert H. Smith Faculty of Agriculture, Food & Environment of the Hebrew University of Jerusalem by a team led by Professor Haim Rabinowitch, was found to be suitable for integration with the company current technology. Designed by breeders for the purpose of optimizing their breeding procedures, BreedIT's state-of-the-art Intelligent Decision Support System (IDSS) for agro-breeding was identified as the most advanced technology solutions for plant breeders and researchers available in the market today..
As a result, BreedIT Corp acquired a 67% stake in BreedIT Ltd. in August 2013. BreedIT ltd. is an Israeli company that owns the exclusive worldwide license rights to the IDSS. The remaining 33% stake currently belongs to BreedIT Ltd. Founder and CEO Dr. Oded Sagee, an agronomist with significant business experience, a proven managerial track record, and a vested interest in ensuring the company's success.
Following the strategic acquisition of BreedIT Ltd. and appointment of key experienced executives, including the appointment of its CFO, Oded Gilboa, a certified CPA with finance and accounting experience in public companies in the U.S. and Israel, the Company pursued a name and ticker symbol change to reflect the technology, new direction of the business and to support the interests of the shareholders. On December 23, 2013, the name change to "BreedIT Corp" and ticker symbol change to "BRDT" officially became effective.
Thus far, 2014 has been marked with further improvements to BreedIT Corp's management team including the addition of Mr. Itschak Shrem, Yoel Yogev and Dr. Ben Zion Weiner as its new chairman, CEO and BOD member, respectively.
Itschak Shrem, Chairman of BreedIT Corp, commented, "2013 marked a significant year for the Company. During the year, we were able to build a foundation for growth for our shareholders that included becoming the exclusive license holder and distributor of BreedIT's agro-breeding technology and putting in place an experienced executive team for our subsidiary to help grow this company. On behalf of the executive team and Board of Directors, we believe we have the right team on board. We have complete trust and confidence in our subsidiary's management team led by CEO Dr. Oded Sagee, supported by Chief Scientist Consultant, Professor Haim Rabinowitch, Chief Technology Officer, Mr. Yahali Sherman, and Product Manager, Agr. Drora Balga, and their ability to execute on defined strategic growth objectives. It is our belief that this team can succeed in implementing Dr. Sagee's vision and business plan initiatives effectively. Initiatives include offering our technology to seed company breeders and researchers including recurrent revenues model for related services; leveraging our technological advantages to sign JV agreements in an effort to acquire seed rights; selling academic courses for professional breeding; becoming a leading player in the field of Medicinal Cannabis breeding "heal the world"; participating in "feed the world" global projects to improve agriculture in third world countries, and lastly, establishing a "high end" scientific advisory board to support all of our business initiatives."
He added, "Building shareholder value remains of utmost importance to the executive team and Board of Directors. We look forward to pursuing these various avenues of growth in the time ahead."
About BreedIT Corp
BreedIT Corp (OTC: BRDT), through its Israeli subsidiary, BreedIT Ltd., is the developer of highly sophisticated agro-breeding solutions for plant breeders and researchers. BreedIT's proven Intelligent Decision Support System (the "IDSS Software"), which was developed by a team consisting of among the world's leading breeding specialists for optimizing the breeding processes, services the plant breeding needs of corporations, research and government institutions. BreedIT's IDSS provides advanced solutions for generating and disseminating knowledge aimed at assisting breeders to plan, manage and analyze their breeding data and to perform research activities quickly and effectively. Founded in 2010, BreedIT Corp has offices in New York, New York and in Rehovot, Israel.
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated.* BreedIt Corp's public filings may be viewed at http://www.sec.gov/.
SOURCE BreedIT Corp