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Holista Foods signs MoU to supply low-GI mix to noodle supplier Wing’s
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Monday, 26 February, 2018, 08 : 00 AM [IST]
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Buffalo
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Holista CollTech Ltd’s group company Holista Foods Inc has inked a three-year Memorandum of Understanding (MoU) to supply its patented low glycaemic index (GI) mix to Ontario-based Wing's, North America’s leading noodle supplier.
The MoU, which marks Holista’s entry into the noodle market, is expected to have a significant impact on revenue from the present fical year. Pursuant to the MoU, sales worth $6 million are expected for fiscal 2018, projected to double to $12 million in 2019 and increase to $25 million in 2020.
The patented formula of Holista Foods, based in Buffalo, New York, recorded a GI reading of 38 in tests by Glycemic Index Laboratories, Inc, well below the global average of 60. The noodles are now endorsed by the Glycemic Index Foundation and recommended by Diabetes Canada.
An 85g serving contains 11g of protein, 3g of fibre and no sugar, while being low in sodium and cholesterol and providing sustained energy. The formula comprises extracts of okra, lentils, barley and fenugreek - clean-label ingredients. It contains no artificial ingredients or preservatives.
Neal Lee, president, Wing's, said, “Diabetes is becoming a global pandemic that threatens lives and increases healthcare costs. Wing’s is proud to be the first major noodle manufacturer in the world to launch a dedicated low-GI noodle.”
“We are confident that our partnership with Holista will be well-received in North America, if not globally,” he added.
Nadja Piatka, chief executive officer, Holista Foods, said, “The North American noodle market is sizable and significant, and we believe this collaboration with Wing's can set the trend for global acceptance of a healthy version of instant noodles without compromising taste or texture. We are grateful to Wing’s for this partnership.”
Rajen Manicka, chairman and chief executive officer, Holista, said, “Our MoU with Wing’s is significant, as it marks our entry into the global noodle market with a low-GI product that is both healthy and affordable.”
“We are confident that this market validation will also enable us to gain greater acceptance in Asia, especially the leading noodle markets of China and Indonesia, and in the lucrative instant noodle market,” he added.
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