RLF AgTech (ASX:RLF) grows Southeast Asia presence with $8.8m Philippines contract

• RLF AgTech (RLF) signs an exclusive regional distribution agreement with Philippines-based Taipan Brand Farm (TBFI)
• Under the deal, TBFI will distribute RLF’s crop nutrition products throughout the Philippines, with a sales and purchase target of $8.78 million over the next five years
• Field trials will soon commence, including the use of RLF’s new Veridium Seed Priming Technology (VSPT) and the rest of its foliar range
• RLF says the agreement bolsters its post-IPO strategy to expand its sales into core South-East Asia markets and new global jurisdictions
• RLF Agtech shares are up 12.82 per cent to 22 cents at 10:31 am AEDT

RLF AgTech (RLF) has signed an exclusive regional distribution agreement with Philippines-based Taipan Brand Farm (TBFI), growing its presence in South-East Asia.

Under the deal, TBFI will distribute RLF’s crop nutrition products throughout the Philippines, with a sales and purchase target of $8.78 million over the next five years.

RLF said this marked a significant milestone within an “exciting and growing” Philippines agriculture market.

“The growing demand for our product across a number of overseas emerging and established markets continues to demonstrate that we are successfully delivering on our outlined growth initiatives and sales targets,” RLF Managing Director Ken Hancock said.

“We are delighted that our product range is being made available to the Philippines farmers through the trusted market leader TBFI/JDI as we look to continue the efforts of the farming sector to bolster their production through the use of our innovative ag-tech while simultaneously reducing their use of traditional fertilisers.”

The sales and purchase target of $8.78 million can be extended by TBFI.

RLF AgTech will soon commence field trials, including using its newly-announced Veridium Seed Priming Technology (VSPT) and its foliar range of products.

The company said that given the ability of its products to increase crop yields, there was “significant potential” for larger uptake in countries like the Philippines once the RLF Plant Proton Delivery (PPD) products had become established and accepted.

RLF Agtech shares were up 12.82 per cent to 22 cents at 10:31 am AEDT.