Veratin receives patent notification for Verigrow, appoints new brand ambassador
Veratin’s new patent enables it to secure exclusivity rights for its agricultural product in Indonesia.
Manufacturing company Veratin (NSX: VTN) has received a notification of grant from the Indonesian Patent Office relating to product and method claims for its flagship agricultural product Verigrow.
The patent is titled “Organic fertiliser and soil improver comprising keratin” and has previously been granted in South Africa and Japan.
The patent is owned by Veratin and there are other patent pending applications covering similar subject matter in Australia, Brazil, Canada, China, Europe, New Zealand and the United States.
Founder and executive chairman Dr Ramiz Boulos said the notification is a step forward in expanding and protecting the company’s intellectual property portfolio.
“Indonesia is one of the world’s largest producers of agricultural products this development secures our exclusivity rights in that market,” he said.
New brand ambassador
The patent grant follows the appointment of Lisa Passmore as a new brand ambassador for the Verigrow range of products.
Mrs Passmore is a third generation, qualified horticulturist who has worked in the industry for over 30 years, assisting clients with advice and landscape plans since 1999.
She has completed diplomas in horticulture and permaculture and has a Certificate IV in Training and Assessment.
Mrs Passmore said she is keen to be working with a company that is actively seeking ways to transform waste products into an earth-friendly resource.
“My interest in Verigrow was sparked by hearing about this innovative product that turns low-grade sheep’s wool into plant food and soil improver,” she said.
“I have been amazed at the results that I’ve seen in my own garden using Verigrow over a short period of time… plants that were suffering from transplant stress have recovered fully and others are leafy and green and coping well with the summer heat.”
Dr Boulos said he is “delighted” with the appointment.
“We welcome Mrs Passmore as our brand ambassador and look forward to working with her for years to come in what I trust will be a fruitful partnership,” he said.
Capital raising
Earlier this week, Veratin announced a $250,000 capital raising launched in December had closed oversubscribed.
The company has elected to accept the added funds received through the oversubscriptions to increase the total proceeds to approximately $294,000.
Dr Boulos said the raising has exceeded his expectations.
“I am very pleased with the outcome,” he said.
“It is exciting to see high investor appetite in Veratin, our development plan and its strategic direction.”
Allotment of the new shares is expected to occur this month and Dr Boulos confirmed they would rank equally with all shares on issue.
NSX listing
Veratin listed on the National Stock Exchange of Australia in February 2022 based on its discovery of a novel process for extracting soluble keratin from low-grade sheep wool.
The company is involved in the research and development of products derived from waste wool, including the development and sales of its initial product Verigrow, which is a wool-based liquid fertiliser and soil improver for domestic and commercial use.