Newton, MA, December 28, 2006 - MFIC Corporation and Blue Pacific Flavors and Fragrances, Inc. announced today that they had ceased efforts toward the formation of a collaboration in the food, beverage ingredient, and flavor business.
The parties had hoped to actively collaborate to create nanoprocessed food and beverage solutions incorporating MFIC’s proprietary Microfluidizer® high shear processing equipment.
Irwin Gruverman, CEO and Chairman of MFIC, commented, “Although both parties worked diligently toward the formation of a collaboration, we were ultimately unable to come to acceptable terms due to divergent expectations.”
“Blue Pacific is a fine and innovative company. We anticipate a continuing relationship with them and supplying them with our equipment and, prospectively, to building systems to their specifications with a Blue Pacific “private label” for their customers”, added Mr. Gruverman.
Mr. Gruverman further commented, “Public statements by any party or publication to the effect that a joint venture, exclusive relationship or partnership existed between MFIC and Blue Pacific were both untimely and inaccurate. Blue Pacific will be a valued customer that we hope to work with extensively in the future.”