ITOCO Enters Into JV With Large Nopal Cactus Producer in Portugal

Rhea-AI Summary

ITOCO INC. (OTC:ITMC) has announced a Joint Venture with Diálogos do Bosque, a prominent Nopal cactus farm in Portugal. Facilitated through its subsidiary, Colorful Euphoria Lda, the partnership brings Nuno Pires onboard as President of the JV and Chief Technology Officer. This collaboration aims to enhance ITOCO's Soil Rescue Program and expand its revenue streams through the supply of cactus starting materials and prickly pear concentrate. The JV leverages Nuno's decade of expertise in organic Nopal cactus production, promoting sustainable farming and innovation.

Positive

• Joint Venture with Diálogos do Bosque strengthens ITOCO's market positioning in sustainable agriculture.
• Nuno Pires’ expertise in Nopal cactus cultivation will enhance product quality and innovation.
• The partnership is expected to increase revenue through cactus starting materials and prickly pear concentrate, capitalizing on a growing beverage category.
• Nuno's previous technological innovations will expedite ITOCO's expansion in Portugal and Africa.

Negative

• None.

TORONTO, ON / ACCESSWIRE / August 17, 2022 / ITOCO INC. (OTC:ITMC) is pleased to announce it has entered into a Joint Venture (JV) with Diálogos do Bosque, Unipessoal Lda, a large Nopal cactus farm and processing company in Alentejo-Cortiçadas de Lavre, Portugal (approximately 100 kilometers east of the capital Lisbon).

The JV was facilitated through ITOCO's Portuguese subsidiary Colorful Euphoria Lda.

Nuno Pires, Principal of Diálogos do Bosque (DB), will become President of the JV and has joined ITOCO as Chief Technology Officer. Nuno brings a wealth of experience which will greatly help ITOCO, the world leader in the propagation, genetic research, cultivation, and processing of Nopal cactus.

As ITOCO's "Soil Rescue Program" continues to gain global attention, the company's reputation will benefit from Nuno's knowledge, skills, and network of academics, industry contacts, and agronomists.

Diálogos do Bosque will be the primary supplier of starting material (cladodes) and prickly pear concentrate, which ITOCO will sell as a part of its revenue streams. ITOCO is fielding an increasing number of inquiries for cactus starting material under its Soil Rescue Program, and the juice concentrate will supply the rapidly growing prickly pear beverage category.

Nuno has been growing organic Nopal cactus for the past 10 years, and through his R&D, he is producing varieties that excel in fruit production, quality, and disease resistance - establishing him as a leading producer in Portugal.

His background in Mechanical, Electronics and Computer Technologies was, and continues to be, a determining factor in the development of innovative technology and machinery that contribute to greater effectiveness, efficiency, and quality to the production processes of DB's several products and sub-products of the Nopal cactus.

Diálogos do Bosque has been a pioneer in Portugal in several areas:

• 2013, the company develop a first-of-its-kind machine specifically to clean the prickly pears of their spines.
  
• 2015, it was the first prickly pear farm in Portugal to obtain the Global G.A.P international certification.
• 2015, it obtained authorization for the first Opuntia fiscus-indica nursery in Portugal.
• 2015, DB was a pioneer in the use of the European plant passport/phytosanitary certificate.
• 2016, Nuno implemented the first electronic and automated cleaning, sizing, and sorting line for prickly pears in Portugal. That year, DB also increased its cooling systems capacity (positive, negative, and quick frozen) to meet the needs for the coming years.
• 2018, Nuno developed new machinery and implemented a new process to achieve cold pressed/extraction of oil from the prickly pear seeds, thus giving this oil an extremely differentiating factor compared to the other processes normally used by other standard machines/oil presses in the market.
• 2018, DB started to supply the oldest and main Portuguese juice producer company.
• 2022, DB's prickly pears are used as the only raw material for the creation and launch of the first 100% organic product of this well-known Portuguese juice brand.

These and other upcoming technological innovations by Nuno will greatly expedite ITOCO's expansion in Portugal and Africa.

"Nuno's expertise in propagation, cultivation and product development will further establish ITOCO as a leader in sustainable, profitable farming operations and land regeneration," says ITOCO's President and CEO Michael Paul. "We continue to add professionals to our company's management, who bring value to our operations and reputation. I am proud to welcome Nuno to a strong and growing team at ITOCO."

Nuno Pires states, "Through this Joint Venture, I am very excited to be able to bring the Diálogos do Bosque brand of Nopal cactus to countries which could benefit from its vast array of organic products and its ability to rehabilitate depleted and/or unusable soil in arid and semi-arid areas. ITOCO and its subsidiary Colorful Euphoria will provide the resources and connections to allow the Diálogos Nopal cactus and its products to expand exponentially and open the eyes of the world to the plethora of uses of this little-known plant."

ABOUTDIÁLOGOS DO BOSQUE

Diálogos do Bosque is a Portuguese company, specialised and exclusively dedicated to the production and processing of prickly pears, as well as of vegetative propagating material of the prickly pear cactus - Opuntia Ficus Indica, having started its activity in 2013. Its farm is situated in Alentejo, one of the regions of excellence for the production of high-quality prickly pears, both in terms of calibre and flavour. One of the company's main goals is the marketing of high-quality prickly pears, namely those intended for dessert fruit, and as such only selects for that purpose the fruit classified in "extra" class. The remaining fruit goes to the processing industry.

ABOUT ITOCO INC.

ITOCO's mission is to be a global leader in soil rehabilitation, carbon sequestering, and biofuel production for the Clean Energy sector. ITOCO has developed and is promoting its Soil Rescue Program in Europe and Africa. ITOCO Inc. trades on the OTC Markets, symbol: ITMC. ITOCO is a 14-year-old publicly quoted Biotech company based in Toronto Canada, Lisbon Portugal and Nevada USA. ITOCO seeks to partner with outstanding individuals and companies within the land regeneration, climate change and bioenergy fields to joint venture, research, and co-develop related products and technologies to the market.

ITOCO Energy

ITOCO Soil Rescue

ITOCO Carbon Capture

ITOCO Climate Change

Michael Paul, C.E.T.
President & CEO
ITOCO INC

For further information, please contact our Investor Relations department at:
ir@itoco.net

SOURCE: ITOCO Inc.

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FAQ

What is the recent development for ITOCO Inc. regarding its Joint Venture?

ITOCO Inc. has entered into a Joint Venture with Diálogos do Bosque, enhancing its operations in the Nopal cactus market.

Who is Nuno Pires and what role will he play in ITOCO's recent Joint Venture?

Nuno Pires will serve as President of the JV and Chief Technology Officer, bringing expertise in Nopal cactus cultivation and innovation.

How does the Joint Venture affect ITOCO's revenue streams?

The Joint Venture will allow ITOCO to supply cactus starting materials and prickly pear concentrate, potentially increasing its revenue.

What is ITOCO's Soil Rescue Program?

ITOCO's Soil Rescue Program focuses on soil rehabilitation and sustainable farming, gaining global attention.

When was the Joint Venture with Diálogos do Bosque announced?

The Joint Venture was announced on August 17, 2022.