On the Issues

In May 2018, EGG signed a three-way MOU with CJ Freshway, one of the major food retail companies in Korea, and Eoulim, a renowned farming association. Under this agreement, the parties will jointly participate in the introduction of the new variety in Korea. This sets a win-win partnership between the food distribution company, agri-tech venture company and contract farmers, ultimately stimulating the Korean potato industry.

The parties will start off with potatoes but also work their way through to strengthen the inter-farm relations by developing new varieties of other agriculture products such as onions, sweet potatoes and etc.

In February 2018, EGG has reached an agreement with the largest retailer (Sales: US$13bn) in Korea regarding the supply of EGG potatoes. With the introduction of the new EGG variety, EGG’s goal is to capture 10% of the fresh potato market in Korea in the near future. Both parties are excited by this opportunity, a breakthrough for the Superior dominant market.

In February 2018, EGG also agreed with one of the major food retail companies (Sales: US$2bn) regarding the supply of EGG potatoes for processing purposes. The company engages in catering services, F/S, restaurants, logistics, and refined foods, also include 12 different sales channels. EGG’s technology shall increase the productivity and promote coexistence (betterment) between the farmers and companies.

In April 2017, EGG signed a Memorandum of Understanding with 'Y' Company in Hebei regarding sales of G1. The Hebei Company specializes in sales of agrichemical but recently formed a joint venture with a potato distribution center in Zhangjiakou. The company has already contracted with large farmers (each with at least 80 acre of farmland) to produce commercial potatoes, with an aggregate of 8,200 acres of land. In this MOU, the Hebei Company strongly states the intent to purchase  G1 tubers produced by EGG.