Pontus announces non-binding LOI with beverage manufacturer

VANCOUVER — Pontus Protein Ltd., in a move to develop value added products, has signed a non-binding letter of intent with Blue Ocean Tea Company, a private arm’s length British Columbia corporation, and tea beverage designer and manufacturer, to develop ready to drink and portion packed beverages using Pontus Plant Protein.

The LOI is an expression of interest between Pontus and Blue Ocean covering product development, production, distribution and sales. Through Blue Ocean’s market understanding and connections, both companies anticipate the development of an international tea brand that will be able to secure significant sales in this large and growing market. In addition, Blue Ocean will be able to sell Pontus Water Lentils to its supply chain and distribute the raw ingredient to its current clients.

“The Tea and Herbal Association of Canada has polled consumers over the past six months and identified that during COVID, people wanted beverages that they can feel good about. As we return to normality, people want products to take care of themselves. I believe with Pontus, we can be post pandemic ready with a range of products,” said Mark Arathoon, Blue Ocean CEO and fourth generation tea industry expert.

Connor Yuen, CEO of Pontus stated, “Our market analysis identified the $55 billion global tea market as an effective early target for Pontus’ added value products. The tea market’s stated forecast growth is 6.6% CAGR*, with the fastest growth predicted in products with the addition of other healthful ingredients, such as Pontus Plant Protein. We are so fortunate to have Mark and his team’s experience on our doorstep and look forward to exploring both ready to drink and packaged beverages, to capture this market opportunity.”