banana fibre fruit and vegetable trays - 10 years ago.

WHATEVER HAPPENED TO THIS. ??
ANOTHER failed project and failed JV. (Nearly 10 years ago).
The agreement couldn't have been very "binding" !!

PPY seems to be experts at announcing stuff but dismal in delivering.
The board never seems to come clean about the results/outcome of these "projects" which are announced with great fanfare.
Perhaps it's all about pumping up the share price?

Where is the accountability. ? ... Long gone, I'm afraid


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Papyrus Australia Ltd (ASX: PPY) has entered into a binding Joint Venture Agreement (“JV Agreement”) for a banana fibre business project to manufacture banana fibre fruit and vegetable trays (as an alternative for plastic trays presently used by the industry) following extensive evaluation and analysis and the contractual “off-take” commitment of an established distributor of such products in Australia.

The Company wishes to thank MAP Capital Advisors Pty Ltd (“MAP Capital”) (refer ASX Announcements 1 March 2013 and 9 September 2013) for their support and comprehensive analysis of the business opportunity, and the introduction to the established industry distributor.The business project is for the manufacture of products to assist fruit and vegetable growers and sellers to package and display their products utilising natural materials made from waste banana fibre. The operation will be based in Australia at the factory site at Walkamin in banana growing area of the Atherton Tablelands in Far North Queensland.

The parties to the JV Agreement are the Company with 85% shareholding and the established distributor 15% in consideration of market introductions and the “off-take” commitment. The Company’s Managing Director together with the established distributor participated in a very successful product manufacture trial in China earlier this year to identify specialised machinery and equipment for the manufacturingprocesses. The established distributor and his customers are very excited about the banana fibre products.

The JV will be incorporated and will manufacture the products under an exclusive licence within Australia granted by PPY. The licence will be for a period of 5 years with a right of renewal for a further 5 years subject to the joint venture meeting agreed performance targets.PPY’s capital investment will be requisite cash, its existing equipment, intellectual property and know-how. PPY will also supply (at the cost of the joint venture) engineering and management support. PPY will provide establishment services and on-going management support for the operation of the JV.