IETI and Bob’s Formulas Join Forces to Advance Phytopharmaceutical and Nutraceutical Products
Vancouver, BC – Innovo Extraction Technologies (IETI), an innovative company in incubation at Empowered Startups, has entered into a joint venture with Bob’s Formulas Inc. (BFI), a subsidiary of The Jim Pattison Group, to revolutionize research and development in the rapidly growing fields of phytopharmaceuticals and nutraceuticals.
Phytopharmaceuticals refer to medicinal products derived from plants, while nutraceuticals are food-derived products that offer health benefits beyond basic nutrition. These products hold great promise for addressing a wide range of health concerns naturally and effectively.
Innovo Extraction Technologies, with its specialized knowledge and unique extraction optimization technology, will spearhead the product development aspect of this joint venture. Their expertise in extracting and purifying plant-based compounds coupled with Bob’s Formulas’ renowned nutraceutical brand known for its manufacturing, branding, marketing, and sales operations will ensure the creation of high-quality, effective phytopharmaceutical and nutraceutical products. This collaboration of expertise guarantees that these innovative products will efficiently reach consumers, marking a significant step forward in the industry.
Attracting a reputable company shows our viability and potential
“This joint venture with Bob’s Formulas marks a significant milestone for Innovo Extraction Technologies,” said Mani Ashrafi, Co-founder of IETI. “Attracting the most reputable companies in Canada as collaborators shows the viability and potential of our technology. This joint venture will bring new plant-based and natural extract products to market with unmatched purity and quality.”
Bob’s Formulas Inc. is a subsidiary of the Jim Pattison Group, Canada’s second-largest privately held company with revenues exceeding $10 billion. The Group’s substantial resources and strategic capabilities will be critical in ensuring the joint venture’s success.
“We have absolute confidence in Innovo Extraction’s team and technology as reflected in the significant resources we put into the joint venture,” said BFI’s President Bob Mehr. “We are excited about the products we are developing as no equivalents are available to consumers.”
The joint venture’s advancements in research and development will lead to the creation of unique products designed to meet the growing demand for natural health solutions. By leveraging the combined strengths of the two organizations, the joint venture will address high-potential opportunities with natural products such as a painkiller ointment and a liver function repair supplement that have no comparable on the market. These innovative solutions are set to revolutionize the industry and captivate the interest of the health-conscious public.
Empowered Startups is proud to support Innovo Extraction Technologies in this landmark venture, aligning with its mission to nurture innovative startups and help them achieve significant milestones in their respective fields.
About Innovo Extraction Technologies Inc.
Innovo Extraction Technologies Inc., founded in 2018, is a pioneering startup specializing in extracting and purifying plant-based compounds. Innovo is at the forefront of developing high-quality phytopharmaceutical and nutraceutical products by leveraging advanced extraction optimization technology.
Innovo’s unique expertise enables the creation of products that address a wide range of health concerns naturally and effectively. By partnering with industry leaders, Innovo is set to revolutionize the fields of phytopharmaceuticals and nutraceuticals.
Contact Information
Mani Ashrafi – Co-Founder and CEO
Lida Rezayani – Co-Founder and COO
