Cultiva Receives $3.95 Million Investment for Expansion
LAS VEGAS–(BUSINESS WIRE)–Jul. 15, 2015– Cultiva, a manufacturer of proprietary biofilm produce coatings, received a $3.95-million investment through the Nevada New Markets Tax Credit program.
Cultiva offers a food-grade biofilm technology — known as SureSeal™ — a specialized coating that provides growers with a solution to suppress fruit cracking, enhance quality traits of harvested fruits and vegetables, and extend the marketable shelf life of high-value crops. The New Markets funding will finance the transfer of Cultiva’s production process from an out-of-state, third party vendor to an internally-run production facility located in Las Vegas.
“Our products provide safe, natural and innovative crop protection solutions that increase growers’ yields and quality on harvested fruit and vegetables,” said Luis Hernandez, CEO of Cultiva. “By moving the manufacturing process closer to our headquarters in Nevada, we will be able to better control the quality of our product, increase productivity and expand our product development.”
Cultiva™ has a proprietary, food-grade biofilm technology, known as SureSeal™, which has applications in agriculture for growers around the world. The company’s objective is to explore and develop the capabilities of this technology to make products that provide growers with solutions to suppress fruit cracking, enhance quality traits of harvested fruits and vegetables and extend the marketable shelf life of high- value crops.
Cultiva’s biofilm products are used as substitutes for conventional wax-based chemicals. All of its current products are exempt from U.S. EPA-approvals or registrations due to their safe, natural and soft nature and their classification as non-pesticide products. Using Cultiva™ products, growers can maximize their yield in an effective, efficient and environmentally responsible manner.
About the Nevada New Markets Tax Credit Program
Enacted in 2013, the Nevada New Markets Jobs Act encourages investment in promising small businesses located in distressed communities throughout the state. Modeled after the federal New Markets Tax Credit program, the goal of the state program is to attract large, long-term investors to Nevada’s low-income communities, promoting new expansion, creating new job opportunities and building on existing growth in the state.
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Source: Advantage Capital Partners
Advantage Capital Partners
Alyson Gabel, 314-732-4393