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Barley Protein Concentrate The first plant protein with the nutritional quality and potential volume to effectively replace fishmeal in aquaculture feeds.

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Presentation on theme: "Barley Protein Concentrate The first plant protein with the nutritional quality and potential volume to effectively replace fishmeal in aquaculture feeds."— Presentation transcript:

1 Barley Protein Concentrate The first plant protein with the nutritional quality and potential volume to effectively replace fishmeal in aquaculture feeds

2 Barley Protein Concentrate MMP developed biological fractionation process, ethanol co product Patent pending US and PCT: Claims for Process; BPC composition; Use in aquaculture Process design: Similar to an ethanol plant but different operating conditions, different enzymes and modified process flow; uses conventional, available equipment

3 BPC Specifications 60% protein dry basis Crude fiber less than 5% Microbial contamination< 1X10 4 /gram Protein digestibility: 96% salmon and trout Phosphorus less than 0.5%, >60%available Approved by US Food and Drug Administration as protein feed ingredient for aquaculture

4 Performance Aquaculture Feeding Studies All studies independently conducted by USDA, universities and companies Trout, Atlantic Salmon, Coho, Char, Yellowtail, Cobia, Red Drum BPC equivalent to fishmeal, BPC/fishmeal blends often superior

5 Salmon Substitution of fishmeal with Barley Protein Concentrate: 17 weeks Gain gr/fish Trout

6 BPC Characteristics Dry Powder – Bulk Density 50 lbs/cu ft Nominal 60% protein Amino Acid Profile Barley Protein Concentrate % of total weight ala2.53lys2.15 arg3.16met0.99 asp3.50phe3.55 glu14.79pro7.21 gly2.26ser3.04 his1.32thr2.30 ile2.28tyr2.18 leu4.41val2.83 Total58.50 These 16 amino acids account for approximately 97% of total protein determined by assay of total N. BPC contains amino acids not determined by this assay, for example cystine.

7 BPC Business Development Plan  Construct first facility Montana USA  close to barley supply, US trout markets  5,300 tons BPC, 2 million gallons ethanol/year  Expand Production 5X at Montana site  expansion serves west coast North American, Asian Markets  License or Joint Ventures in Europe  countries with barley supply and aquaculture

8 Status First BPC Facility  Purchase LOIs for BPC and ethanol  Site selected  Bank commitment for $6.5M debt finance  Total project cost $12.5 million  Seeking additional equity financing  Target - break ground Sept 2012

9 Financial Model Assumptions  5,300 tons (US), 2 million gallons ethanol/year  Revenue $950/ton, Ethanol $2.20/ gallon (recent US spot price)  Production cost Barley 70% of total cost, $10/cwt ($220/MT) historical high Labor 19 fte, Energy, natural gas and electricity at current prices  Total project cost $12.5 million  $5M equity, $6.5M debt, $1M New Market Tax Credit

10 Montana Financial Model, One production module, no licensing Revenue Year 1Year 2Year 3Year 4Year 5 BPC Sales $692,550$5,520,833$5,550,425$5,830,000 EtOH sales $955,000 4,505,000 7,752,065 4,705,222 4,805,333 MT Prod.Payment 0400,444 Total Income$1,647,550 10,426,278$10,440,98110,575,666 11,035,778 Expenses Materials $1,882,645$4,618,067$4,757,468$4,895,268$5,035,471 Wages 370,0871,026,3751,247,0491,317,7941,370,506 Utilities $135,171$617,609$630,031$640,449$651,034 Misc'll $199,536$671,328$319,026$397,952$399,973 Marketing $0$300,000 Total Expenses $2,587,440$7,233,378$7,253,574$7,551,463$7,756,984 EBITDA($939,890)$3,192,899$3,187,407$3,024,203 3,278,793

11 Expanded Montana Operation Five production modules & Licensing RevenueYear 1Year 2Year 3Year 4Year 5 BPC Sales$692,550$5,520,833$9,477,725$28,907,083$34,980,000 EtOH sales955,0004,505,0007,752,06523,330,06028,832,000 MT Prod.Payment0400,444684,0931,985,5372,402,667 Licensing01,000,0001,500,0003,000,0001,000,000 Royalties00534,3752,137,5003,206,250 Total Income$1,647,550$11,426,278$19,948,257$59,360,181$70,420,917 Expenses Materials$1,882,645$4,618,067$8,127,342$24,272,373$30,212,827 Wages370,0871,026,3751,480,0091,564,3991,626,975 Utilities$135,171$617,609$1,070,353$3,142,307$3,302,742 Misc'll$199,536$707,078$514,576$1,874,303$2,181,251 Marketing$0$300,000 Total Expenses$2,587,440$7,269,128$11,492,280$31,153,382$37,623,795 EBITDA($939,890)$4,157,149$8,455,977$28,206,799$32,797,122


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