Edmonton, Alberta--(Newsfile Corp. - April 12, 2021) - TrustBIX Inc. (TSXV:TBIX) ("TrustBIX" or the "Company") is pleased to announce that on April 12, 2021 it signed a Memorandum of Understanding ("MoU") with Canadian-based Riz Global Foods Inc. ("Riz Global") where the Company's BIX platform will be used to provide traceability for halal lifestyle products marketed by Riz Global.
Riz Global is creating a "Halal Commerce Gateway" to support demand for lifestyle products for halal consumers in Canada and the global market. The goal is to enhance consumers' trust and confidence that halal food and lifestyle products are sourced ethically and are sustainably produced.
The halal economy will grow to $US 3.2 trillion by 2024, according to the second edition of the Halal Guidebook entitled 'Dubai - A Global Gateway for Halal Industry: A Step-by-Step Guide' authored by the Dubai Airport Free Zone Authority. It is one of the fastest growing consumer segments in the world. The global halal market is no longer confined to food and food-related products, and has expanded to include pharmaceuticals, cosmetics, health products, toiletries and medical devices, as well as service sector components such as logistics, marketing, print and electronic media, packaging, branding, and financing.
"There is a strong desire within Riz Global to partner with an innovative and proven technology leader like TrustBIX, to improve and support efficiency and operational excellence while positioning our company as a leader in the certified halal food and lifestyle industry," said Syed Ali, President and CEO of Riz Global.
"TrustBIX is honoured to have been selected by Riz Global as a technology partner," explained Hubert Lau, TrustBIX Chief Executive Officer. "Both parties look forward to future collaboration in the area of sustainability, halal production and practices, as well as sourcing and validation of certified halal food and lifestyle products. This agreement allows us to continue to grow our BIX platform as we move forward with our global expansion plans."
Syed Ali, President and CEO of Riz Global Foods, will act in an advisory capacity to TrustBIX on all certified halal food and lifestyle technology initiatives.
The MoU has an initial 12-month term effective April 1, 2021 and is renewable.
About Riz Global Foods
Riz Global Foods provides fully integrated comprehensive value chain management solutions for its Canadian and international customers, vendors, and value chain partners. Riz Global Foods is one of Canada's largest exporters of certified halal premium Canadian meat proteins for the international food service, catering and retail sectors. Beef, veal, lamb, poultry, value-added prepared foods, deli, and meat snacks are key products in the protein basket. Riz Global moved its product innovation and development to a subsidiary Riz Brands Inc., consolidating all its protein brands under one roof, focusing on the launch of certified halal, healthy, natural, delicious, prepared meats, deli, and meat snacks. All Riz products are certified halal with globally recognized halal certification bodies. Riz Global is unique in Canada in that it offers a complete end-to-end procurement and value-chain management function, which includes country-specific regulatory requirements, certification, product registration, and foreign language labeling.
Riz Global is also involved in multiple projects to vertically integrate the halal food value-chain, from ethical and sustainable farming practices, raising sustainable livestock, to soil reclamation and upgrade using non-chemical sources for healthy crops, pasture, feed and reducing the overall carbon footprint helping Canadian climate change initiatives.
Visit https://rizglobalfoods.ca/ for more information.
About TrustBIX (TSXV: TBIX)
As an innovative leader, TrustBIX provides agri-food traceability. By addressing consumer and agri-food business demands, the Company has a goal to become the most trusted and largest source of third-party food traceability and sustainability information globally - Gate to Plate®. TrustBIX Inc.'s focus is to create a world where we trust more, waste less and reward sustainable behaviour. The Company's proprietary platform, BIX (Business infoXchange System), is designed to create trust without compromising privacy through innovative use of data and technology. Extensive R&D has allowed TrustBIX to create a new blockchain-derived technology to complement its mature and proven traceability systems. By leveraging BIX and its unique use of incentive solutions, the Company can deliver independent validation of food provenance and sustainable production practices within the supply chain. ViewTrak Technologies Inc., a wholly owned subsidiary, provides a suite of hardware and software solutions to the livestock industry in Canada, United States, Mexico and China, such as Auction Master Pro, Market Master, Feedlot Solutions and pork grading probes. For more information, visit www.trustbix.com, or follow us on Twitter twitter.com/@TrustBIX_Inc, Facebook at www.facebook.com/BIXSco, or LinkedIn: https://www.linkedin.com/company/bixsco-inc-/.
This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.
FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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