LYSAKER, Norway, 26 April 2007--Today, Navamedic ASA's subsidiary ChitiNor AS has started the commercial production of chitin at the chitin factory at Senjahopen.
Navamedic's 100%-owned subsidiary ChitiNor AS has constructed a chitin factory adjacent to Nergård Reker AS at Senjahopen. The construction process has been finalized within budget, and total investments are less than NOK 10 million. ChitiNor AS will receive grants of NOK 2 million and an additional loan of NOK 2 million from Innovation Norway.
Navamedic will not make internal use of its chitin production from the start. In March 2006 a letter of intent (LOI) was signed with Lytone Enterprise Inc. in Taiwan, for the sale of the first full year' chitin production. The LOI has a value of approximately NOK 7 million based on the USD/NOK rate at the time of signature.
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