Applied DNA Sciences Receives Initial Order to Tag Cotton for the Upcoming 2017/2018 US Cotton Ginning Season
BusinessWire
4:09 PM ET
Applied DNA Sciences, Inc. ("Applied DNA," "the company," NASDAQ: APDN), is pleased to announce it has received an order to tag 27.5 million pounds of cotton to kick off the 2017/2018 ginning season, composed of three US cotton varietals. The three varietals are Pima, Delta and Acala, which fall under the Pimacott(R), HomeGrown(TM) LoneStar(TM) and HomeGrown Acala(TM) programs. The company expects to ship SigNature(R) T DNA to mark 27.5 million pounds of cotton before the end of June.
"Now in our third season, Applied DNA's SigNature T DNA has been meeting the need for supply chain traceability, transparency and trust within the cotton industry ecosystem with national retailers, their sup ply chain partners, and consumers. We are proud to continue to tag, test and track cotton for the 2017/2018 ginning season." stated Dr. James A. Hayward, President and CEO of Applied DNA. "This order demonstrates our success in further entrenching SigNature T DNA in an established revenue-generating vertical and in extending the adoption of our proven technology platform. Although we cannot predict the timing of follow-on orders, conversations with our customers lead us to believe that additional opportunities to tag cotton during the 2017/2018 ginning season are likely."
For this order, the customer has agreed to more customary and favorable payment terms, allowing for earlier revenue recognition than past cotton or ders. This new order is incremental to DNA concentrate to tag 30 million pounds of cotton that was shipped during fiscal 2016 to establish an on-site reserve of SigNature T DNA before the harvest begins.
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