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Procork targets global market after raising capital
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The company raised the capital through a Convertible Note offer to a number of investors. ProCork Chairman David MacInnes said the funds would allow ProCork to establish a preliminary production facility in Europe while it negotiated licensing agreements with the world’s largest cork supply companies. “We have now spent more than five years developing and refining our technology and business model to ensure we are in the best position possible to take this great Australian invention to a global market,” he said. The global market for wine closures is estimated at approximately 17 billion. By country, France utilises around 3.5 billion closures, followed by Italy at 2.5 billion. South America, as a continent, uses 2.5 billion closures and North America about 2.25 billion. Of this closure market, cork makes up about 14.5 billion units, followed by synthetic corks (1.7 billion) and screwcap (800 million). MacInnes said the capital raising had been well supported by investors who acknowledged the potential of the company to revolutionise the global cork market. “Winemakers and cork suppliers have been screaming for a solution to the problem of cork taint while also being mindful of consumers’ preference for the traditional cork closures,” he said.