EVE Investments subsidiary Meluka Honey ties up with Horizon Food

A health, wellness, nutrition and investment company, EVE Investments Limited (ASX: EVE) on 3 April 2019, declared to the market that its 100% owned subsidiary Meluka Honey, has begun distribution with premium health, grocery and pharmacy distributor Horizon Foods based in Byron Bay, NSW. Horizon Foods has already placed the first order for Meluka Honey’s product range.

Horizon Foods has a network of more than four hundred retailers over the territory from Port Macquarie in NSW to the Sunshine Coast in Queensland. Horizon foods has been a leading distributor in this area since the last twenty-four years.

Expressing his views on Meluka Honey, the General Manager of Horizon Foods, Mr Johnathan Carter said that Horizon Foods had constantly obtained the best quality products to match the expectations of its distribution network. Meluka Honey contains natural and raw honey sourced from its ancient melaleuca tea tree plantation, which is a perfect fit for Horizon Foods’ retailers. He further added that Horizon Foods was eagerly looking forward to start presenting Meluka brand to its consumers.

Mr Ben Rohr, Investment Director, EVE spoke about the new distribution channel, he stated that gaining distribution throughout Northern NSW and South East Queensland region with a locally based established and strongly aligned distributor such as Horizon Foods was another step forward by Meluka Honey, in its efforts to build brand awareness in Australia.

On 12 March 2019, EVE had declared to the market that its 100% owned subsidiary Meluka Honey had entered into an agreement with OpenDNA Limited (ASX: OPN) to provide marketing and sales support for its range of honey products in China.

In its half-year report, for the period ended 31 December 2018, EVE recorded revenue of $955,543. Also, the company recorded a gross loss of $3,909. The total comprehensive loss for the period stood around $1.31 million. The total assets of the company on 31 December 2018 stood around $7.77 million while the Total liabilities stood at $1.38 million. The net cash used in operating activities stood at $0.611 million. Besides, the net cash used in investing activities stood around $3.30 million. The Net cash provided by financing activities stood at $0.25 million. The cash and cash equivalents on 31 December 2018 stood at $0.24 million.

During the period, EVE had gained a nod to raise the scale of its activities by the acquisition of Jenbrook Pty Ltd. Also, the company’s 100% owned subsidiary Meluka Honey established distribution for NSW and the ACT with premium health food distributor, The Fair Traders.  Also, during the half-year period EVE notified the market, about concluding the agreements which took place between The Hydroponics Company Limited and Meluka Health. During the period, there was ongoing progress with Omni Innovation’s distributor partner Eagle Health Holdings Ltd (ASX: EHH), who was on track to open 100 direct diabetes Health and Experience stores in China.

The stock of the company, by the end of the day’s trading session, stood at a price of A$0.006, as noted on 3 April 2019. The stock zoomed up by 20% from its previous day’s closing price. The company has a market capitalization of around A$11.88 million, with circa 2.38 billion shares outstanding.


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