Milk company A2 Corporation expects to begin producing milk for sale in the United States this year.
The company says it plans to distribute the milk via a 50/50-owned associated entity, A2 Milk Company LLC.
A capital raising was also expected this year, the company said.
At A2's annual meeting
in Auckland on Friday, shareholders were told consumer studies in the US had generated positive feedback for its technology, which identifies cattle with a milk protein variant with future health benefits.
A2 Milk was being sold in more than 1000 outlets including in 800 supermarkets, said the company's Australia general manager, Natja Gougoulas.
Securing a three-year contract with Coles supermarkets was a milestone.
Last month the biotech company posted a pre-tax loss of $926,000 for the year ended March 2006, following a $9.02 million loss a year earlier.
However, total revenue was up 179 per cent to $1.23 million, mainly from increased interest revenue and more royalties from A2 Australia.
- NZPA
