Excellent PR for Edinburgh Based Innovative Food Label Company
In a feature in the Scotland on Sunday business pages, it was reported that Douglas Cribbes, president and chief executive of Texas Aero Engine Services, has been appointed to the board of the Edinburgh company behind UWI labelling.
Cribbes is expected to help the company to secure £1.1 million in order to complete expansion plans.
UWI have developed a labelling system that can tell you when an item, such as a jar of mayonnaise, was first opened and therefore when it will no longer be safe to use. It will be extremely useful not only in the food industry, but also for cosmetics and pharmaceuticals.
It was reported in the article that in five years time, the company is predicted to achieve a valuation of £80 million.
Cribbes’ appointment is expected to bring the company the finance it needs in order to finalise testing and launch the product across new markets.
Edinburgh-based Pete Higgins, who invented the revolutionary label, said in the article “It has been a long, tough process but we are now at the most exciting stage, with multiple investors interested, the product months away from mass production and an important patent pending.”
“Having Douglas on board is the best validation we could have hoped for: At a stroke his investment gives us global credibility, while his reputation and contacts will help us with access to decision-makers we could only have dreamt of reaching previously.”
Cribbes commented in the piece “Even on paper it was obvious to me that UWI Label could have important uses in the aviation sector. When I actually got to see it, my mind started racing with possibilities.”
UWI Technology have won several awards, including the Innovation Award at the 2012 Scottish Enterprise Life Science Awards and the 2011 Barclays Business Award for Manufacturing and Engineering.