Solutions4CO2 Inc. Announces Its Joint Venture Subsidiary's First Purchase and Distribution Agreement
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 12/16/13 -- Solutions4CO2 Inc. (TSX VENTURE: SFC) ("S4CO2" or the "Company") is pleased to announce that its 50% owned Joint Venture Subsidiary ("the JV Sub") has signed a Purchase and Distribution Agreement with a privately owned Canadian company ("the Customer") that is an established supplier of ingredients and products in the nutraceutical industry.
The JV Sub uses the S4CO2 Bio-Extraction Process ("BEP") that incorporates a liquid to liquid solvent extraction process to extract and blend high-value shrimp oils from shrimp by-products.
The Purchase and Distribution Agreement has a 3 year term with minimum and targeted purchase volumes at a fixed price, subject to certain conditions, including the product meeting specifications to the satisfaction of the Customer.
The first purchase amount will be for up to half of the final shrimp oil product from the 2013 shrimp by-product feedstock that the JV Sub has already obtained from the Fall catch. The product is expected to be shipped and revenue recognized in the first quarter of 2014, assuming there are no production delays.
The Customer will put forth a Letter of Credit for one hundred percent of the minimum purchase volumes of product from the 2013 feedstock and the minimum purchase volume outlined in the Purchase and Distribution Agreement for Q2 2014.
To secure the right to purchase additional volumes of product above the minimum volumes for the following semi-annual periods during the Purchase and Distribution Agreement, the customer has agreed to put forward semi-annual Letters of Credit at the beginning of the first and third quarters for an amount equal to the minimum purchase volumes as outlined in the Agreement.
This Purchase and Distribution Agreement to supply high value shrimp oils is the first commercial scale Agreement that S4CO2's JV Sub has executed.
About Solutions4CO2:
Solutions4CO2 is a Canadian company that develops innovative waste-gas, water, biomass to high-value co-product solutions using proprietary and licensed technologies under the trademarks Integrated Biogas Refinery™ ("IBR") and Bio-Extraction Process™ ("BEP"). The IBR integrates best in class technologies to convert various organic waste streams into high-value algae co-products. The BEP utilizes a liquid to liquid solvent extraction process to extract and fractionate high-value co-products from shrimp by-products. Solution4CO2's business model allows the company to participate in joint-venture projects with partners across the waste-to-high-value co-product value chain, or sell projects on a design, build, operate and maintain basis.
Forward-looking Statements
This news release may contain forward-looking statements that are based on Solutions4CO2's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Solutions4CO2 Inc.
Douglas Kemp-Welch
CEO
416-803-9435
Solutions4CO2 Inc.
Dil Vashi
Manager Corporate Development
416-803-9435 extension 104
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Datum: 16.12.2013 - 08:10 Uhr
Sprache: Deutsch
News-ID 1291181
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