Solarvest Acquires Bioactive Patents
(firmenpresse) - MONTAGUE, PRINCE EDWARD ISLAND -- (Marketwired) -- 11/17/14 -- SOLARVEST BIOENERGY INC. (TSX VENTURE: SVS) ("Solarvest") announces that it has closed its previously announced transaction to purchase worldwide rights to certain patents and patent applications from Kohilo Bio Inc. ("Kohilo"). Pursuant to the purchase agreement the total purchase price of $102,642.75; $70,000 of which was paid through the issuance of 200,000 common shares at a deemed price of $0.35 per share, and the balance of $32,642.75 through the assumption of Kohilo''s debt.
"The acquisition of Kohilo''s patent portfolio is a significant addition to Solarvest''s existing technology, which broadens our commercialization opportunities, and will enable us to operate unimpeded in several global markets," said Gerri Greenham, CEO of Solarvest.
This transaction involves certain related parties and is exempt from shareholder approval accordance with MI 61-101 (Protection of Minority Security Holders in Special Transactions). Specifically, the principals of Kohilo are Mr. Mike Horne, who is also a director and secretary of Solarvest''s wholly owned European Subsidiary, Phycobiologics (Europe) Inc. and Mr. Garth Greenham who is the brother of Gerri Greenham, Director, CEO and control person of Solarvest. Additionally, certain of the debts of Kohilo to be assumed by Solarvest include Kohilio''s outstanding account with a law firm at which Kenneth A. Cawkell, Director, Chairman and Secretary of Solarvest, is a partner.
Concurrently with the close of this transaction, Garth Greenham has been appointed as Chief Operating Officer of Solarvest, subject to Exchange approval.
The common shares issuable pursuant to the purchase agreement will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation.
About Solarvest:
Solarvest is an algae technology company that owns numerous key patents and whose algal-based production platform provides it with an extremely flexible production system. The Company''s wholly owned subsidiary, Solarvest PEI, has developed a patented (pending) process to produce the world''s first organic Omega-3 using algae, to help meet the 13 billion dollar global Omega-3 market. The Solarvest system utilizes a natural process growing the algae under closely controlled conditions ensuring that the health product(s) produced have none of the environmental contaminants found in our oceans. Organic certification provides assurance that the product(s) is GMO free, sustainable, produced without chemicals and, being algae, supports vegetarian and vegan diets. Solarvest''s licensed Organic Omega-3 products will offer the consumer a healthy and sustainable product choice.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Neither 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.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from Solarvest''s expectations and projections.
Contacts:
Solarvest BioEnergy Inc.
Gerri Greenham
Chief Executive Officer
416 420 0947
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Datum: 17.11.2014 - 07:30 Uhr
Sprache: Deutsch
News-ID 1318867
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