MONTAGUE, PRINCE EDWARD ISLAND, Aug 06, 2014 (Marketwired via COMTEX) — SOLARVEST BIOENERGY INC. CA:SVS -3.33% (“Solarvest”) announces that it has entered an agreement 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 will be 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.
This acquisition will strengthen and diversify Solarvest’s existing patent portfolio and will enable it to operate unimpeded in several global markets. In particular, this acquisition will give Solarvest complete worldwide rights to the Algae Technology Patent (System, Method below) that it previously licensed as a part of its Qualifying Transaction in 2008. This Algae Technology Patent particularly adds strength to Solarvest’s position as it relates to the creation of products by manipulating cell processes in the Algae. This will further strengthen Solarvest’s focus on using its unique Algae strains as a ‘manufacturing platform’ to produce a diverse range of products from vaccines and bioactive proteins to enzymes.
Solarvest now holds four complementary patents:
o SYSTEM, METHOD, AND DEVICE FOR THE EXPRESSION OR REPRESSION OF PROTEINS: This invention manipulates algae cell processes.
o METHOD OF MAKING MICROALGAL-BASED ANIMAL FOODSTUFF SUPPLEMENTS, MICROALGAL-SUPPLEMENTED ANIMAL FOODSTUFFS AND METHOD OF ANIMAL NUTRITION: This invention relates to use of algae as a safe, biodegradable food additive to effectively deliver trace metal essential nutrients to animals.
o DENTAL COMPOSITION AND METHOD: This patent covers the use of algae and/or modified algae to control the growth of dental plaque on companion animals.
o METHODS AND USES OF A MODIFIED CECROPIN FOR TREATING ENDOPARASITIC AND BACTERIAL INFECTIONS: This invention relates to the use of modified anti-microbial protein (cecropin and or variant of) or nucleic acid for treating or preventing endoparasites, such as Plasmodium (malaria parasite), and bacteria.
“The acquisition of Kohilo’s patent portfolio is a significant addition to our existing technology and broadens our commercialization opportunities,” said Gerri Greenham, CEO of Solarvest.
The use of Algae as a Technology platform provides Solarvest with a great advantage over traditional plant based production systems. Algae can be grown in controlled environments, which take advantage of their rapid growth rate, reducing the production cycle to a mere three or four days – up to 40 times faster than that of traditional crop systems.
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.
Incidentally to this transaction, Garth Greenham will be appointed as Chief Operating Officer of Solarvest.
Completion of the acquisition will be subject to a number of conditions, including the approval of the TSX Venture Exchange. 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.
Solarvest BioEnergy Inc. is an algae technology company whose algal-based production platform provides it with an extremely flexible system capable of being adapted to produce clean energy in the form of hydrogen and health products such as Omega oils in an economic and environmentally sensitive manner.
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.
View original article at: Solarvest to Acquire Four Bioactive Patents