VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 27, 2014) – SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) (“Solarvest” or the “Company”) wishes to announce that it has entered into a fiscal advisory agreement with Quinsam Capital Corporation and to provide shareholders with an update on the Company’s progress.
Solarvest has made progress toward commercialization of its unique organic, vegan Omega-3 fatty acid product, which is produced using a patented culture process and natural marine algae (equivalent products currently on the market are generally oil extracted from fish or krill). Solarvest’s algae-based process produces Omega-3 fatty acid products in a clean, controlled, vegan and organic culture system that avoids the environmental pollutants and toxins present in the world’s oceans. Since the product is algae-based there is no “fishy” taste that is associated with the marine products currently on the market. The product’s premium differentiation is based on this improved taste and chemical free processing.
As previously announced, Solarvest recently made arrangements with European manufacturers to produce sample batches of Solarvest’s Omega-3 product. Manufacturing is being undertaken in a German production facility with ISO and organic certifications in place. Solarvest has now obtained its first sample product from Germany and confirmed the successful first stages of scale up, which revealed an increase in production yield due to the configuration of the larger equipment.
The Company expects to receive larger quantities of material from the contract manufacturer as the size of manufacturing batches continues to be scaled up. These samples will allow potential customers to assess Solarvest’s Omega’s in their own product formulations. Target customers include companies involved in production and sales of nutraceuticals, house brands for organic grocery stores, food processors and dietary supplements marketers.
Quinsam Fiscal Advisory Agreement
Solarvest has engaged Quinsam Capital Corporation (“Quinsam”) as a strategic and financial advisor as it progresses along the path to commercialization, effective November 1, 2014.
Roger Dent, the CEO of Quinsam, said that, “We see Solarvest as a highly-underappreciated growth story with a disruptive product technology in the fast growing Omega-3 marketplace. The Company’s recent financing will permit Solarvest to fully focus on growing the business, and product commercialization, rather than raising capital. We look forward to working with Solarvest to make it both an operational and financial success.”
Quinsam will develop and implement a strategic program to raise Solarvest’s visibility and advise on the execution of Solarvest’s business plan. Solarvest will pay Quinsam a monthly fee of $2,500 for a one-year term of the Agreement, which may be extended upon the mutual agreement of the parties. In addition, it will issue 300,000 common share stock options at an exercise price of $0.40. Such options shall vest quarterly over the one-year term of the Agreement and expire 18 months after the grant date.
Quinsam is a merchant bank based in Canada. Its merchant banking business may encompass a range of activities including acquisitions, advisory services, lending activities and portfolio investments. Quinsam currently holds 600,000 shares and 600,000 common share purchase warrants of Solarvest.