BlueOcean NutraSciences Inc.

BlueOcean NutraSciences Inc.

September 16, 2014 15:30 ET

BlueOcean NutraSciences Selects New CEO

TORONTO, ONTARIO--(Marketwired - Sept. 16, 2014) - The Board of Directors of BlueOcean NutraSciences ("BlueOceans" or the "Company") (TSX VENTURE:BOC) is pleased to announce that its interim CEO, Gavin Bogle, has been appointed as CEO of the Company. Gavin's appointment will be effective on October 1, 2014. His North American nutraceutical and pharmaceutical industry experience and networks are an ideal fit for the company's three product platform development requirements.

Upon signing the Employment Agreement, Gavin Bogle was issued 1,200,000 options at an exercise price of $0.20, which will vest over the next 12 months. The options have a 10 year term.

The Company's primary 2014-15 development goals are 1) finalizing the commercial production and sale of astaxanthin rich oils from its Joint Venture's shrimp bi-products, 2) completing a business plan for processing the JV's residual shrimp biomass into liquid organic fertilizer, 3) finalizing the commercial development of its 100% owned Algae Integrated BioRefinery platform to produce vegan Omega-3 oils and 4) completing the bench scale JV research of its astaxanthin production from lower cost materials and if successful, selecting a scale-up site and initiating astaxanthin sales.

The Company further announces that on September 10, 2013 the TSXV approved the issuance and on September 11, 2014 the Company issued 22,727 Common Shares to Gavin Bogle representing $2,500 of Gavin Bogle's Interim CEO August Fee, at a deemed price of $0.11 per Share. The Shares issued are subject to a four month plus one day hold period.

After the issuance of the Shares for the August Fee, the Company will have 50,691,378 Common Shares issued and outstanding.

About BlueOcean NutraSciences

BlueOcean is a Canadian company that develops specialty oils using innovative product platforms targeted at the rapidly growing health and Wellness and Animal Feed markets.

BlueOcean is developing three specialty oil products: AstaShrimp, AlgaOmega and AstaTene. BlueOcean owns 50% of the participating and voting rights in 70717 Newfoundland and Labrador Ltd, a joint venture with a major Atlantic Canada shrimp processor that provides the shrimp feedstock for the extraction of AstaShrimp, and 50% of Asta NutraSciences Inc., a company formed to develop natural astaxanthin based health and wellness products for the nutraceutical and animal feed markets. BlueOcean wholly owns its AlgaOmega product line.

Forward Looking Statements

This news release may contain forward-looking statements that are based on BlueOcean'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.

Contact Information

  • BlueOcean NutraSciences
    Gavin Bogle

    BlueOcean NutraSciences
    Dil Vashi
    Manager Corporate Development
    416-803-9435 extension 104