VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 5, 2013) - Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) ("Calyx" or the "Company") is pleased to announce that PGF Biofuels Ltd. ("PGF"), in conjunction with Paterson Grain and the RSB Services Foundation, has received Roundtable on Sustainable Biomaterials ("RSB") certification for Resonance®carinata. PGF is the first Canadian organization and only the fourth feedstock provider globally to obtain this distinguished certification.PGF has partnered with Agrisoma Biosciences Inc. ("Agrisoma") on the commercialization and market development for Resonance® carinata. Calyx holds an approximately 50% interest in Agrisoma.
RSB Services Foundation is the implementing entity of the RSB. The RSB is one of the world's most respected authorities on biomaterial sustainability. Achieving RSB certification means that PGF has met the stringent international sustainability standards, encompassing environmental, social and economic criteria.
Carinata is an oilseed crop well adapted to production in semi-arid regions with an oil profile ideally suited for use in the renewable aviation and biodiesel fuel industries.
"We are very pleased that PGF has obtained RSB certification for carinata," commented Don Konantz, Chief Executive Officer of Calyx. "This is a very significant third-party validation for carinata as a biofuel feedstock that will present significant new opportunities and establish a competitive advantage for this crop."
Mr. Andrew B. Paterson, Chief Executive Officer of PGF, commented, "RSB certification will now allow us to access a number of global markets for carinata oil, which can be converted into renewable aviation fuel or biodiesel. As the airline industry works towards reducing overall greenhouse gas emissions by 20% by the year 2020 it is using the RSB certification as its standard to ensure that procured renewable aviation fuel is produced in an environmentally sustainable manner. PGF Biofuels is continuing to advance development of this industrial oilseed crop, which has strong genetic properties, and is looking forward to scaling up production throughout western Canada and the northern United States."
Mr. Peter Ryus, Chief Executive Officer of RSB Services Foundation, said, "We strongly believe that new industrial oilseeds, such as brassica carinata, are the key to a sustainable bio-based future and we are proud to be a part of the continued development of this unique oilseed."
PGF has partnered with Agrisoma on the commercialization and market development for carinata under the Resonance® brand and is working with Paterson Grain to contract with local growers for production. These efforts will ensure current and future demands for renewable aviation fuel and biodiesel are satisfied. Agrisoma continues to enhance Resonance® carinata with a focus on varietal development, crop protection, product evaluation and agronomic characteristic enhancements.
Additionally, BDC Capital Inc. ("BDC"), also a shareholder of Agrisoma, has advanced $1 million to Agrisoma by way of a promissory note ("Note") to further Agrisoma's business. Concurrently, BDC has extended the maturity date of an existing promissory note, in the principal amount of $1 million, (together with all interest payments) from December 7, 2013. Both Notes now mature on March 31, 2014.
Concurrently, Calyx and BDC have amended certain terms of their shareholders' agreement with respect to Agrisoma. Included under the amended terms are provisions allowing for the expansion of Agrisoma's Board of Directors to include four qualified, independent directors, one of whom shall be Chair of Agrisoma's board. In addition, material decisions of Agrisoma requiring special approval have been defined and require the approval of shareholders holding more than 60% of the issued and outstanding shares of Agrisoma. Further, issuance of equity securities in Agrisoma now requires approval by Agrisoma's board, whereas such issuances previously required the consent of BDC and Calyx. Both Calyx and BDC have a 60-day pre-emptive right with respect to the allotment of any equity securities proposed to be issued by Agrisoma.
Calyx also announces than an aggregate of 250,000 stock options have been granted to certain directors of the Company.
Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) is an agricultural technology company focused on renewable fuels including biojet and biodiesel. Agrisoma Biosciences Inc., a company in which Calyx is the largest shareholder, is producing a new proprietary non-food energy feedstock crop, Resonance® carinata, which yields oil that can be refined into fuels that work in existing engines as a 100 percent petroleum substitute. From seed to sky, fuels produced from Resonance® carinata substantially reduce carbon and other harmful emissions, and help to reduce global petroleum dependence. For further information about Calyx, please visit www.calyxbio.com. Resonance® is a registered trademark of Agrisoma Biosciences Inc. For more information on PGF, please visit www.pgfbiofuels.com. For more information on Agrisoma, please visit www.agrisoma.com.
Forward-Looking Statements: This document contains certain forward-looking statements concerning Calyx, as well as other expectations, plans, goals, objectives, information or statements about future events, conditions, or performance that may constitute "forward-looking statements" or "forward-looking information" under applicable securities legislation. Such statements or information involve substantial known and unknown risks and uncertainties, certain of which are beyond Calyx's control, including the completion of the Private Placement and the delay or failure to receive regulatory approvals.,
Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, timing and completion of the Private Placement, the actual use of proceeds, and the timing of receipt of regulatory approvals.
Although Calyx believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Calyx can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Calyx and described in the forward-looking statements or information.
The forward-looking statements or information contained in this news release are made as of the date hereof and Calyx undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless so required by applicable securities laws or the TSX Venture Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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