CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Jan. 7, 2013) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company"), wishes to announce Solarvest has made significant progress in its plans to use its patented algal technology to develop commercial products focused on health care. The Company recently completed negotiations to acquire a 30,000 sq. ft. facility in Summerville Prince Edward Island which will be repurposed to house the Company's planned algal production. Solarvest has acquired the facility on a lease to own basis for $436,000 with an 8-year term, the previous owner had invested in excess of $2.2 million in developing the facility.
Originally designed as a yeast production facility it is uniquely suited for algae with only minimal reconfiguration. There is also a significant amount of equipment in place which can be used to enhance the Company's research and development laboratories which will be relocated to the facility. The new facility is sufficient size to support up to 10,000 tons of annual production and 6.5 hectares of land, allowing for future expansion.
Solarvest expects the planned renovation will be completed in the second quarter of 2013 with pilot production to begin mid to late 2013. The initial commercial nutraceutical products will be produced from algae strains that are generating high levels of Omega-3 DHA/EPA. The Company has successfully produced laboratory scale batches and is now in a position to scale up production from pilot batch to commercial production.
The market for Omega 3's is currently $13 billon and forecast to grow to $15 billion by 2015. Scientific research supports the proposition that the consumption of omega-3 fatty acids containing DHA and EPA may help to sustain cardiovascular health and brain function and may reduce the symptoms of some inflammatory conditions. Currently the primary source of Omega 3's is fish oil, which has limitations, not the least of which, is contamination with heavy metals, dioxin and PCB's in addition to being unsustainable.
Solarvest has developed algae strains rich in DHA/EPA that can be produced sustainably, economically, and extracted without solvents, harsh chemicals and most importantly, from a consumer acceptance viewpoint, without a strong unpleasant fishy flavor.
About Solarvest BioEnergy:
Solarvest BioEnergy Inc. is a world leading algae technology company that commercializes proprietary and advanced products for substantial markets. The Company's algal based production platform provided it with an extremely flexible system capable of being adapted to produce both human and animal health products in an economic and environmentally sensitive manner.
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 the Company's expectations and projections.