Solarvest BioEnergy Inc.

Solarvest BioEnergy Inc.

August 05, 2009 17:43 ET

Solarvest BioEnergy Inc. Announces Completion of Corporate Reorganization

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 5, 2009) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company") wishes to announce it has completed its previously announced corporate restructuring.

Solarvest is committed to continue the research and development of sustainable and renewable energy sources to meet growing energy demands and environmental challenges. The Company has retained the rights to a biologically-based hydrogen producing technology, which provides a controlled method for turning on and off genes in algae resulting in the continuous production of hydrogen gas. The Company's primary research facility operated by its wholly-owned subsidiary, Phyco Hydrogen Inc. ("PHI") is relocating to Prince Edward Island.

"Biofuel production from algae is gaining investment from some of the largest corporations in the energy sector," said Gerri Greenham, one of the Company's directors, "Solarvest has the technology to become a major contributor to the market with its process of producing hydrogen from algae."

The Company completed arrangements with Mr. Richard Wagner and Mr. Philip Ranck, Former President & CEO and Former COO of PHI, respectively to terminate their employment arrangements. Both Mr. Wagner and Mr. Ranck had executive employment agreements with PHI, which entitled them to severance payments upon termination however it was agreed pursuant to the Separation Agreements that each of them would receive only salary and expenses currently owing under their respective employment agreements. The Separation Agreements included mutual releases. Mr. Wagner has resigned as director and officer of PHI, and the Company's wholly-owned European subsidiary Phycobiologics (Europe) Limited. Mr. Ranck has also resigned as director of PHI.

As a part of the agreement with Mr. Wagner, the Company repurchased all of Mr. Wagner's shares in the Company and his shares of PHI, which were convertible up to 1.5 million shares of the Company for a one time payment of US$150,000. Mr. Wagner no longer holds any shares or options in the Company or its affiliates.

The Board of Directors of the Company would like to thank Mr. Wagner and Mr. Ranck for their contributions to the Company and wishes them well in all their future endeavours.

The statements made in this Press 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.

The TSX Venture Exchange has neither approved nor disapproved the contents of this Press 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.

Contact Information

  • Solarvest BioEnergy Inc.
    Kenneth A. Cawkell
    (604) 684-3323 ext 227
    (604) 684-3350 (FAX)