TerraBioGen Technologies Inc.
TSX VENTURE : TBG

TerraBioGen Technologies Inc.

November 02, 2011 13:20 ET

TerraBioGen Announces Shares for Debt Settlement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2011) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

TerraBioGen Technologies Inc. ("TerraBioGen") (TSX VENTURE:TBG), a developer and marketer of proprietary technologies for the production of organic-based, high-value agricultural products from organic wastes, announces that it has settled $430,000 of amounts payable in exchange for 5,375,000 common shares at $0.08 per share and 3,875,000 warrants exercisable at $0.15 for two years. Completion of the transaction is subject to the approval of the TSX Venture Exchange.

The debt settlement was negotiated with Recondo Holdings Ltd. ("Recondo") in conjunction with an extension of a Master License Agreement ("MLA") with Recondo for 2 years. The MLA provides Recondo with the exclusive rights to construct and operate TerraBioGen plants within the Republic of Ireland and Northern Ireland and the non-exclusive rights to construct and operate TerraBioGen plants in the United Kingdom of Great Britain. The extension of the MLA will expire on December 31, 2013.

Blair Heffelfinger, President and CEO of TerraBioGen, stated that he is pleased to reach this agreement with Recondo. "Recondo is a strategic partner of the Company, facilitating access to the agriculturally progressive markets of Ireland and the UK. At the same time, the conversion of the amounts payable into shares is another step in the company's debt restructuring and will further improve our balance sheet and working capital."

About TerraBioGen

Located in North Vancouver, BC, TerraBioGen Technologies Inc. is committed to research and development to continue to improve the efficiency of its technology and the quality of its agricultural products. It is further committed to developing a world-wide marketing capability to ensure market acceptance of its products.

This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although TerraBioGen believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of TerraBioGen's management on the date the statements are made. Except as required by law, TerraBioGen undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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