ONTARIO, Canada – Algae-C Inc. (“Algae-C” or the “Company”) has entered into a partnership with Arizona Algae Products, LLC. (“Arizona Algae”) of Holbrook, Arizona, USA to scale production of its designer algae in an effort to accelerate path to market.
After years of research to reprogram the DNA of microalgae to transform it into a “micro-factory” that sustainably produces active pharmaceutical ingredients or APIs, Algae-C is ready to scale production to bring valuable plant-based ingredients to the market to meet customer demand for more environmentally-friendly and clean ingredients for their products.
“The partnership with Arizona Algae demonstrates our ability to scale and enables us to meet important milestones that bring us closer to a first sale.” said Dr. Mather Carscallen, CEO of Algae-C, and added “The Arizona Algae team brings a wealth of experience in commercial-scale algae cultivation as well as expertise in the cultivation of the specific species that we currently use, which translates into an efficient and smooth scale up. We are delighted to partner with them.”
Arizona Algae’s fully equipped production facility of 65,000 sq. ft. of greenhouse space, in addition to seed and analytic laboratories will handle Algae-C’s cultivation, extraction and downstream algae processing. Growing operations take place under USDA-GAP and downstream processing conforms to cGMP standards. “We are excited to work with Algae-C to help scale the production of their innovative designer algae, which represents a leap in the industry of algae-based ingredient production” said Dr. Henk de Waard, President & CEO of Arizona Algae.
Arizona Algae will start scale-up production of Algae-C’s designer algae in the fall of 2021.
ABOUT ALGAE-C
Algae-C is a Canadian biotechnology company that specializes in the development and production of high-value plant-based molecules (Active Pharmaceutical Ingredients or APIs) using designer microalgae. Founded in 2015, Algae-C’s plant-based ingredients can be used to produce a variety of products in the pharmaceutical, nutraceutical, therapeutics, and beauty sectors. Algae-C’s pipeline of ingredients include those that have primarily shown efficacy in the mental health and pain management sectors. Algae-C’s technology allows for the production of high-quality, environmentally-sustainable ingredients at a low cost and fully tailored to meet client needs. www.algae-c.com
ABOUT ARIZONA ALGAE
Arizona Algae Products, based in Holbrook, Arizona, USA is a biotechnology company that makes use of proprietary production technologies and sustainable production methods to produce protein powders and omega-3 oils from algae for use in food, dietary supplements and wellness products that enhance human health and improve quality of life. www.azalgae.com
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information may relate to anticipated events or results including, but not limited to the activities expected to be performed by Arizona Algae on behalf of Algae-C, the standards to be met by Arizona Algae’s operations, the ability of Arizona Algae to successfully produce and scale up Algae-C’s operations and the expected timing of such scale up.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: unforeseen delays or complications in the proposed operations of Arizona Algae or Algae-C; unforeseen issues encountered in the proposed scale-up of operations; delays or withdrawals of licenses currently held by Arizona Algae; and general business or economic conditions. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.