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Pond Announces Milestone Payment from Fortune 500 Oil & Gas Major and Provides Update on Biotech Division
2022-10-20 07:30 ET - News Release
MARKHAM, ON / ACCESSWIRE / October 20, 2022 / Pond Technologies Holdings Inc. ("Pond") (TSXV:POND)(OTCQB:PNDHF)(FSE:4O0), an ESG company addressing global sustainability challenges of wellness and climate change, is pleased to announce that the Company has successfully met an additional milestone under the previously announced contract with a major Fortune 500 Oil and Gas company, announced on August 10, 2021. For completion of this milestone, the Company has received an additional $350,000 payment, equating to a total of $580,000 received to-date from the contract.
To achieve this significant milestone , the Company extracted recombinant proteins from algae grown by Pond that needed to perform as well or better than conventionally manufactured proteins in a lateral flow diagnostic test. In August, lateral flow tests using Pond-grown recombinant proteins successfully tested for COVID antibodies and were more reactive than conventional proteins. Since the beginning of 2022, Pond has been making weekly deliveries of recombinant proteins to the project consortium for testing. This material has been able to prove that algae-grown recombinant proteins perform as well as conventionally produced proteins in diagnostic tests. Results of these trials were recently published in the scientific journal Nature Scientific Reports and is available here: https://www.nature.com/articles/s41598-022-11053-7.
Grant Smith, President & CEO at Pond said: "The successful completion of this milestone is a major step for Pond's biotech division which remains an exciting piece to the overall Pond technology suite. Although, we remain extremely focused on commercialization of our algae growing, carbon capturing technology, the versatility of the technology has allowed us to explore multiple synergistic verticals such as biotech, which can produce meaningful revenue opportunities. We have now proven that we can grow functional recombinant proteins in algae, and that they work as well or better than what is available in the current market. Now that we have successful results, Pond can work towards scaling production to complement our verticals of service, with the goal of increasing sustainable revenue generation with existing and new customers."
About Pond Technologies Holdings Inc.:
Located in Markham, Ontario, Pond Technologies has developed a proprietary system that can profitably transform CO2 into valuable products. Its Pond Carbon business focuses on absorbing greenhouse gas emissions, transforming these into food, feed, and nutraceutical ingredients. Pond recently added a Biotech division focused on the growth of unique strains of micro-algae to be used as a reproductive medium for the expression of human anti-bodies and proteins.
For more information, please visit https://www.pondtech.com/.
Forward-Looking Statements:
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information contact: Grant Smith, Chief Executive Officer, at info@pondtech.com, or 416-287-3835 ext. 201
SOURCE: Pond Technologies Holdings Inc.
View source version on accesswire.com:
https://www.accesswire.com/721197/Pond-Announces-Milestone-Payment-from-Fortune-500-Oil-Gas-Major-and-Provides-Update-on-Biotech-Division
