Solazyme, Inc. (NASDAQ:SZYM) announced today that after successfully
completing the build out of a series of important operating
capabilities, President David Cole is transitioning from an executive
operational role back to the advisory role he occupied prior to January
2014. His advisory responsibilities will be broadened to include
leadership of the Company’s strategic advisory boards. Mr. Cole will be
stepping down from the Board of Directors as part of the transition.
Solazyme CEO Jonathan Wolfson noted, “I want to express sincere
gratitude to David for his positive and high impact leadership. Over a
year ago, we asked David to step up from his long-standing advisory role
to help the Company build out its management systems and expand its
leadership team, all of which he did very effectively. David has also
enhanced our advisory network, improved our operational structure and
helped position Solazyme to scale commercial operations.”
Business Update
The Company continues to make progress in its commercial ramp-up, with
three production facilities now in various stages of operations. The
Company is consistently producing and shipping product from Peoria for
its AlgaVia™ food business. It is also consistently producing and
shipping product from Clinton/Galva where there has been continued
customer growth, with sales of different oils and products to more than
thirty customers. Progress continues at the Solazyme Bunge JV Brazilian
production facility at Moema. The company is pleased to report that
construction of the plant is complete and the third party engineering,
procurement and construction (EPC) firm is no longer on site.
Solazyme’s core fermentation technology is performing well at Moema,
with ongoing successful large-scale fermentations of two different
products in multiple full-scale production vessels. Although the key
downstream unit operations are functional all the way to oil production,
and modest quantities of finished product continue to be produced and
shipped, downstream processes at Moema require further optimization and
are not yet operating on a fully integrated basis. This is an area of
significant focus and ongoing improvement.
These and other developments will be discussed on Solazyme’s investor
conference call for the third quarter of 2014, which as announced
separately today will be held on November 5, 2014.
About Solazyme, Inc.
Solazyme, Inc. (SZYM) is a renewable oil and bioproducts company that
transforms a range of low-cost plant-based sugars into high-value oils.
Headquartered in South San Francisco, Solazyme’s renewable products can
replace or enhance oils derived from the world’s three existing sources
– petroleum, plants and animal fats. Initially, Solazyme is focused on
commercializing its products into four target markets: (1) fuels and
chemicals, (2) nutrition, (3) oil field services and (4) consumer
products.
Solazyme®, the Solazyme logo, AlgaVia™ and other trademarks or service
names are trademarks of Solazyme, Inc.
Forward Looking Statements
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
about Solazyme, including statements that involve risks and
uncertainties concerning: its commercialization and production plans;
the commissioning of equipment, the ramping up of facilities and the
scaling of commercial operations; meeting commercialization and
technology targets; successful product trials and market acceptance of
its products; and Solazyme’s ability to maintain its relationships with
its partners. When used in this press release, the words “will,”
“expects,” “intends” and other similar expressions and any other
statements that are not historical facts are intended to identify those
assertions as forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Any such statement may
be influenced by a variety of factors, many of which are beyond the
control of Solazyme, that could cause actual outcomes and results to be
materially different from those projected, described, expressed or
implied in this press release due to a number of risks and
uncertainties. Potential risks and uncertainties include, among others:
Solazyme’s limited operating history; its limited history in
commercializing products; implementation risk in deploying new
technologies; its limited experience in constructing, ramping up and
operating commercial manufacturing facilities; its ability to sell its
products at a profit; delays related to construction, start-up and
ramp-up of production facilities; its ability to manage operational
costs at production facilities; its ability to enter into and maintain
strategic collaborations; successful product trials by its customers and
market acceptance of its products by end-users; its ability to obtain
requisite regulatory approvals; and its access, on favorable terms, to
any required financing. Accordingly, no assurances can be given that any
of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what impact they will have
on the results of operations or financial condition of Solazyme.
In addition, please refer to the documents that Solazyme, Inc. files
with the Securities and Exchange Commission, including its Quarterly
Report on Form 10-Q, as updated from time to time, for a discussion of
these and other risks. You are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
press release. Solazyme is not under any duty to update any of the
information in this press release.
Copyright Business Wire 2014