Vancouver, British Columbia--(Newsfile Corp. - September 30, 2024) - Solarvest BioEnergy Inc. (TSXV: SVS.H) ("Solarvest", or the "Company"), an algal biologic company specializing in organic ingredient production and commercial marketing of pharmaceutical grade ingredients and health supplements, announces the pending sale of the Summerville Prince Edward Island manufacturing and R&D facility.
The net proceeds from the sale of 3867 Greenfeild Rd, Summerville, PEI, expected in November 2024, are planned to prioritize immediate requirements, maintaining future assets, creditor debt obligations, and funding the commercialization of Solarvest's proprietary Organic Omega 3 products. "Focusing on commercializing existing developed and differentiated patented products and processes will set Solarvest on a path to success and demonstrate the value to future partners and investors," says Grant Larsen, CEO of Solarvest.
Additionally, Solarvest announces the appointment of a new board director and the resignations of 2 board members. Alex MacKay, with extensive capital market experience, a strong financial background and experience with Solarvest, will join the Board of directors to lead the transition and focused restructuring of Solarvest. Solarvest would like to thank Ken W. Campeau and Max Goldberg for their work and commitment to help Solarvest on a path to success. Mr. Goldberg will continue to advise Solarvest on Global "Organic and Omega 3" partnerships moving forward. The Solarvest Board will continue to add directors and advisors that bring skills and value to the relaunch and monetization of corporate assets.
ABOUT SOLARVEST
Solarvest is a Canadian algal biologic research company with several unique patents in organic ingredient production with global commercial product applications. With a commitment to innovation and a dedication to harnessing the power of nature, Solarvest is poised to transform the landscape of healthcare with its proprietary organic solutions.
For more information, please visit www.solarvest.com
Forward-Looking Statement
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
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