ADVITECH INC RECEIVES $1.4 M IN FUNDING FROM AVAC Ltd
TSX VENTURE EXCHANGE: AVI
/This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States./
QUEBEC CITY, March 31 /CNW/ - Advitech, Inc. ("Advitech" or the "Corporation") (TSXV: AVI) today announced that it has reached an agreement with AVAC Ltd for up to $1.4 million in funding for its subsidiary Botaneco Specialty Ingredients, Inc and the development of next generation, plant seed derived Hydresia® oleosome products and implementation of production capacity initiatives to scale up manufacturing operations. The funding will be paid in installments upon achievement of specific milestones over a 24 month period.
"We are very pleased to have AVAC's support and confidence in our business plan, and their recognition of the potential that our proprietary oleosome technology represents to the personal care and topical ingredients market," said Michael Stangel, President/CEO Advitech, Inc. "AVAC has been a valued strategic partner, beginning with its 2007 start-up investment in Botaneco's early-stage commercialization, and now, for our continued development and growth."
In return for funding, Botaneco has agreed to provide AVAC royalty payments that will commence with the quarter ending March 31, 2013 on all gross revenues until an aggregate return up to a maximum of two times the gross amount invested by AVAC is remitted.
About Advitech Advitech, which includes its subsidiary Botaneco Specialty Ingredients Inc. since November 20, 2009, is a health sciences and technology company developing, manufacturing and marketing proprietary natural ingredients and formulations for oral and topical applications that have been clinically proven to be safe and effective for improving skin health and well being. More information is available and can be accessed at www.advitech.com
About Botaneco Specialty Ingredients, Inc. Botaneco is the global developer and marketer of innovative oleosome-based ingredients to the personal care and OTC topical markets. As a technologically driven provider of high performance, proprietary ingredients, Botaneco is committed to developing innovative materials that offer multi-functional tangible and documented benefits to both formulators and consumers. Botaneco's head office and manufacturing facility is located in Calgary, Alberta and its satellite R&D laboratory in Bensalem, PA. More information is available and can be accessed at www.botaneco.ca
About AVAC, Ltd. AVAC Ltd. is a private not-for-profit company that invests strategically in promising early-stage commercial businesses. AVAC Ltd. focuses on the expansion of Alberta's value-added agri-business, information and communication technologies, life sciences, and other industrial technology sectors, and is also Alberta's leading fund-of-fund investor in early stage venture capital. Incorporated in 1997 with the support of the Alberta and Canadian Governments, AVAC Ltd. has invested in and provided guidance to more than 115 early-stage companies based in Alberta. Committing over $113 million of investment to date, the venture investor has also supported 38 agricultural research programs and projects and invested in three venture capital funds.
This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.For further information:
Michael Stangel, President and CEO