SASKATOON, Dec. 21 /CNW/ - Golden Opportunities Fund Inc. is pleased to
announce that it has sold its investment interest in Philom Bios Inc., a
private inoculant company with over 70 employees across North America and in
its joint venture operations in Australia.
Philom Bios was acquired by Novozymes Biologicals Holding A/S, a
wholly-owned subsidiary of Novozymes A/S, based in Baagsvard, Denmark.
President of Philom Bios, Calvin Sonntag, said the sale should be seen as a
positive development for the company's future growth and its 70 employees in
Canada, the United States, and Australia. "Novozymes has been keenly
interested in agriculture as a growth segment for three or four years, and is
committed to investing in the growth of this business." Sonntag explained.
Golden Opportunities Fund made its first investment in Philom Bios in
July, 2002 and made follow-on investments in September, 2002, May, 2004, and
November, 2005. The Fund's total investment of $2,776,874 resulted in Golden
Opportunities holding 907,017 common shares and 2,000 share options of Philom
Bios or 26% of the outstanding shares of the Company at an average cost base
of $3.06 per share. The sale of Philom Bios at $6.50 per share resulted in
Golden Opportunities Fund receiving total proceeds of $5,900,611, a realized
gain of $3,123,737, and an annualized return of 17.25% on the investment.
Golden Opportunities Fund's CEO/Chairman Grant Kook states "The Fund's
exit of Philom Bios supports the Fund's continued mandate to invest in key
strategic sectors of Saskatchewan's economy while at the same time exiting its
investments in a timely and profitable fashion to maximize shareholder value."
Saskatchewan Financial Services Commission has neither approved nor
disapproved the information contained herein.
For further information:
For further information: Mr. Grant Kook, CEO/Chairman of the Fund at
(306) 652-5557. The address for Golden Opportunities Fund Inc. is 1300 - 410 -
22nd St. E. Saskatoon, Saskatchewan, S7K 5T6