EDMONTON, Feb. 27, 2012 /CNW Telbec/ - Ceapro Inc. (TSXV: CZO) ("Ceapro" or the Company") is very pleased to announce the execution of an agreement with Alberta Innovates Bio Solutions who has awarded the Company a $1.6 million grant to establish a state of the art commercial scale bio processing facility. It is expected that the new facility, which will represent an investment of over $4.5 million, will be established in the Edmonton area by the end of 2013.
|""We wish to thank the Honourable Mr. Greg Weadick, Alberta's Minister of Advanced Education and Technology and Dr. Stan Blade, Chief Executive Officer of Alberta Innovates Bio Solutions for awarding our Company this significant grant", said Gilles Gagnon, CEO of Ceapro. "As part of the competition launched in 2011, we were one of three successful projects out of 33 total applicants and are gratified that the quality of Ceapro's proposal was viewed positively amongst the many proposals submitted. We have a great reputation as an innovator with our global multi-national customers and they appreciate that a unique bio processing facility will allow Ceapro to provide product solutions "From Field To Formulation". We anticipate Ceapro will return several benefits to Alberta including job creation, new crop opportunities for agricultural producers, increases in export sales, and most importantly, highlight some very impressive Alberta innovation on the world stage. With this clear commitment from the Government of Alberta through Alberta Innovates Bio Solutions to support its biotechnology industry, we will continue to work very hard to position Ceapro as one of Alberta's flagship biotech companies.", added Mr. Gagnon.|
For more information on Alberta Innovates Bio Solutions, please visit their website at www.bio.albertainnovates.ca.
About Ceapro Inc.
Ceapro Inc. is a Canadian growth-stage biotechnology company. Primary business activities relate to the development and commercialization of active ingredients for personal care and cosmetic industries using proprietary technology and natural, renewable resources. To learn more about Ceapro, visit www.ceapro.com.
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:
Vice President and CFO
T (Edmonton): 780.917.8376
E: [email protected]
Renmark Financial Communications Inc.
Laurence A. Lachance: [email protected]
Bettina Filippone: [email protected]
Tel.: (514) 939-3989 or (416) 644-2020