Outstanding shares: 60,261,136
Leading gas absorption technology company led by Dr. Geert Versteeg exclusive to CO2 Solution for enzyme-based carbon capture
QUEBEC, April 21 /CNW Telbec/ - CO2 Solution Inc. ("CO2 Solution" or the "Company") is pleased to announce it has executed a Consulting and Technology Transfer Agreement (the "Agreement") with Procede Group B.V. ("Procede") for the accelerated development of CO2 Solution's proprietary enzyme-based carbon capture technology. Under the Agreement, Procede will be exclusive to CO2 Solution for all work in the field of enzyme enhanced carbon capture. CO2 Solution will also benefit from a license to all of Procede's Intellectual Property pertaining to carbon capture using carbonic anhydrase or any variants. As partial consideration for the services and access to the technology of Procede under the Agreement, CO2 Solution issued warrants to Procede to purchase 1,000,000 common shares of the Company at $0.24 per share, exercisable until August 31, 2013. In addition, the Company will issue 50,000 options at a price of $0.20 per share to Procede for the ongoing role of Prof. Versteeg as a member of CO2 Solution's Scientific Advisory Board under the terms of the Company's stock option plan.
Procede will apply its expertise in gas absorption processes to assist CO2 Solution in the commercialization of its patented enzyme based technology for carbon dioxide capture, including lab testing, process modelling and simulation, and process development and design. The Agreement also provides for the technology transfer of certain of Procede's proprietary testing processes and methods to CO2 Solution's facility in Quebec. Any new intellectual property developed under the Agreement by Procede and any associated rights will be the sole property of CO2 Solution.
Based in The Netherlands, Procede Group is a leading developer of custom processes requiring advanced chemical-engineering knowledge. A spin-off of Twente University of Technology ("Twente"), Procede employs a research, development and design staff of more than 25 engineers and other scientific personnel and has performed work for numerous organizations in the oil and gas industry including Shell, Exxon-Mobil and The Dow Chemical Company.
The technical effort under the Agreement will be supervised in part by Dr. Versteeg, in addition to his ongoing role as a member of CO2 Solution's Scientific Advisory Board. As Director and Co-Founder of Procede, Dr. Versteeg brings over 25 years of professional experience in applied scientific research, including significant expertise in CO2 capture processes which the Company believes will be an important asset in its efforts to scale up and optimize its enzymatic carbon capture technology for commercial application.
Commenting on the Agreement, Glenn Kelly, President & CEO remarked, "We are very excited to have the Procede Group as a close extension of our internal technical capabilities for the scale up and commercialization of our carbon capture technology. Procede Group, and Dr. Versteeg are well known throughout the industry for their advisory work in gas scrubbing, and we are delighted to have exclusive access to this expertise."
Dr. Versteeg also commented on the Agreement, "Procede Group is very pleased to enter into this exclusive arrangement with CO2 Solution, the leading company in the field of enzyme-enhanced carbon capture. We look forward to working closely with CO2 Solution to help commercialize their technology, which I believe represents a breakthrough for low-cost carbon capture from coal-fired power plants and other large industrial sources of carbon dioxide."
About CO2 Solution
Based in Quebec City, CO2 Solution Inc. has developed a proprietary bio-technological platform for the efficient capture of carbon dioxide (CO2), the most important greenhouse gas (GHG), from power plants and other large stationary sources of emissions. The Company's technology platform exploits the natural power of a bio-catalyst (enzyme), carbonic anhydrase, which functions within humans and other mammals to manage CO2 during respiration. CO2 Solution has successfully adapted the enzyme to function within an industrial environment, and thus has taken advantage of a biomimetic approach to CO2 capture based on millions of years of evolution. The Company is commercializing its technology for coal fired power generation, the oil sands and other CO2-intensive industries where a low-cost capture solution is key to addressing climate change in a cost effective manner.
CO2 Solution's technology platform is protected by several North American and European patents, including the use of carbonic anhydrase for CO2 capture and release in a packed column system. News releases and additional information can be found at www.co2solution.com
Forward-looking Statements: Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solution's future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operation described herein. CO2 Solution undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
Neither the 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.
SOURCE CO2 Solutions Inc.
For further information: For further information: Glenn Kelly, President & CEO, CO2 Solution, (418) 842-3456, firstname.lastname@example.org