Outstanding Shares: 100,494,626
QUEBEC CITY, March 20, 2015 /CNW/ - CO2 Solutions Inc. ("the Corporation") (TSX-V: CST), a leader in low-cost carbon dioxide (CO2) capture, is pleased to announce that it has received a $400,000 commitment from Canada Economic Development for Quebec Regions (CED) towards optimization of the Corporation's carbon capture process and new enzyme production at industrial scale.
The Honourable Denis Lebel, Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of Quebec, stated, "By investing in the development by CO2 Solutions of an innovative process, our government is showing once again that it is determined to take the measures needed to increase the growth potential of our economy."
The CED assistance has been awarded in the form of a $400,000 repayable financial contribution through CED's Quebec Economic Development Program. Under the terms of the contribution agreement, CO2 Solutions will apply these funds toward the continued development of specific elements of the Corporation's innovative carbon capture process. CO2 Solutions will be required to refund the contribution over a period of 60 monthly payments with the first payment being due 36 months from the project completion date. It is anticipated that the said project related to this contribution will be completed by June 30, 2015.
Evan Price, President and CEO of CO2 Solutions, commented, "We are honoured and grateful for the contribution from Canada Economic Development and the confidence it shows in our carbon capture technology. Over the past few years we have made a number of ground-breaking developments with our technology and are confident of going to market with a technology that not only is the low cost solution to reducing carbon emissions, but is a very compelling offering for a number of commercial applications in which potential customers are both emitters and consumers of CO2, such as enhanced oil recovery, greenhouse operations, beverage carbonation, and others. The funds will be used towards the further optimization of both our process and the production of our breakthrough proprietary enzyme 1T1,"
About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Sequestration and Utilization (CCSU), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post-combustion capture of carbon dioxide with low‐energy aqueous solvents. Further information can be found at www.co2solutions.com.
CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solutions' 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 Solutions 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.
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