BURLINGTON, ON, Sept. 11, 2014 /CNW/ - EcoSynthetix Inc. (TSX:ECO) ("EcoSynthetix" or the "Company"), a renewable chemicals company that produces a family of commercially proven bio-based products, today hosted the Honourable Gerry Ritz, Federal Minister of Agriculture and Agri-Food, for the announcement of $7 million in funding for a national Bioproducts cluster. The cluster, developed by Bioindustrial Innovation Canada, connects research and market-ready products across Canada. EcoSynthetix will receive approximately $2 million of the total grant.
"The support of the federal government will enable us to accelerate our commercialization efforts for new bio-based technology platforms targeting the replacement of non-renewable chemicals," said John van Leeuwen, CEO of EcoSynthetix. "In addition, this funding will allow us to invest in additional product development talent at our Centre of Innovation in Burlington, Ontario. Our team continues to make strong progress in the development of new products by building upon the core science of our proprietary technology."
Agriculture and Agri-Food Canada scientists will work with industry partners on adding value to the agriculture sector and responding to global demand for environmentally-friendly bioproducts.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix Inc. is a renewable chemicals company specializing in bio-based products that can be used as inputs in industrial manufacturing for a wide range of consumer products. The Company's products offer a reduced carbon footprint and are marketed primarily on the basis of lower cost, stable pricing and equal or superior performance. EcoSynthetix's lead product, EcoSphere® biolatex® binders, is used commercially by a number of the global top 20 manufacturers in the coated paper and paperboard industry.
Forward Looking Statements
Certain statements in this Press Release constitute "forward looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Company, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward looking statements. These statements reflect our current views regarding future events and operating performance and are based on information currently available to us, and speak only as of the date of this Press Release. These forward looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Those assumptions and risks include, but are not limited to, the fact that our results of operations and business outlook are subject to significant risk, volatility and uncertainty. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements, including the factors identified in the "Risk Factors" section of the Company's Annual Information Form dated March 31, 2014. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, we do not intend and do not assume any obligation to update these forward looking statements.
SOURCE: EcoSynthetix Inc.
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