MARKHAM, ON, March 23, 2020 /CNW/ - Pond Technologies Holdings Inc. (the "Corporation" or "Pond") (TSX.V: POND), (OTCQB: PNDHF) an ESG company addressing global sustainability challenges of climate change and nutrition, announces that it has, through its subsidiary, Pond Technologies Inc., signed a non-exclusive licensing agreement with London based Remediiate (UK) Ltd. (https://www.remediiate.com/) who intends to develop projects and sell solutions and algae in the UK and Europe focused on the animal feed and aquaculture markets.
Under the terms of the licensing agreement, Remediiate will have the non-exclusive right to use Pond's patents and know-how related to the growth of microalgae and cyanobacteria and related biomass in connection with the development, manufacture, promotion, marketing, advertisement, sale and distribution of certain licensed products of Pond, including its gas management skid, dosing/harvesting/conditioning skid and PLC programming, in the countries and principalities of continental Europe as well as the United Kingdom. Remediiate will also have the right to provide consultancy, installation and support services in respect of such licensed products in such jurisdictions. In addition, Remediiate has the exclusive right in such jurisdictions to sell or otherwise supply the licensed products to certain identified companies.
The term of the license is 5 years (or upon the earlier expiration of all the patents and where there is no possibility of any applications in the patents proceeding to grant) and is automatically renewable thereafter for an additional 5 years provided Remediiate is in material compliance with the agreement at that time.
As consideration for granting the license, Pond shall be paid a fee to be agreed upon, on a case by case basis, related to the separate agreements to be entered into between Remediiate and the end users. Such fees will be based upon, among other things, an hourly rate for Pond's consulting, installation and servicing fees, a percentage of the licensing fee charged to the end user, and Pond's standard list price for its licensed products. In no event will the fee be less than $500,000 per annum, payable quarterly, until December 31, 2021, and thereafter not less than $2,000,000 per annum.
Steve Martin, Pond's CEO, commented, "Europe is a key market for Pond with its forward-looking industrial emitters, tightening regulations and large players in the protein markets. We are delighted to be working with the team at Remediiate who share our belief in the value of algae to profitably utilize carbon emissions while simultaneously dealing with issues of climate change and sustainable food security."
Carlos de Pommes, Remediiate's CEO added "Partnering with an established technology provider has been critical to us in convincing European greenhouse gas emitters and feed providers that algae-based alternative protein has come of age. We can now cost-effectively deploy technology at scale. We are delighted to be working with PondTech who share our values."
About Remediiate (UK) Ltd.
Founded in 2017, Remediiate's mission is: Clean the Planet | Feed the World. Remediiate is a UK-based, European-focussed CO2 abatement firm leveraging the power of nature's rock stars - algae - to solve simultaneously two of the world's greatest challenges; carbon emissions from major industrial emitters and the supply of alternative protein for the feed industry. Remediiate's leadership in lighting technology and algae biology enables us to produce on an industrial scale.
About Pond Technologies Holdings Inc.:
Located in Markham, Ontario, Pond is a technology company that provides profitable solutions to the global health and wellness challenges of climate change and nutrition. Pond's proprietary growth platform, including patented advanced photonics, optimizes key growth inputs in order to provide a controlled environment that maximizes the growth of algae and other organisms. This enables industrial emitters to generate new revenue streams from the transformation of underutilized CO2 to valuable algae-based products, such as protein for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption. For more information visit https://www.pondtech.com/.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pond Technologies Holdings Inc.
For further information: Carlos de Pommes, Chief Executive Officer, at [email protected], +44 (0) 20 7554 5852; or Christopher Johnstone at [email protected], +44 (0) 20 7554 5852; Steve Martin, Chief Executive Officer, at [email protected], 416-287-3835 ext. 201; or Chris Cory at [email protected], 416-287-3835 ext. 215.