Calyx Provides Corporate Update
March 26, 2014 (Source: Marketwired) — Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) (“Calyx” or the “Company“) is providing this corporate update further to the update issued on March 24, 2014.
Calyx is the largest shareholder of Agrisoma Biosciences Inc. (“Agrisoma”) and owns 49.98% of the issued and outstanding common shares of Agrisoma. BDC Capital Inc. (“BDC”), which owns 49.96% of issued and outstanding common shares of Agrisoma, has advanced to Agrisoma a total of $2 million by way of promissory notes (the “BDC Notes”). The BDC Notes are the only secured debt of Agrisoma and have a maturity date of March 31st, 2014.
An Independent Committee of the Calyx Board has been working with financial and legal advisors to formulate, consider, and propose any and all strategic options that would be in the best interests of Calyx with respect to its investment in Agrisoma. As part of this process, meetings have been held with Agrisoma and BDC to identify and consider financing solutions that would work for all of Agrisoma’s stakeholders, and Calyx put forward a proposal that it believes accomplishes this.
To date, however, the parties have not reached agreement with respect to future financing of Agrisoma, and continue to work towards a resolution that preserves the interests of the various stakeholders.
The Independent Committee of the Board and Calyx’s financial advisor continue to examine all strategic alternatives for Calyx.
The Company also announces that Calyx’s nominee to the board of directors of Agrisoma, Don Konantz, has resigned from Agrisoma’s board.
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Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) is an agricultural technology company focused on renewable fuels including biojet and biodiesel. Calyx is the largest shareholder of Agrisoma Biosciences Inc., a company which is producing a new proprietary non-food energy feedstock crop – carinata – which yields oil that can be refined into fuels that work in existing engines as a 100 percent petroleum substitute. From seed to sky, fuels produced from carinata substantially reduce carbon and other harmful emissions, and help to reduce global petroleum dependence. Carinata was used to fly the world’s first 100% biojet flight, an achievement that Popular Science called one of the top science events on the planet in 2012. For further information about Calyx, please visit www.calyxbio.com. For more information on Agrisoma, please visit www.agrisoma.com.
Forward-Looking Statements: This document contains certain forward-looking statements concerning Calyx, as well as other expectations, plans, goals, objectives, information or statements about future events, conditions, or performance that may constitute “forward-looking statements” or “forward-looking information” under applicable securities legislation. Such statements or information involve substantial known and unknown risks and uncertainties, certain of which are beyond Calyx’s control.
Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect.
Although Calyx believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Calyx can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Calyx and described in the forward-looking statements or information.
The forward-looking statements or information contained in this news release are made as of the date hereof and Calyx undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless so required by applicable securities laws or the TSX Venture Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>