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Company: Verde Media Group, Inc. (Pink Sheets: VMGI)
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Last:
Price: 0.009
Change (%): + 0.0025 (38.46)
Volume: 3,734,569 |
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Verde Media Biotech Division Secures Licensing Contract And Tech Transfer Fees For Omega-3 Oil Production.
BOSTON, April 16, 2014 /PRNewswire/ - Verde Media Group Inc. (OTC: VMGI) and its Biotech Division (“VMBD”) announce they have secured an overseas contract in Asia to produce high value omega-3 oils using its proprietary microbial technology. The contract is between Butazyme LLC, wholly owned subsidiary of VMBD, and Phoenix Energy (“PXE”) in Asia and will be jointly developed to commercial scale. Butazyme will receive a sum of $500,000.00 payment for technology transfer and 10% royalty as licensing fees per annum.
Butazyme has initially conducted technical feasibility for Asia project via Biothane, a subsidiary of Veolia Water Solutions & Technologies, in the US. The project will involve scaling the technology to 20,000 liters in phase-I followed by 200,000 liter scale up in phase-II. PXE has committed financing for Butazyme technology scale-up and 300 tons per day of feedstock that can be converted to 1000 tons per annum of Omega-3 oils. The commercial production will generate revenues upward of 30M dollars per annum with the local feedstock secured for 25 years.
Dr. Abidi, Ph.D. CEO of VMBD stated, “The strategic relationship with Phoenix Energy validates our business model to scale the technology with global licensing to industrial users. The contract will not only scale the technology to commercial stage but will generate multiple streams of revenues for VMGI. We anticipate a similar business model in the US and elsewhere for the 34.7 billion dollar omega-3 market.”
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