PetroAlgae Hires International Sales Team as It Approaches Commercialization
Jun 4, 2009 10:00:00 AM
Copyright Business Wire 2009
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View Additional ProfilesMELBOURNE, Fla.--(BUSINESS WIRE)-- PetroAlgae (OTCBB:PALG), a leading alternative energy company, today announced the addition of nine senior international sales executives to license its breakthrough commercial micro-crop technology system that enables large-scale production of clean fuel and food to customers in North America, South America, Europe, Asia, and the Middle East. The nine executives bring a wealth of experience to PetroAlgae having worked for companies including BP, ConocoPhillips, Cargill, Trinity Industries, Merrill Lynch and Syngenta. With these latest additions, PetroAlgae now employs 115 employees and is continuing to build its team as it prepares for commercialization. The Company noted that the additional new hires represented a 28% increase from its fourth quarter, ending December 31, 2008, when the count stood at 90.
"PetroAlgae's expansion is continuing at a rapid pace, undeterred by a harsh economic climate or the chill in capital markets," said PetroAlgae Chairman Dr. John Scott. "The company now has virtually all of the elements in place to meet its goal of bringing its micro-crop technology to market this year giving PetroAlgae the first-mover advantage in a multi-billion dollar renewable-fuels market."
Today's news follows PetroAlgae's recent announcement that it has established a Washington D.C. office and named three executives to work with the Obama Administration, Congress, non-profit groups and the business community to create a marketplace for clean, sustainable fuels.
About PetroAlgae
PetroAlgae (OTCBB:PALG), a leading alternative energy company, licenses a commercial micro-crop technology system that enables the production of clean fuel and food in an environmentally sustainable manner. Through a modular, flexible design construction, PetroAlgae enables a near-continuous growing and harvesting process of a wide variety of micro-crops suited to local climates, ensuring maximum growth rates. PetroAlgae's globally scalable system produces a cost-effective alternative to fossil fuels and high-value protein while absorbing carbon dioxide from greenhouse gas emissions. The Florida-based company is expected to establish first-mover advantage in the biofuels industry and offers a path to sustainable and clean energy independence while promoting local job growth.
If you would like to be added to PetroAlgae's investor email lists or have additional questions, please contact Haris Tajyar with Investor Relations International at htajyar@irintl.com.
Forward Looking Statements: This news release may contain certain "forward-looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a number of factors, including the uncertainty of the launch of our commercialization strategy, risks associated with the licensing, development or acquisition of its technologies as well as otherrisks detailed in the Company's filings the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved. The Company and all affiliated parties do not assume any duty to publicly update or revise the material contained herein.
Source: PetroAlgae
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Media Contact:
Weber Shandwick Seattle
Katie Hays
425-452-5428
khays@webershandwick.com
or
Investor Contact:
Investor Relations International
Haris Tajyar
818-382-9702
htajyar@irintl.com
