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PetroAlgae Chairman Issues Special Letter to Shareholders
May 14, 2009 9:00:00 AM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesMELBOURNE, Fla.--(BUSINESS WIRE)-- PetroAlgae (OTCBB: PALG), an emerging renewable energy company, today announced that it has issued a Special Letter to Shareholders to update existing PetroAlgae investors on the current status of the Company and, more importantly, its future growth outlook. Text from the letter is as follows:
"Dear Fellow Shareholder,
As an investor in PetroAlgae Inc. (OTCBB: PALG), you have joined a select group of forward-looking people who understand the potential of micro-crops as one of the most viable new sources of clean, renewable feedstocks in the petroleum and biofuels industries. Moreover, you have delivered a vote of confidence in a company with technologies that we believe are on the brink of producing new and substantial revenue streams. For that we thank you, and we pledge to keep your interests paramount. In response to your support for PetroAlgae and your interest in our industry, we intend to communicate with you on a regular basis through letters such as these, among other methods.
Today, I want to update you on the Company as it completes the first six months of its publicly-traded history, and starts its first commercial activities. PetroAlgae began trading in December 2008 on the OTC Bulletin Board and trades under the "PALG" symbol with a market capitalization on May 11, 2009 of approximately $835 million. This is one of highest valuations in our industry; a strong endorsement of our solution to real, world-wide economic problems. We believe our market cap also reflects the market expectation (as stated in TIME and Biofuels Digest) that we will be one of the first companies to begin commercialization. We believe this leadership position gives us a significant advantage with regard to potential revenue and earnings going forward.
We are proud to see that the world is taking notice of PetroAlgae. As evidence of our lead in the industry, a recent article in Biofuels Digest discusses the Company's progress vis-a-vis the competition:
"What makes this project different than other algae-to-energy projects that have comes down the pikeway? In a word, feasibility...., PetroAlgae has stolen a lead late in the race for the national energy solution."
Biofuels Digest, 2-25-09
As a testament to our progress, PetroAlgae has received several prestigious awards, including the Sustainable Biofuels Award received in April 2009 at the World Congress for Biofuels.
The Micro-Crop Advantage
As our corporate name suggests, one of PetroAlgae's core activities is the development of technologies to produce fuel from algae. However, it is important to note that our corporate strategy is much broader. In fact, we select the best microorganism for each specific location (indigenous to the region) and application and then apply our distinct proprietary processes to scale from a microorganism to a high output-producing micro-crop.
Micro-crops include macro-algae, micro-algae, diatoms, micro-angiosperms, cyanobacters and other small fuel- or food-producing organisms of extremely rapid growth. They are exciting because they are much more productive than macro-crops (soy, corn, etc.) since they can be harvested daily or even more frequently. Micro-crops thus are resource-efficient, making maximum use of land, water and energy. Because of this high productivity and land-use efficiency, they do not require widespread deforestation to provide large volumes of product (unlike, for example palm and jatropha). Since micro-crops typically only require water, nutrients, carbon dioxide and sunlight, arable land is not necessary for successful growth.
PetroAlgae's Strengths
Sophisticated investors know that any new technology or hot concept attracts more than its share of noise in the marketplace. Algae oil, in particular, is gaining a lot of traction in the media. While this excitement and promise of real solutions keeps PetroAlgae motivated, we intend to rise above the noise with noticeable progress that differentiates us. We believe that these include the following:
PetroAlgae is the closest to commercialization. PetroAlgae is leading the way in feedstock and oil production. The Company plans this year to complete a working demonstration of its micro-crop farm in Florida. This site will showcase the Company's technology, processes and yield. With these efforts already in motion, the Company also plans to announce its first commercial deals this year.
PetroAlgae's business is scalable and sustainable. PetroAlgae's micro-crop production is scalable and highly prolific. The Company's micro-crops have achieved growth rates more than double the industry norm, and PetroAlgae's modular construction sets the stage for reliable deployment globally. With this highly productive footprint, micro-crops provide the ability to replace the entire world's supply of feedstock for diesel on a small fraction of available land. In addition, these micro-crops can be grown and harvested continuously while not competing with the food supply.
PetroAlgae is environmentally friendly. While the rest of the world is aggressively trying to minimize CO2 emissions, PetroAlgae's production process actively absorbs and consumes CO2 as an ingredient in its process. As an example of the magnitude of PetroAlgae's clean profile, our micro-crops consume double their weight, on average, in CO2, and our production process leaves no toxic waste. As a result, when the fuel produced by PetroAlgae feedstock is burned, the CO2 that is released is simply the CO2 that was absorbed during its growth.
PetroAlgae's technology provides speed to revenue. Compared to macro-crops, micro-crops have a much faster production growth cycle. For example, soybean is an annual crop, jatropha requires three to five years from germination to first meaningful production, and oil palms take five to seven years to mature. Micro-crops that PetroAlgae is producing, on the other hand, take two weeks from inoculation to first harvest and thereafter are harvested daily or even more frequently.
PetroAlgae's processes stand out. All companies in our industry recognize the importance of building expertise in biology and chemistry. PetroAlgae differentiates itself by adding physics into the mix. Specifically, our processes are optimized to provide the micro-crops with the right amount of light at the right time (i.e. the physics of radiative transfer). We increase production output further with scientific and engineering expertise related to nutrition, bioreactor development and the hydrodynamics of mixing. Our proprietary processes for micro-crops result in double the growth compared to other producers.
PetroAlgae's business model is the lowest-risk route to market strength. PetroAlgae's business model is designed to generate revenues from licensing its technology (production systems, micro-crop strains, process controls, etc.) to those with the capital and market know-how to become high-volume producers. We consider our model to be the lowest-risk path to market-strength in what can be a high-risk, emerging industry. We are selling the tools that will allow producers to operate with maximum efficiency in a price-sensitive, competitive environment.
PetroAlgae has key rights and intellectual property. Our detailed processes that drive such high productivity are protected through a combination of methods, including issued and pending patents, as well as know-how that the Company intentionally keeps as trade secrets. PetroAlgae actively protects these process and trade secrets with licensees.
Market Projections Justify Ambitious Goals
Our marketing activities now and in the future are global. Our prospective customers are quite impressive in their own right and include diesel manufacturers and biofuel refineries as well as energy companies, utility providers, chemical companies and even food processors. We are currently in discussions with firms and government entities across the globe, including China, India, Japan, Italy, Portugal, Spain, Germany, the U.K., Singapore, Finland and the U.S.
As these relations are formalized, public announcements will be made. However, I can share with you that we have signed a licensing agreement with GTB Power to use or sublicense our technology to construct and operate ten facilities for the growth and production of oil and biomass from algae in the People's Republic of China and its Special Administrative Regions, Taiwan, R.O.C., and Yonaguni. We also expect to have additional customers under license this year in other regions of the world.
We have set ambitious goals for PetroAlgae, but we believe that the magnitude of the potential market for our micro-crop products supports our estimates. Geopolitics and environmental concerns are converging to push governments and the private sector into an aggressive, well-funded push for clean, renewable alternatives. Meanwhile, once-favored biofuels such as corn-based ethanol are now being questioned both economically and environmentally. Fortunately, into this landscape comes PetroAlgae's solution, which we believe is the only economically viable clean, renewable feedstock for petroleum-based products.
Company Growth
PetroAlgae is undergoing rapid growth to support these exciting opportunities. We have hired an extremely talented multi-disciplined sales force comprising of nine individuals to execute on our business development initiatives. Due to the national focus on alternative fuels, we have further bolstered our internal expertise by opening an office in Washington, D.C. staffed by three individuals that bring regulatory, lobbying and public relations capabilities to the Company.
For our partners and customers, PetroAlgae will be the engine behind local opportunities for "green jobs". In fact, we anticipate that a standard commercial facility will generate the need for approximately 1,200 individuals spanning a wide variety of expertise.
Investor Relations Program Will Keep You Updated on Our Progress
As noted above, I expect this to be the first of many letters keeping you informed of our progress. In between these letters, I urge you to make regular visits to our new investor site at www.petroalgae.com, which will provide up-to-date, detailed information on our technology, business developments and significant market events. Once again, thank you for your interest and support. I am confident that as PetroAlgae progresses your commitment will be rewarded.
Yours truly,
Dr. John Scott
Chairman of the Board"
About PetroAlgae
PetroAlgae (OTCBB: PALG) is commercializing new technologies to grow and harvest oil from algae. This process utilizes algae, grown in bioreactors on land not used for cultivation of food crops, which can be reclaimed without remnants of any damage. It also creates a sustainable, renewable, cost-effective substitute for petroleum oil and a reliable, environmentally friendly feedstock source for biodiesel and many other products. The Melbourne, Florida-based firm offers a path to sustainable, renewable and carbon-neutral energy independence with processes that are good for the environment.
For further information on PetroAlgae, please visit www.petroalgae.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, the biodiesel market's acceptance for our products and technologies or the acceptance of our customers' products or technologies which incorporate our products and technologies, the failure of our technology to perform as predicted, competition from alternative biodiesel or other alternative energy technologies, uncertainties as to the size of the markets, cost and margins for the Company's products, current or future government regulations affecting the use of the Company's products and technologies, the lack of availability of critical components, the degree of protection from future patents, other risks associated with the development or acquisition of new products or technologies and those risks 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
----------------------------------------------
INVESTOR CONTACT:
Investor Relations International
Haris Tajyar
818-382-9702
htajyar@irintl.com
or
MEDIA CONTACT:
Weber Shandwick Seattle
Katie Hays
425-452-5428
khays@webershandwick.com
Industry Perspective on Federal Biofuel Investment - PetroAlgae
May 5, 2009 4:59:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesMELBOURNE, Fla., May 5 /PRNewswire-FirstCall/ -- Dr. John Scott, chairman of PetroAlgae, released the following statement today in response to U.S. Energy Secretary Dr. Steven Chu's announcement of the availability of nearly $800 million in biomass funding:
"This is a good first step toward building America's clean energy economy, but it's not the end game. Going forward, two things will be critical: investing in micro-crops like algae that are more productive and do not jeopardize our food and water supplies; and making sure we back solutions that are commercially viable today and sustainable over the long term."
About PetroAlgae
PetroAlgae (OTC Bulletin Board: PALG) is commercializing new technologies to grow and harvest oil from algae. This process utilizes algae, grown in bioreactors on land not used for cultivation of food crops, which can be reclaimed without remnants of any damage. It also creates a sustainable, renewable, cost-effective substitute for petroleum oil and a reliable, environmentally friendly feedstock source for biodiesel and many other products. The Melbourne, Florida-based firm offers a path to sustainable, renewable and carbon-neutral energy independence with processes that are good for the environment.
For further information on PetroAlgae, please visit www.petroalgae.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, the biodiesel market's acceptance for our products and technologies or the acceptance of our customers' products or technologies which incorporate our products and technologies, the failure of our technology to perform as predicted, competition from alternative biodiesel or other alternative energy technologies, uncertainties as to the size of the markets, cost and margins for the Company's products, current or future government regulations affecting the use of the Company's products and technologies, the lack of availability of critical components, the degree of protection from future patents, other risks associated with the development or acquisition of new products or technologies and those risks 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
----------------------------------------------
Katie Hays of Weber Shandwick Seattle
+1-425-452-5428
khays@webershandwick.com; or Investors
Haris Tajyar of IRI International
+1-818-437-7706
htajyar@irintl.com
both for PetroAlgae
Talking about them in Europe
http://www.enerzine.com/6/7215+petroalgae-croit-fermement-au-marche-des-algocarburants+.html
will give it a shot - am interested in the algae business
no..although i still watch this and have a friend that owns it and may be going to check it out in Melbourne.
i'll make you assistant mod so you can do those things, ok ?
RonnieD are you still moding this site and updating the Ibox?
i couldn't turn down 6 dollars..
will be watching..
btw i picked up 500 HGHN.
yep defo seem to have all their ducks in a row, if there is a dip i might be back in , but to be honest dont see it happening, whole float being bought up
talk about not wasting time and surprising.. a Christmas Eve press release !
obviously now we know how they will handle this stock.
they will protect share value and enhance it.
there will not be unproductive dilution here..
to see two major investors plop down a total of $10 million
and only get 3.2 million shares, and no warrants, tells us something VERY important... namely that this is ground floor, and it will not fall below their investment price.
They also say the money will put them on the way to selling their first commercially viable product.
Might want to think about picking some of this back up again, Jitz, especially if you can make a nice hit somewhere else first.
although i am out i'll post some news for all future investors, it seems that they raised 10 million by issuing 3.2 million shares in effect those investors have stock at approximately $3.125, i can only guess that some others are really interested in this breakthrough technology and are willing to go to great lengths to get hold of any shares they can even if its paying double what the guys below paid
MELBOURNE, Fla., Dec 24, 2008 (BUSINESS WIRE) -- PetroAlgae Inc. (OTCBB: DVGL),
a leading developer of systems to derive biodiesel fuels from algae, today
announced that it has closed on a $10 million capital raise through the sale of
approximately 3.2 million of newly-issued shares of common stock to two existing
investors.
"The proceeds from this offering are expected to help finance the launch of
PetroAlgae's most significant milestone to-date, the commercialization of its
first biodiesel product derived from algae," said Dr. John Scott, Chairman of
the Board of PetroAlgae Inc. "As a result, 2009 could represent the breakthrough
year not only for PetroAlgae but for the entire biodiesel and alternative energy
markets. We are pleased to be able to position PetroAlgae at the forefront of
these emerging markets and look forward to providing our shareholders, employees
and customers with our detailed commercialization strategy in the weeks ahead,"
concluded Dr. Scott.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy any securities, and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such offering would be unlawful.
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 or at 818-382-9702.
About PetroAlgae
PetroAlgae is commercializing new technologies to grow and harvest oil from
algae. This process utilizes algae, grown in bioreactors on land not used for
cultivation of food crops, which can be reclaimed without remnants of any
damage. It also creates a sustainable, renewable, cost-effective substitute for
petroleum oil and a reliable, environmentally friendly feedstock source for
biodiesel and many other products. The Melbourne, Florida-based firm offers a
path to sustainable, renewable and carbon-neutral energy independence with
processes that are good for the environment.
For further information on PetroAlgae, please visit www.petroalgae.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, the
biodiesel market's acceptance for our products and technologies or the
acceptance of our customers' products or technologies which incorporate our
products and technologies, the failure of our technology to perform as
predicted, competition from alternative biodiesel or other alternative energy
technologies, uncertainties as to the size of the markets, cost and margins for
the Company's products, current or future government regulations affecting the
use of the Company's products and technologies, the lack of availability of
critical components, the degree of protection from future patents, other risks
associated with the development or acquisition of new products or technologies
and those risks 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 Inc.
CONTACT:
At Investor Relations Intl:
Haris Tajyar, Managing Partner
818-382-9702
htajyar@irintl.com
or
At PetroAlgae:
Dr. John Scott, Chairman of the Board
321-409-7403
Copyright Business Wire 2008
-0-
KEYWORD: United States
North America
Florida
INDUSTRY KEYWORD: Energy
Alternative Energy
Oil/Gas
Other Energy
Natural Resources
Other Natural Resources
Environment
SUBJECT CODE: Share Issue
Stock Sale/Buyback
thanks for making me aware its at 7, you know i really really apreciated that!gonna have a look at the othe MA play you mentioned - boarmarked already
i know, i feel like a moron for selling the 60% I did.
at least you held for 5.
it's 7.00
out completely today.. amazing action though, cant bare to watch it anymore probably go to 10 now
I saw from the replies to that post that you got it in the low 01's too.. great. sometimes things do work out if you are patient..
just have to be choosy with these shells, BB status helps a lot to attract the non-scam shell buyers.
It appears I did buy it as VOXQ.
I mentioned here;
http://investorshub.advfn.com/boards/read_msg.aspx?Message_id=30520517&txt2find=voxq
I did sell out yesterday at 5.10. It should go to $10 now
Michael Anthony had a next-to-perfect shell with VOXQ, then he made it truly perfect as DVGL. He sold it rather fast for 350k. Not bad for what i think was a 25k investment and some work.
Look at this older board about M.A. shells
http://investorshub.advfn.com/boards/board.aspx?board_id=11659
also, keeping track of his moves on the SEC site.
DVGL was priced high, sold fast and attracted an upper tier customer because of its fully reporting otcbb status, and 99.9% purity level.
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001340711&action=getcompany
he is active on HGHN now. Maybe we should think of this as the next prospect.
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=HGHN
only 20% left for me (all those at 5.10 wasnt me before you think that i did REALLY well!)
yep with dilution this goes down if not then i really dont know, they are probably still a while out from full blown production though
so you're still holding on to some ? As you know I'm holding 40% as of now.. I should have sold the 60% today instead of yesterday.. thus far they have been protecting the value of the stock rather well. The new IR has an impressive clients and accomplishments list. It's all up to them how they run this..
do they have the financing from Valens as stated, or do they plan on selling stock ? As of now there are no indications that they plan on diluting or selling stock. The 10m block common is theirs, the float is still 99k.
There are many options for them.
Without selling this could easily see 20. There could be a forward split coming for all we know.
With dilution it could easily fall below a dollar.
i sold most of my shares at 5.10 at lunch(dont ask me how - my limit was lower than this), i just cant justify how the public float is worth this premium with all the preferred out there, if there is a dip or more news i will be back in with more shares
what am i missing Ronnie?
have to like the steady vol today
you bought this as VOXQ without posting here ?
that's an ihub mortal sin !
I'm surprised at you, Wayne.
should i mention the buyer is taking the ask out on the hour almost every hour since yesterday, looks like is willing to pay up to 4.50 during hours and 5.50 after..shh
yep but someone bought them! (thats what i meant anyway)
yep bid at 4 now
edit: actually ST showing ask at 4 and bid at 0.6, think pinksheets is delayed
that was a sell at 4.00
stock is 4.00 x 5.50
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=dvgl
scottrade only shows 0.60 for the bid but it comes and goes strangely, hard to imagine someone hopes to pick some up there!
600 bought at 4, chomp chomp (for someone)
luckily i have the volume down onthat website !!(loading now)
wow! have you seen the IRI website ? They do big companies and have won awards.. I wish I didn't sell any.. this is going to be a 10+ stock after all.
http://www.irintl.com
PetroAlgae Retains Investor Relations International to Lead Shareholder Communications Program
Monday December 22, 3:54 pm ET
MELBOURNE, Fla.--(BUSINESS WIRE)--PetroAlgae Inc. (OTCBB:DVGL - News), a leading developer of systems to derive biodiesel fuels from algae, today announced that it has retained Investor Relations International (IRI) to build and lead its shareholder communications program.
As investor relations advisors for PetroAlgae, Los Angeles-based IRI will raise investor awareness of the Company’s leading biodiesel alternative technology through its proprietary investor relations model that leverages the distribution of new media technologies with traditional direct communications with its network of institutional and retail money managers. The IRI program is designed to expand the Company’s capital resources by broadening the Company’s shareholder base.
“We are pleased to have Investor Relations International working with us to raise our profile and ensure the broad investment community fully understands the potential of our leading algae-based biodiesel technology,” said Dr. John Scott, Director of PetroAlgae Inc. “Our company is at a pivotal point in its history as we move out of the R&D phase and into the widespread production and marketing of our biodiesel products. IRI is well-known for its expertise in generating institutional and retail investor interest, liquidity and shareholder value – all of which will prove to be crucial to the success of our next growth phase,” concluded Dr. Scott.
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 or at 818-382-9702.
About PetroAlgae
PetroAlgae is commercializing new technologies to grow and harvest oil from algae. This process utilizes algae, grown in bioreactors on land not used for cultivation of food crops, which can be reclaimed without remnants of any damage. It also creates a sustainable, renewable, cost-effective substitute for petroleum oil and a reliable, environmentally friendly feedstock source for biodiesel and many other products. The Melbourne, Florida-based firm offers a path to sustainable, renewable and carbon-neutral energy independence with processes that are good for the environment.
For further information on PetroAlgae, please visit www.petroalgae.com.
Contact:
Investor Relations Intl:
Haris Tajyar, Managing Partner, 818-382-9702
htajyar@irintl.com
or
PetroAlgae:
Dr. John Scott, 321-409-7403
Thanks RonnieD but i guess i could see it was after hours anyway!
i was more wondering would it likely be some private transaction or short covering?or what?
I had a small test sell in under $5 which didnt get sold. its still going to be there today so lets see what happens
well, it's looking good. I think I bought this on purpose just before a reverse split, but for the life of me I can't remember why.
code descriptions:
a = acquisition
b = bunched trade - average price
c = cash trade
d = distribution
e = automatic execution
f = intermarket sweep
g = bunched sold trade - opening/reopening trade detail
h = intraday trade detail
i = basket index on close transaction
j = rule 127 trade
k = rule 155 trade
l = sold last
n= next day
o = opened
p = prior reference price
r = seller
s = split trade
t = form t trade - pre/post market trade
u = extended hours trade - reported late or out of sequence
w = average price trade
y = yellow flagged regular trade
z = sold - out of sequence
RonnieD i just saw the form t trades what are those exactly?
close 5.00 ask 5.50 bid 3.50
feel like i shouldn't have sold any, but who knows how this will go..
nice - holding mine a little longer, how strong was the $3 bid? if this float gets eaten up who knows where we end up.
keeping 39% of my shell holdings here but just sold 61% - the 1,369 @ $3.50.
won't touch the 3.00 bid with the rest.. that stays..
bid 3.50 ask 10.01
working out well here so far..
Day's Range : 3.50 - 4.50
PetroAlgae Announces Listing on OTC Bulletin Board
Monday December 22, 11:11 am ET
MELBOURNE, Fla.--(BUSINESS WIRE)--PetroAlgae, a leading developer of systems to derive biodiesel fuels from algae, today announced that its parent company, PetroTech Holdings Corp., has acquired Dover Glen, Inc., a publicly-traded company listed on the OTC Bulletin Board under the symbol “DVGL”. As part of this transaction, PetroTech Holdings Corp. transferred its entire ownership interest in PetroAlgae to the newly-acquired company, thereby maintaining its majority ownership position in PetroAlgae, which is expected to account for the newly-acquired company’s sole asset and primary line of business. The name of the newly-acquired company has been changed to PetroAlgae Inc. and is expected to continue to trade under the stock symbol “DVGL” on the OTC Bulletin Board until a new ticker symbol is announced.
Concurrent with this acquisition and the resignation of the predecessor’s sole officer and director, PetroAlgae’s current Chief Financial Officer, David Szostak, has also assumed the additional duties as the newly-acquired company’s President together with his CFO position, which he is expected to maintain. The newly-acquired company has also appointed three new directors to serve on its Board of Directors.
“Our evolution into a publicly-traded company is simply the next logical and timely step for us, particularly when considering that our groundbreaking technology could allow us to become the first ever to achieve large-scale commercialization of algae-derived biodiesel fuels,” said Dr. John Scott, Director. “In doing so, we believe we will have met yet another milestone for our company, employees and shareholders. Today’s listing in the U.S. capital markets will, I am sure, provide our shareholders with a platform for much greater liquidity, valuation and financial and operational transparency,” concluded Dr. Scott.
About PetroAlgae
PetroAlgae is commercializing new technologies designed to grow and harvest oil from algae. This process creates a sustainable, renewable, cost-effective substitute for petroleum oil and a reliable, environmentally-friendly feedstock source for biodiesel and many other products. The Melbourne, Florida-based company offers a path to sustainable, renewable and carbon-neutral energy independence with processes that are environmentally-friendly.
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 acceptance in the market for our products and technologies or the acceptance of our customers’ products or technologies which incorporate our products and technologies, the failure of our technology to perform as predicted, competition from alternative technologies, uncertainties as to the size of the markets, cost and margins for the Company’s products, current or future government regulations affecting the use of the Company’s products and technologies, the lack of availability of critical components, the degree of protection from future patents, other risks associated with the development or acquisition of new products or technologies and those risks 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, its holding company, and all affiliated parties do not assume any duty to publicly update or revise the material contained herein.
Contact:
PetroAlgae
Dr. John Scott
321-409-7403
Here we goo !! Up 1300% !!
MELBOURNE, Fla., Dec 22, 2008 (BUSINESS WIRE) -- PetroAlgae, a leading
developer of systems to derive biodiesel fuels from algae, today announced that
its parent company, PetroTech Holdings Corp., has acquired Dover Glen, Inc., a
publicly-traded company listed on the OTC Bulletin Board under the symbol
"DVGL". As part of this transaction, PetroTech Holdings Corp. transferred its
entire ownership interest in PetroAlgae to the newly-acquired company, thereby
maintaining its majority ownership position in PetroAlgae, which is expected to
account for the newly-acquired company's sole asset and primary line of
business. The name of the newly-acquired company has been changed to PetroAlgae
Inc. and is expected to continue to trade under the stock symbol "DVGL" on the
OTC Bulletin Board until a new ticker symbol is announced.
Concurrent with this acquisition and the resignation of the predecessor's sole
officer and director, PetroAlgae's current Chief Financial Officer, David
Szostak, has also assumed the additional duties as the newly-acquired company's
President together with his CFO position, which he is expected to maintain. The
newly-acquired company has also appointed three new directors to serve on its
Board of Directors.
"Our evolution into a publicly-traded company is simply the next logical and
timely step for us, particularly when considering that our groundbreaking
technology could allow us to become the first ever to achieve large-scale
commercialization of algae-derived biodiesel fuels," said Dr. John Scott,
Director. "In doing so, we believe we will have met yet another milestone for
our company, employees and shareholders. Today's listing in the U.S. capital
markets will, I am sure, provide our shareholders with a platform for much
greater liquidity, valuation and financial and operational transparency,"
concluded Dr. Scott.
About PetroAlgae
PetroAlgae is commercializing new technologies designed to grow and harvest oil
from algae. This process creates a sustainable, renewable, cost-effective
substitute for petroleum oil and a reliable, environmentally-friendly feedstock
source for biodiesel and many other products. The Melbourne, Florida-based
company offers a path to sustainable, renewable and carbon-neutral energy
independence with processes that are environmentally-friendly.
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 acceptance in the market for our products and
technologies or the acceptance of our customers' products or technologies which
incorporate our products and technologies, the failure of our technology to
perform as predicted, competition from alternative technologies, uncertainties
as to the size of the markets, cost and margins for the Company's products,
current or future government regulations affecting the use of the Company's
products and technologies, the lack of availability of critical components, the
degree of protection from future patents, other risks associated with the
development or acquisition of new products or technologies and those risks
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, its holding company, and all affiliated parties do not assume any
duty to publicly update or revise the material contained herein.
SOURCE: PetroAlgae
CONTACT:
PetroAlgae
Dr. John Scott
321-409-7403
Copyright Business Wire 2008
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yep i guess its turned into a longer term play but float is still very low and can run easily if played right.
theres some IR listed on the website i'll see if i can make contact
who the directors are doesn't matter as far as listing on exchanges goes. I expect it to stay on the otcbb. I have no reason to believe they will be able to meet the Nasdaq uplisting requirements. Very early here. I'm a little dissapointed. I was hoping for a company that's already making revenues and was in a concrete sector. Still, nothing to do but wait and see how they run this and what they bring to the table once they start making their entry into the public markets known.
Thanks Ronnie, that was my point - to get on a higher exchange they need to have independent directors, but they are currently on the otcbb so they dont need independence.
but they still mentioned it in the 10K that they had independent directors.so why did they mention it? Will they later try to get on a higher exchange?
Do you see where i am coming from? or am i just lost and confused(not unusual, lol!)
Because it's not on the Nasdaq exchange, which is a higher exchange with minimum requirements.
It's on the otc bb where there are no requirements except to stay fully reporting.
thats what i thought at first but why does it say we are not part of the nasdaq then?
TIA
the OTCBB is part of the "Nasdaq marketplace" since it got bought out by Nasdaq a few years ago.
I wonder if they had to put this in the 10K if they didnt intend to be on the NASDAQ?
"DIRECTOR INDEPENDENCE
It is expected that upon the appointment of Messrs. Szpilzinger, Scott
and Navaratnam as members of our Board becoming effective, they will be
considered independent directors under Rule 4200(a)(15) of the Nasdaq
Marketplace Rules, even though such definition does not currently apply to us
because we are not listed on Nasdaq."
I'm sure they will come (new investors) as the stock changes and the PR campaign begins. I know, gas is cheap but you know it won't stay there, and the algae produces far more biofuel per acre than corn/sugar cane. It also is capable of producing "specialty oils".
I like how he's already been on Fox News and local news. They have a large facility.. let's hope the backing from Valens and within Petro Holding is enough and they don't dilute our stock too much. 99,000 float and 10 million for the insiders issued thus far... let the games begin.
At least we're inheriting a company that's a leader in its field and has reached a level of visible maturity through funding that we didn't provide.
ok i just watched the media, the guy is producing the stuff on a small scale already, if the price of oil ever goes back up, this will do fantastic. also i can see it being used in countries where crude is usually expensive.
basically they need to expand as quick as they can while they have the technological adavantage, looks like the algae does all the work so overhead should be low i think.
doesnt sound like anyone else is interested apart from us 2!
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