- Biotech Division Successfully Met Commercial Milestone - Pond has successfully met an additional milestone under the previously announced contract with a major Fortune 500 Oil and Gas company, announced on
August 10, 2021 . For completion of this milestone, the Corporation has received an additional$350,000 payment, equating to a total of$580,000 received to-date from the contract. To achieve this significant milestone, the Corporation extracted recombinant proteins from algae grown by Pond that needed to perform as well or better than conventionally manufactured proteins in a lateral flow diagnostic test. In August, lateral flow tests using Pond-grown recombinant proteins successfully tested for COVID antibodies and were more reactive than conventional proteins. Since the beginning of 2022, Pond has been making weekly deliveries of recombinant proteins to the project consortium for testing. This material has proven that algae-grown recombinant proteins perform as well as conventionally produced proteins in diagnostic tests. Results of these trials were recently published in the scientific journal Nature Scientific Reports and is available here: https://www.nature.com/articles/s41598-022-11053-7. Joint Commercialization Project withAB AGRI / Livalta - The joint commercialization project to produce algae-based animal feed ingredients withAB Agri /Livalta continued to progress. This global partnership with the protein specialistsAB AGRI /Livalta and Pond will produce commercial algae-based animal feed ingredients from CO2 emissions. Effectively, the technology is designed to take CO2 emissions to produce high value protein. Since the start of the agreement, Pond has received approximately$1,572,000 for initialization and advanced milestone payments and has completed initial engineering work. The advance milestone payments are recorded as deferred contract revenue and moves to revenue when milestones are met. A further approximately$4,000,000 in license and engineering, procurement and construction payments remain to be earned by Pond.- Share Issuance - On
September 28, 2022 , the Corporation issued a total of 2,006,667 common shares at$0.15 /share for aggregate gross proceeds of$301,000 in a non-brokered private placement. There were no warrants issued and this included insider participation of$250,000 .
On
Located in
For more information, please visit https://www.pondtech.com/.
This press release contains forward–looking statements within the meaning of applicable securities laws, including statements regarding strategy, project pipeline and development, commercialization funding, and achieving milestones. Such forward–looking statements are based on certain key expectations and assumptions made by Pond, including, among others, assumptions regarding achieving milestones, negotiating financing arrangements on terms acceptable to Pond, the continued legislative regime in which Pond operates, availability of cost–effective labour and supplies, the proper functioning of Pond's technology, the demand for Pond's products, the ability of Pond to successfully compete, cash flow and expenses, and obtaining and maintaining intellectual property protection. Although Pond believes that the expectations and assumptions on which such forward– looking statements are based are reasonable, undue reliance should not be placed thereon and Pond can give no assurance that they will prove to be correct. By their nature, such forward–looking statements are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed, including the risks set forth in Pond's management's discussion and analysis of financial condition and results of operations for its year ended
Readers are cautioned not to place undue reliance on this forward–looking information, which is given as of the date hereof, and to not use such forward–looking information for anything other than its intended purpose. Pond does not undertake any obligation to update publicly or revise any forward–looking information, whether as a result of new information, future events or otherwise, except as required by law.
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
© Canada Newswire, source