SustainCo Inc. Enters Into Agreement With Cennatek Bioanalytical Services Inc. to Develop Biomass Projects Featuring the Biol...
19 March 2014 - 12:30AM
Marketwired
SustainCo Inc. Enters Into Agreement With Cennatek Bioanalytical
Services Inc. to Develop Biomass Projects Featuring the Bioline
Process
TORONTO, ONTARIO--(Marketwired - Mar 18, 2014) - SustainCo Inc.
(the "Company" or "SustainCo") (TSX-VENTURE:SMS), through its
wholly owned Clean Energy Developments group, is pleased to
announce that it has entered into an agreement with Cennatek
Bioanaytical Services Inc. ("CENNATEK") to provide a loan
instrument of up to $500,000 towards the development of its brand
of BioLiNEĀ® biomass projects. BioLiNE converts agricultural waste
and marginal vegetation such as cattail into liquid fertilizer and
high quality biomass fibre.
"This investment is more than securing access to capital; for
CENNATEK it is about building a relationship with SustainCo, a
management team that shares our vision, and has the knowledge and
capacity necessary to facilitate the dissemination of our BioLiNE
process," stressed Mohammad Rahbari, President of CENNATEK.
SustainCo secures several key conditions in the agreement,
including providing SustainCo with a 5% earned equity interest in
CENNATEK, as well as SustainCo securing the right of first refusal
to provide development solutions and services that includes
engineering, project management, comprehensive site energy work,
and operations and maintenance work required for all of CENNATEK's
projects. From a financing perspective, SustainCo secures an
additional right of first refusal to invest in each project at
project finance.
CENNATEK has an active list of BioLiNE biomass projects in
development.
"This investment is our first step to becoming a vertically
integrated leader in the full stage development of sustainable
solutions. We believe that partnering with Cennatek, a group that
shares our vision for sustainable development, creates a strong
partnership for the long term development of biomass Facilities.
For SustainCo we are deploying strategic capital that will lead to
the future development of multiple biomass facilities where
SustainCo can become the designer, developer, and long term
servicer of these facilities through our Solutions and Services
group," stated Emlyn David, CEO of SustainCo.
About CENNATEK
CENNATEK is a technology development company with primary focus
on industrial applications for agricultural biomass including
biofuels and bio-based specialty chemicals. The company has been in
business since 2008, conducting its research and development at the
Western Sarnia-Lambton Research Park laboratory facilities.
CENNATEK developed the BioLiNE process to produce high value liquid
fertilizers from low-cost, easily available agricultural residues
at a fraction of the expense of conventional methods. The fiber
remaining after mineral extraction makes an efficient fuel pellet
able to meet EU industrial grade fuel pellet standards. Research
and development for the BioLiNE is complete, with a process patent
pending. CENNATEK is developing projects to utilize the BioLiNE
technology.
About SustainCo Inc.
SustainCo is a leading provider of sustainable infrastructure
solutions and services. SustainCo operates through its two groups,
CleanEnergy Developments and SustainCo Solutions &
Services.
CleanEnergy Developments is an early stage developer and
investor in clean and renewable energy projects with experience in
wind, solar, biomass, and thermal energy projects. CleanEnergy
Developments provides strategic capital, funding management, and
execution expertise.
SustainCo Solutions & Services provides comprehensive
building performance services, incorporating full life cycle asset
optimization, finance, design, build, operations and maintenance
services for new build and retrofit facilities. Specifically, it
provides: engineering services, building automation controls,
performance monitoring, energy and lighting retrofits, mechanical
and electrical installation and services, thermal energy systems,
and operations and maintenance services for multi-residential and
ICI facilities.
With headquarters in Toronto, SustainCo has offices across
Canada including, Halifax, Montreal, Pembroke, Ottawa, Vaughan,
Toronto, and Calgary. For more information, visit
www.sustainco.ca.
Certain statements in this press release are forward-looking
statements. The reader is cautioned that assumptions used in the
preparation of such information, although considered reasonable by
the Company at the time of preparation, may prove to be incorrect.
Forward-looking statements, specifically those concerning future
performance and other statements that are not historical fact, are
subject to certain risks and uncertainties, and actual results may
differ materially from the Company's plans and expectations. These
plans, expectations, risks and uncertainties are detailed herein
and from time to time in the filings made by the Company with the
TSX Venture Exchange (the "Exchange") and securities regulators.
The Company does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. Trading in
the securities of the Company should be considered highly
speculative. All forward-looking information contained in this news
release is expressly qualified in its entirety by this cautionary
statement.
Neither the Exchange, nor its Regulation Services Provider
(as that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
SustainCo Inc.Emlyn DavidPresident, Chief Executive Officer and
Chairman(416) 840-5002www.sustainco.ca
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