Calyx Provides Corporate Update
March 24 2014 - 7:00AM
Marketwired
Calyx Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 24, 2014) -
Calyx Bio-Ventures Inc. (TSX-VENTURE:CYX) ("Calyx" or the
"Company") is providing this corporate update.
Calyx is the largest shareholder of Agrisoma Biosciences Inc.
("Agrisoma"), with 49.98% of the issued and outstanding shares. BDC
Capital Inc. ("BDC"), which owns 49.96% of Agrisoma, advanced to
Agrisoma $1 million by way of a promissory note in November, 2012
and a further $1 million in November, 2013 (the "BDC Notes"). The
BDC Notes are the only secured debt of Agrisoma and have a maturity
date of March 31st, 2014. Calyx has no secured debt with BDC or
Agrisoma.
Calyx has met with BDC and Agrisoma to identify and consider
financing solutions that would work for all parties. After
discussions with Agrisoma and BDC with Calyx management, Calyx
appointed an Independent Committee of the Board of Directors, a
Financial Advisor and a Legal Advisor to consider any and all
strategic options that would be in the best interests of Calyx
shareholders.
Following several meetings, the Independent Committee
recommended to the Calyx Board that it make an Offer to Finance to
Agrisoma and the recommendation was accepted unanimously by the
Calyx Board. An Offer to Finance was presented to Agrisoma on
Saturday, March 22nd, 2014.
It is Calyx's position, the Offer to Finance meets the short
term requirements of Agrisoma and preserves the interests of all
Agrisoma stakeholders.
The Independent Committee of the Board and Calyx's Financial
Advisor are exploring every avenue to maximize value for Calyx
shareholders.
About Calyx
Calyx Bio-Ventures Inc. (TSX-VENTURE:CYX) is an agricultural
technology company focused on renewable fuels including biojet and
biodiesel. Calyx is the largest shareholder of Agrisoma Biosciences
Inc., a company which is producing a new proprietary non-food
energy feedstock crop - carinata - which yields oil that can be
refined into fuels that work in existing engines as a 100 percent
petroleum substitute. From seed to sky, fuels produced from
carinata substantially reduce carbon and other harmful emissions,
and help to reduce global petroleum dependence. Carinata was used
to fly the world's first 100% biojet flight, as achievement that
Popular Science called one of the top science events on the planet
in 2012. For further information about Calyx, please visit
www.calyxbio.com. For more information on Agrisoma, please visit
www.agrisoma.com.
Forward-Looking Statements: This document contains certain
forward-looking statements concerning Calyx, as well as other
expectations, plans, goals, objectives, information or statements
about future events, conditions, or performance that may constitute
"forward-looking statements" or "forward-looking information" under
applicable securities legislation. Such statements or information
involve substantial known and unknown risks and uncertainties,
certain of which are beyond Calyx's control.
Such forward-looking statements or information are based on
a number of assumptions, which may prove to be incorrect.
Although Calyx believes that the expectations reflected in
such forward-looking statements or information are reasonable,
undue reliance should not be placed on forward-looking statements
because Calyx can give no assurance that such expectations will
prove to be correct. Forward-looking statements or information are
based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause
actual results to differ materially from those anticipated by Calyx
and described in the forward-looking statements or
information.
The forward-looking statements or information contained in
this news release are made as of the date hereof and Calyx
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise unless so required by
applicable securities laws or the TSX Venture Exchange. The
forward-looking statements or information contained in this news
release are expressly qualified by this cautionary
statement.
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Calyx Bio-Ventures Inc.Don KonantzPresident &
CEO604-649-5961dkonantz@calyxbio.comCalyx Bio-Ventures Inc.Keir
ReynoldsInvestor
Relations778-998-9242kreynolds@calyxbio.comwww.calyxbio.com
Calyx Ventures (TSXV:CYX)
Historical Stock Chart
From Apr 2024 to May 2024
Calyx Ventures (TSXV:CYX)
Historical Stock Chart
From May 2023 to May 2024