Calyx Provides Corporate Update
March 26 2014 - 6:00AM
Marketwired
Calyx Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 26, 2014) -
Calyx Bio-Ventures Inc. (TSX-VENTURE:CYX) ("Calyx" or the
"Company") is providing this corporate update further to the update
issued on March 24, 2014.
Calyx is the largest shareholder of Agrisoma Biosciences Inc.
("Agrisoma") and owns 49.98% of the issued and outstanding common
shares of Agrisoma. BDC Capital Inc. ("BDC"), which owns 49.96% of
issued and outstanding common shares of Agrisoma, has advanced to
Agrisoma a total of $2 million by way of promissory notes (the "BDC
Notes"). The BDC Notes are the only secured debt of Agrisoma and
have a maturity date of March 31st, 2014.
An Independent Committee of the Calyx Board has been working
with financial and legal advisors to formulate, consider, and
propose any and all strategic options that would be in the best
interests of Calyx with respect to its investment in Agrisoma. As
part of this process, meetings have been held with Agrisoma and BDC
to identify and consider financing solutions that would work for
all of Agrisoma's stakeholders, and Calyx put forward a proposal
that it believes accomplishes this.
To date, however, the parties have not reached agreement with
respect to future financing of Agrisoma, and continue to work
towards a resolution that preserves the interests of the various
stakeholders.
The Independent Committee of the Board and Calyx's financial
advisor continue to examine all strategic alternatives for
Calyx.
The Company also announces that Calyx's nominee to the board of
directors of Agrisoma, Don Konantz, has resigned from Agrisoma's
board.
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, an 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
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