Chemaphor Inc. to be Offered $2.1 Million Contribution by Atlantic Canada Opportunities Agency.OTTAWA -- Chemaphor Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CFR CFR See: Cost and Freight ) announced today that it has been informed by the Atlantic Canada Opportunities Agency The Atlantic Canada Opportunities Agency is the Canadian federal government department responsible for helping to build economic capacity in the Atlantic Provinces by working with the people of the region – in their communities, through their institutions and with their local ("ACOA ACOA Adult Children Of Alcoholics ACOA Atlantic Canada Opportunities Agency ACOA American Committee on Africa ACOA Association Canadienne des Orthophonistes et Audiologistes (Canadian Association of Speech-Language Pathologists and Audiologists) ") that ACOA intends to offer a contribution of up to $2.1 million by way of a loan to fund a research and development project proposal submitted by Chemaphor to ACOA in October, 2005. Minister of Foreign Affairs foreign affairs pl.n. Affairs concerning international relations and national interests in foreign countries. and Minister of the Atlantic Canada Opportunities Agency, Peter MacKay, publicly announced ACOA's intention to offer funding to Chemaphor this morning at a press conference held in Charlottetown, Prince Edward Island Prince Edward Island, province (2001 pop. 135,294), 2,184 sq mi (5,657 sq km), E Canada, off N.B. and N.S. Geography One of the Maritime Provinces, Prince Edward Island lies in the Gulf of St. . The funding, if received, will be used by Chemaphor to establish a new facility on Prince Edward Island for its research in carotenoid Carotenoid Any of a class of yellow, orange, red, and purple pigments that are widely distributed in nature. Carotenoids are generally fat-soluble unless they are complexed with proteins. oxidation compounds. Many of these oxidation compounds are believed to occur widely in nature and to have previously unrecognized biological activities, representing an untapped source for nutritional and other, related benefits. Chemaphor believes that this new facility and its proprietary technology could be used to develop a range of products with strong commercial potential possibly including pet products, livestock feed additives, and anti-aging skin creams. This project will enhance Chemaphor's competitiveness in the biotechnology industry and could have a significant impact in Atlantic Canada.Chemaphor will work closely with the National Research Council's Institute for Nutrisciences and Health in Charlottetown. The project will create employment opportunities for up to five highly qualified personnel, and develop key relationships within the public and private sectors, both locally and nationally. Chemaphor also plans to manufacture any successfully developed products in Atlantic Canada for global export. "We are pleased that our nutrisciences project proposal has been well received and that ACOA has indicated its intention to offer funding to Chemaphor," said Dr. Graham Burton, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Chemaphor."The research and development described in our proposal will be a key part of our ongoing efforts to expand the potential markets for our products.We believe that significant opportunities exist for Chemaphor in the work we will be able to undertake with these funds." At this time no definitive agreements are in place and ACOA's stated intention to offer funding is not contractual in nature. Chemaphor and ACOA will now enter into negotiations toward a definitive agreement setting out the detailed terms of the funding. There can be no assurance that any agreement will be ultimately signed.ACOA may terminate negotiations if the terms and conditions of the project specific contribution agreement are not substantially finalized by September 29, 2006.If no definitive agreement is reached with ACOA, Chemaphor will not receive the proposed funding. About the Company Chemaphor Inc. (www.chemaphor.com) uses its core expertise in organic chemistry to develop premium products for the animal health, skin care cosmetics, pharmaceutical and specialty chemical markets. The company's goal is to fully exploit its proprietary platform of carotenoid oxidation compounds by finding recognized partners to commercialize its products in multiple, large markets. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has neither approved nor disapproved of t he information in this press release. Chemaphor Inc. (TSX VENTURE:CFR) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion