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TSX-V: SVS
VANCOUVER, BC, Oct. 18,
2023 /CNW/ - Solarvest BioEnergy Inc. (TSXV:
SVS) ("Solarvest" or the "Company") is pleased
to announce that it has reached an amicable settlement with the
shareholders of the Company (the "Concerned Shareholders")
that had sent a shareholder requisition (the "Requisition")
to the Company on July 24,
2023. Accordingly, the Concerned Shareholders have withdrawn
their requisition for a Special Meeting of Shareholders, as
announced by the Concerned Shareholders in a press release dated
August 3, 2023.
As part of the Amicable Settlement:
- the Concerned Shareholders have withdrawn their requisition for
a Special Meeting of Shareholders, as announced by the Concerned
Shareholders in a press release dated August
3, 2023;
- Garth Greenham, Michael Farley and Eugenio-Noel Cuesta have been appointed to the
board of directors of the Company effective immediately to fill the
vacancies left by Claes Ellegaard,
who will remain as CEO, Gregory
Drohan, and Donal Carroll who
have agreed to resign as directors of the Company;
- the Concerned Shareholders have arranged a $100,000 bridge loan for the Company; and
- the Company has agreed to pay or reimburse all fees and
expenses incurred by the Concerned Shareholders.
Garth Greenham
Mr. Greenham, is the former executive of the Company and a
corporate director with an extensive record with both
privately-held and publicly-traded health care companies. He served
as President of the global aquaculture division of Novartis Inc. He
started his career with Johnson & Johnson (J&J) where he
served 15 years mostly with McNeil Pharmaceutical in numerous
management positions in Operations and Contract & Export Sales.
He joined Cobequid Life Sciences Inc. (KQR) and served as Director
of Sales, Marketing & Operations for nine years and helped grow
the company to global leader in the field of aquaculture animal
vaccines. He was COO of Solarvest until April 2023.
Eugenio-Noel Cuesta
Mr. Cuesta holds an M. Sc. In Mechanical Engineering, with
postgraduate studies in Mechanical Vibration and Nuclear
Engineering. He has been responsible for new product testing and
implementation for Hydro-Québec's Testing and Commissioning Group.
He also worked as a physicist at their Reactor Physics Group at the
Gentilly-2 Nuclear Power Plant
from 2006 to 2014. Prior to working at Hydro-Québec, he was a
Professor of Mechanical Engineering at Simon Bolivar University in
Caracas, Venezuela.
Michael Farley
Mr. Farley is an entrepreneur and corporate, business advisor to
health and wellness companies in international markets. Dr. Farley
was involved in dozens of financial, market entry and M&A
transactions since the early 2000s. He is also partnered with a
corporate advisory firm Switzerland offering IR services to NA life
science small caps in Europe. In
the 1990s Michael managed technology and investment programs at the
Canadian Foreign Affairs Department. He holds a PhD in the
Philosophy of Science from the Université de Montréal.
About Solarvest
Solarvest BioEnergy Inc. is an algae biologics company whose
production platform provides it with an extremely flexible system
capable of producing numerous products from Omega 3 fatty acids to
human therapeutic proteins.
Forward-Looking Statements
This news release contains forward-looking statements, which
relate to future events or future performance and reflect
management's current expectations and assumptions. Such
forward-looking statements reflect management's current beliefs and
are based on assumptions made by and information currently
available to the Company. Investors are cautioned that these
forward-looking statements are neither promises nor guarantees, and
are subject to risks and uncertainties that may cause future
results to differ materially from those expected. These
forward-looking statements are made as of the date hereof and,
except as required under applicable securities legislation, the
Company does not assume any obligation to update or revise them to
reflect new events or circumstances.
Neither the TSX-V nor its regulation services provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this press
release.
SOURCE Solarvest BioEnergy Inc.
