Jun 6 2014
Verde Media Group Inc. (OTC: VMGI) through its Biotechnology Division (VMBD) is pleased to announce that it has secured its 40,000-square-foot construction site in Asia with joint venture partner, Phoenix Energy. The joint venture with Phoenix Energy "PXE" is fully financed and involves scaling and co-developing the BTZ omega-3 technology. BTZ has developed a proprietary microbial technology to produce high value omega-3 oils rich in long chain DHA and EPA fatty acids.
The secure boundary wall has been constructed to house the building site for its facility to convert low cost feedstock to organic acids as well as the deep earth fermenters for Omega-3 oil production. As these initial steps are completed, installation of the first 100,000-liter steel and concrete bio-fermenter can commence. Additionally, a highly sophisticated laboratory and housing structure will be constructed.
The large-scale omega-3 project is the first of its kind and represents a tremendous opportunity for the company, with secured access to 300 tons of feedstock per day for the next 25 years. When fully commercialized, the project is expected to generate annual revenues of $25 million. Butazyme will receive a sum of $500,000.00 payment for technology transfer and up to a 10% royalty as an in-licensing fee per annum as part of its contractual agreement with PXE.
Dr. Hussain Abidi, Ph.D., CEO of the Verde Media Biotech Division stated, "We're very excited to be moving along so smoothly with the construction as we progress towards commercialization. It's a big step for us and represents tangible forward motion for our expansion plans throughout Asia and the United States in the coming year."
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