VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/08/12 -- Calyx Bio-Ventures Inc. ("Calyx" or the "Company") (TSX VENTURE:CYX) is pleased to provide its shareholders with a corporate update.
Calyx owns proprietary technology that allows for the rapid enhancement of gene traits in plants, known as Engineered Trait Loci ("ETL") chromosome engineering. Calyx has licensed this technology exclusively to Agrisoma Biosciences Inc. ("Agrisoma"), one of Canada's largest agro-science companies. Calyx holds an approximately 32% interest (fully diluted) in Agrisoma, including shares that would be issued on the conversion of approximately $2.4 million of convertible debt of Agrisoma held by Calyx and due in June 2012. As Calyx's proprietary technology has been licensed exclusively to Agrisoma and as Calyx owns a significant interest in Agrisoma, the business of Agrisoma is also the primary business of Calyx.
Agrisoma sells seeds to farmers, and has an exclusive position with regard to commercial carinata seed (Brassica Carinata), a member of the mustard family and a relative of canola. Carinata is an oilseed crop which produces oil that is ideal for industrial applications such as biojet fuel, biodiesel, and emulsifiers. Commercial carinata seed is being sold under the Resonance(TM) brand name and is the result of more than a decade of development efforts and advanced crop improvement efforts. Agrisoma is now commercializing this oilseed as a sustainable source of feedstock for the production of biofuel. Agrisoma is further continuing the development of carinata varieties which incorporate ETL technology to improve oil yields and quality. Agrisoma's key markets for the Resonance(TM) brand carinata include western Canada, the northern plain states and the southeast United States.
On January 3, 2012, Calyx announced that it completed a non-brokered private placement of 3,428,333 common shares at an offering price of $0.15 per share for gross proceeds of $514,250.
On April 3, 2012, Agrisoma and Paterson Grain announced a long term partnership agreement for the commercial contracting and distribution of carinata under the brand name Resonance(TM), a name that reflects carinata's energy connection.
On April 17, 2012, biojet fuel refined from carinata developed by Agrisoma was blended with a commercial jet fuel. The resulting fuel product was used for Canada's first ever biojet fuel-powered revenue flight.