In Australia, Algae.Tec received a $1 million investment from Gencor Pacific, in the form of a secured convertible note with an exercise price of $0.10c, a premium of 100% over the current trading price, with a term of 18 months and an interest rate of 10% per annum.<\/p>\n
Algae.Tec recently announced the signing of a supply agreement with Gencor, whose clients include some of the largest nutraceutical and pharmaceutical companies in the world. Gencor has agreed to purchase the full production of Algae.Tec\u2019s nutraceutical plant.<\/p>\n
This investment will enable Algae.Tec to accelerate the development of its production capacity and improve the efficiency of its nutraceutical plant, expand its laboratory capabilities and cater to the demand for nutraceutical products for Gencor\u2019s clients.<\/p>\n
The Managing Director of Gencor Pacific, R.V.Venkatesh stated \u201cWe are excited at being able to make this first investment in Algae.Tec and are looking forward to assisting in their development and being part of a rewarding and profitable partnership. \u201c<\/p>\n
The Managing Director of Algae.Tec, Peter Hatfull stated \u201cThis is further endorsement of Algae.Tec and demonstrates the importance of our relationship to Gencor. This developing partnership will take Algae.Tec to a new level, enabling it to accelerate and increase its production and to develop new, exciting products for global distribution. The market for proven health supplements is rapidly growing and this partnership puts us at the forefront. \u201c<\/p>\n