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Algae.Tec Now Trading on U.S. OTC Exchange 1

Algae.Tec Now Trading on U.S. OTC Exchange

April 28, 2011

Algae.Tec Ltd, with operations in Perth, Western Australia and in Atlanta, Georgia has announced that its American Depositary Receipts (ADR) has begun trading on the U.S. OTC market under the ticker ALGXY. The Bank of New York Mellon (BNY Mellon) was appointed to establish and manage the Level 1 American Depositary Receipt (ADR) Program. Algae.Tec also recently listed on the Frankfurt Stock Exchange [FWB].

The company has established U.S. headquarters at the Algae Development & Manufacturing Centre in Atlanta, Georgia, where their McConchie-Stroud photobioreactors are being assembled. The 18,200 square foot Atlanta fabrication facility has been modified to enable the retrofitting process of the 40-foot steel shipping container algae growth modules.

The photobioreactors will be employed at Algae.Tecís demonstration plant at The Manildra Groupís ethanol facility at Nowra, south of Sydney. The Manildra Group is the largest ethanol producer in Australia.

Algae.Tec, which was founded in 2008, is planning to deploy their initial two commercial facilities in China and Australia. The target size is a minimum of 250 modules in each location. The companyís pilot plant production data predicts that one module can produce 250 tons of dry algal matter per year. Operating costs are estimated by them to be $US185 per ton of production or $US46,250 per year, per module.

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Fri April 29 2011 11:42:02 AM by Tomcatino 1511 views
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