REHOVOT, Israel, Aug. 2, 2011 (GLOBE NEWSWIRE) -- Rosetta Green Ltd. ("Company") (TASE:RSTG), which develops improved crop traits for the agriculture and alternative fuels industries using unique genes called microRNAs, announced that it has received a grant totaling NIS 1.5 Million (CAD 407,000) for a period of three years from the Canada-Israel Industrial Research & Development Foundation (CIIRDF). The project relates to the development of enhanced non-food crops for biofuel production, including biojet fuel.
Through the project Rosetta Green will cooperate with Agrisoma Biosciences Inc., a Canadian company focused on developing energy feedstock crops with enhanced yield and high quality oil for biofuel production. The two companies will focus on developing Canola with improved traits, such as increased oil content. Rosetta Green will work to identify microRNA genes that could support these improved traits.
The total grant for the two companies is NIS 2.86 Million (CAD 800,000), paid in three installments over three years. Rosetta Green will receive the first payment of NIS 486,000 (CAD 135,700) upon signing the agreement, the second payment of NIS 486,000, after receipt and approval of the technical and fiscal reports for the first 18 month period, or after actual expenditures on the project have equaled or exceeded 50% of the approved budget, whichever is later and the third payment after receipt and approval of the final technical, fiscal and commercialization reports up to the total sum of the grant.
The two companies shall make royalty payments to the Foundation calculated on gross sales derived from the sale, until 100% of the grant and other sums has been repaid.
Steven Fabijanski, Agrisoma's President and CEO, said: "The aviation industry is demonstrating its desire for biojet fuel with the certification of biofuels on regular commercial flights expected next year. Agrisoma will use its leading edge technology to create new crop varieties engineered for high-value
applications such as biojet fuel. Our technology provides a unique and powerful means to introduce, express and manage new genes in agriculture".
Amir Avniel, Rosetta Green's CEO, said: "Participation in this project validates the potential to use microRNAs in commercial areas of biofuels. We are very excited to take part in this project and work together with a world leading company such as Agrisoma".
About Rosetta Green
Rosetta Green Ltd. (www.rosettagreen.com) develops improved plant traits using innovative genes called microRNAs for the agriculture and biofuel industries. The Company specializes in the identification and use of these unique genes that function as "main bio-switches" to control key processes in major crops such as corn, wheat, rice, soybean, cotton, canola and algae. Rosetta Green's current trait development portfolio includes improved abiotic stress tolerance, increased yield, improved nitrogen use efficiency, improved cotton fiber quality, increased yield for canola and soybean, increased oil content in algae, castor bean and canola for the biofuel industry and improved algal traits for various industrial applications. Rosetta Green completed an IPO on the Tel Aviv Stock Exchange in February 2011 (TASE:RSTG). For additional information please visit Rosetta Green's website at www.rosettagreen.com.
The Rosetta Green logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8831
About Agrisoma
Agrisoma Inc. is a private agricultural biotechnology company using its proprietary Engineered Trait Loci (ETL) technology to commercialize a suite of industry-leading oil quality and crop improvement traits for use in energy feedstock crops. For further information about Agrisoma, its technology, collaborations and partnerships, please visit: www.agrisoma.com
About CIIRDF
The Canada-Israel Industrial Research & Development Foundation (CIIRDF) was established in 1994 to promote collaborative R&D between firms in Canada and Israel. CIIRDF resulted from the signing of a Memorandum of Understanding on Bilateral Cooperation in Private Sector Industrial Research & Development, by the Government of Israel and the Government of Canada. Both the governments of Israel and of Canada each contributed CDN $1 million per year, for an initial three-year period. Their commitment was renewed in February 1997 for 3 years, in 2000 and 2005 for 5 years and presently for an additional 5-year period.