EDMONTON, Alberta, Jan. 25, 2022 (GLOBE NEWSWIRE) -- TerraVerdae Bioworks Inc. (the Company) is pleased to announce that it has signed a binding letter of intent to acquire 100 per cent of the equity of PolyFerm Canada.
TerraVerdae is a world-leading performance biopolymers company dedicated to developing sustainable alternatives to petroleum-based plastics in order to reduce climate impacts and the growing build-up of plastic trash on land and in water.
PolyFerm has a unique technology portfolio of biobased and biodegradable elastomeric polymers known as medium chain length polyhydroxyalkanoate (mcl-PHAs). The addition of PolyFerm will strengthen TerraVerdae’s core capabilities and enhance the Company’s ability to produce biopolymers and resins for a wider range of applications, including for films, coatings and adhesives.
“We are excited about PolyFerm becoming part of our Company and look forward to closing this important transaction and sharing more details in the near term,” said William Bardosh, CEO of TerraVerdae. Mr. Bardosh added, “The addition of PolyFerm’s capabilities and know-how represents a significant opportunity for TerraVerdae to advance new and valuable solutions to help the world develop sustainable plastic solutions that can reduce its carbon footprint.”
As part of the acquisition, Dr Bruce Ramsay, President of PolyFerm, will join the TerraVerdae team to help expand its PHA technology development programs. Dr Ramsay is a recognized leader in the field of biobased elastomeric PHA technologies. With over 30 years of significant achievements, he has developed a unique intellectual property portfolio in medium chain length (mcl) PHA technologies.
“I am very pleased to be joining one of the biopolymer industry’s leading product development teams,” said Dr. Ramsay. “And, I look forward to accelerating TerraVerdae’s development process with the exceptional resources available at the Company.”
The transaction is anticipated to close in the second quarter of 2022.
About TerraVerdae Bioworks Inc. – TerraVerdae is a performance bioplastics company with a portfolio of biopolymer and bioplastics technology based on PHAs (polyhydroxyalkanoate). We collaborate with customers to custom-design and manufacture bioplastic products as sustainable alternatives to traditional petroleum-based plastics. Established in 2009, we operate product development and pilot-scale production facilities in Canada in Edmonton, AB, and Charlottetown, PEI. Our bioplastics are environmentally safe, naturally biodegradable and will not persist in the environment when end of use is attained. Visit https://terraverdae.com.
About PolyFerm Canada – PolyFerm Canada, based in Kingston, Ontario, Canada, focuses on the development of medium-chain-length polyhydroxyalkanoates (MCL-PHA). Branded as “VersaMer PHA,” they are a unique family of biodegradable thermoplastic elastomers made from renewable resources such as sugars and vegetable oils. They are semi-crystalline elastomeric materials possessing excellent elongation-at-break, water-resistance and gas barrier properties. The latex form may be used in coatings and paints. They are also biocompatible, making them great candidates in the fields of biomedical and tissue engineering. Visit http://polyfermcanada.com.
Contacts:
| William Bardosh, CEO TerraVerdae Bioworks +1-978-712-0220 wbardosh@terraverdae.com | Marie Cusack, Corporate Communications and Planning +1-587-985-2236 Mcusack.ccap@gmail.com |
