MARKHAM, ON, Nov. 29, 2022 /CNW/ – Pond Technologies Holdings Inc. (the “Corporation” or “Pond“) (TSXV: POND) (OTCQB: PNDHF) (FSE: 400), announces that the unaudited interim condensed consolidated financial statements of the Corporation for the three and nine months ended September 30, 2022 and the related management’s discussion and analysis have been filed and are available for review on the SEDAR website at www.sedar.com or on the Corporation’s website at www.pondtech.com. Q3 Highlights and a brief business update follow below:
- Biotech Division Successfully Met Commercial Milestone – Pond has successfully met an additional milestone under the previously announced contract with a major Fortune 500 Oil and Gas company, announced on August 10, 2021. For completion of this milestone, the Corporation has received an additional $350,000 payment, equating to a total of $580,000 received to-date from the contract. To achieve this significant milestone, the Corporation extracted recombinant proteins from algae grown by Pond that needed to perform as well or better than conventionally manufactured proteins in a lateral flow diagnostic test. In August, lateral flow tests using Pond-grown recombinant proteins successfully tested for COVID antibodies and were more reactive than conventional proteins. Since the beginning of 2022, Pond has been making weekly deliveries of recombinant proteins to the project consortium for testing. This material has proven that algae-grown recombinant proteins perform as well as conventionally produced proteins in diagnostic tests. Results of these trials were recently published in the scientific journal Nature Scientific Reports and is available here: https://www.nature.com/articles/s41598-022-11053-7.
- Joint Commercialization Project with AB AGRI/ Livalta – The joint commercialization project to produce algae-based animal feed ingredients with AB Agri/Livalta continued to progress. This global partnership with the protein specialists AB AGRI/Livalta and Pond will produce commercial algae-based animal feed ingredients from CO2 emissions. Effectively, the technology is designed to take CO2 emissions to produce high value protein. Since the start of the agreement, Pond has received approximately $1,572,000 for initialization and advanced milestone payments and has completed initial engineering work. The advance milestone payments are recorded as deferred contract revenue and moves to revenue when milestones are met. A further approximately $4,000,000 in license and engineering, procurement and construction payments remain to be earned by Pond.
- Share Issuance – On September 28, 2022, the Corporation issued a total of 2,006,667 common shares at $0.15/share for aggregate gross proceeds of $301,000 in a non-brokered private placement. There were no warrants issued and this included insider participation of $250,000.
On November 16, 2022, the Corporation issued 3,750,000 common shares at $0.12 for aggregate gross proceeds of $450,000. There were no warrants issued and this included insider participation of $348,000.
Grant Smith, President and CEO of Pond, said: “Our pipeline is full as we continue to see significant demand around the world to deploy our patent protected technology into a variety of industries. In order to capture this demand, our short-term focus consists of two major initiatives. Firstly, we are scaling up our North American demonstration facility at St. Mary’s Cement in order to move prospects through our sales channel with the goal of capturing additional license revenue with prospects in our opportunities pipeline. Furthermore, we are focused and working towards securing longer term commercialization funding as we scale the business and progress on our commercial roadmap. We are making progress on both these initiatives and look forward to updating shareholders when appropriate. I also want to take this opportunity to reiterate the fact our management team and Board of Directors continue to show strong support for the future of Pond with members participating for over $550,000 into our recent private placements. We remain dedicated to enhancing shareholder value over the long term and we look forward to keeping investors apprised of those details as we move through 2023.”
Located in Markham, Ontario, Pond has developed a proprietary system that can profitably transform CO2 into valuable products. Its Pond Carbon business focuses on absorbing greenhouse gas emissions, transforming these into food, feed, and nutraceutical ingredients. Pond recently added a Biotech division focused on the growth of unique strains of microalgae to be used as a reproductive medium for the expression of human antibodies and proteins.
For more information, please visit https://www.pondtech.com/.
This press release contains forward–looking statements within the meaning of applicable securities laws, including statements regarding strategy, project pipeline and development, commercialization funding, and achieving milestones. Such forward–looking statements are based on certain key expectations and assumptions made by Pond, including, among others, assumptions regarding achieving milestones, negotiating financing arrangements on terms acceptable to Pond, the continued legislative regime in which Pond operates, availability of cost–effective labour and supplies, the proper functioning of Pond’s technology, the demand for Pond’s products, the ability of Pond to successfully compete, cash flow and expenses, and obtaining and maintaining intellectual property protection. Although Pond believes that the expectations and assumptions on which such forward– looking statements are based are reasonable, undue reliance should not be placed thereon and Pond can give no assurance that they will prove to be correct. By their nature, such forward–looking statements are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed, including the risks set forth in Pond’s management’s discussion and analysis of financial condition and results of operations for its year ended December 31, 2021 available on Pond’s profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on this forward–looking information, which is given as of the date hereof, and to not use such forward–looking information for anything other than its intended purpose. Pond does not undertake any obligation to update publicly or revise any forward–looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pond Technologies Holdings Inc.
For further information: Grant Smith, Chief Executive Officer, at g.smith@pondtech.com, 416-287-3835 ext. 201