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Algae.Tec moves away from biofuel, Peter Hatfull steps down

November 28, 2017
AlgaeIndustryMagazine.com

Peter Hatfull had been managing director of Algae.Tec since listing in 2011

Rachel Williamson writes in Stockhead.com that Algae.Tec’s boss Peter Hatfull has exited the business as it transitions from biofuel into a “plant-based health and wellbeing company.” Mr. Hatfull has been replaced by chairman Malcolm James.

Algae.Tec told investors Mr. Hatfull — who had been managing director since the company listed on the Australian Stock Exchange in 2011 — stepped down due to personal reasons and would be taking “extended personal leave.”

Algae.Tec debuted on the ASX strongly five years ago, doubling its 20c issue price ­— but has since failed to regain those heights. In Tuesday lunchtime trade the shares touched 2.1c, near the bottom of their 52-week trading range of 1.8c to 6.8c.

Algae.tec started as an algae-based biofuel researcher with lofty aims to supply biodiesel and bio-jet fuel. In 2013, it began a pivot into nutraceuticals. Medicinal cannabis came this year, as they realized the algae growing technology also worked well for marijuana.

“Looking ahead, (the company) has a significant opportunity to expand its core operating divisions over the next 12 months and we are working hard to deliver on a number of key value-catalysts across our medicinal cannabis, aqua feed and nutraceutical divisions,” Mr. James told investors.

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