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Gencor invests US$1M in Algae.Tec

July 7, 2016
AlgaeIndustryMagazine.com

GencorAlgae.Tec has announced a US$1M investment into the Company by Gencor Pacific, the global Lifestage Solutions company. This investment will enable Algae.Tec to accelerate the development of its production capacity and improve the efficiency of its nutraceutical plant, expand its laboratory capabilities and cater to the demand for nutraceutical products for Gencor’s clients.

Gencor offers an extensive list of branded ingredients and standardized single-herb extracts that are clinically shown to support the specific needs of aging adults. “We are excited at being able to make this first investment in Algae.Tec and are looking forward to assisting in their development and being part of a rewarding and profitable partnership,” said R.V.Venkatesh, the Managing Director of Gencor Pacific.

algaeteclogo300Algae.Tec recently announced the signing of a supply agreement with Gencor, whose clients include some of the world’s largest nutraceutical and pharmaceutical companies. Gencor has agreed to purchase the full production of Algae.Tec’s nutraceutical plant.

“This is further endorsement of Algae.Tec and demonstrates the importance of our relationship to Gencor,” said Peter Hatfull, Managing Director of Algae.Tec. “This developing partnership will take Algae.Tec to a new level, enabling it to accelerate and increase its production and to develop new, exciting products for global distribution. The market for proven health supplements is rapidly growing and this partnership puts us at the forefront.”

The investment is in the form of a secured convertible note with an exercise price of $0.10, a premium of 100% over the current trading price, with a term of 18 months and an interest rate of 10% per annum.

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