Industry News

Aquarius Coatings Inc. announces receipt of interest in Bioversion Industries Inc.

Published on 2006-11-24. Author : SpecialChem

TORONTO -- Aquarius Coatings Inc (TSX-V: AQC - News) announced that it has received an equity position of 7 1/2%, representing 1,418,919 shares of Bioversion Industries Inc., of Mississauga, Ontario.

The shares were received for services rendered by senior officers of AQC, and have an issued value of $283,784.

Bioversion is a private Canadian Company, founded in 2005, to construct, own, and operate ethanol plants on a global basis. Bioversion is utilizing an exclusive patented technology owned by Woodland Chemical Systems Inc.

Woodland utilizes Biomass such as wood waste, or other organic materials, as the fuel stock. This provides a very significant cost advantage over traditional ethanol production methods, such as corn fermentation.

Woodland is a privately owned Mississauga; Ontario based Company, established in 2000, and the owner of the various patents and patents pending surrounding the technology. Through Bioversion, Woodland has commenced the 'Detailed Project Analysis' design of the first commercial scale plant, to be located in Eastern Canada, and which is subject to a confidentiality agreement.

Bioversion, which is 42% owned by Woodland, has recently agreed to become 100% owned by Woodland, through a share exchange transaction, the details of which are currently under negotiation.

David J. Hennigar, Chairman, Director and largest shareholder of Aquarius Coatings Inc. is a Director and Shareholder of Bioversion Industries Inc.

N. Gary Van Nest, a Director and Shareholder of Aquarius Coatings Inc., is also Chairman, Director, and a Shareholder of both Bioversion and Woodland.

Source: Aquarius Coatings Inc.

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