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Solarvest Bioenergy Inc. Reports on Annual General Meeting

Tickers: XTSX:SVS
Tags: #AlternativeEnergy



Vancouver, BC - TheNewswire - June 18, 2020 - SOLARVEST BIOENERGY INC. (TSXV:SVS) ("Solarvest" or the "Company"), wishes to update its shareholders on the results of its Annual General Meeting held on June 8, 2020 in Vancouver, British Columbia. Shareholders voted in favour of all management resolutions proposed in the Management Proxy Circular and as listed below:

  1. a)The number of Directors for the Company was set at Five.

  2. b)The four members elected to the Board of Directors include: Gerri Greenham, Kenneth A. Cawkell, Michael O'Brien, William Cheliak and Dr. Edward Brennan.

  3. c)ArsenaultBestCameronEllis, Chartered Accountants, was re-appointed as auditor of the Company for the ensuing year.

  4. d)The amendment to the Company's Article 9.3 re Change of Name was approved.

  5. e)The Company's Stock Option Plan was ratified.

An operational update was provided at the meeting:

In spite of the Covid 19 challenges/slowdown the cannabinoid expression project has progressed as envisioned. The company's cell transformation procedures and targets are set and we have confidence in the reproducibility of this process.

The Omega-3 development has continued to improve the economics and we have planned development and production runs over the next few months. The protocol has been reviewed and we have identified areas that may enhance the robustness of the process. These repeated technology transfer runs add to the companies knowledge base which will become invaluable for implementation of full volume production.

About Solarvest:

Solarvest BioEnergy Inc. is an algae technology company whose algal-based production platform provides it with an extremely flexible system capable of being adapted to produce numerous products - from Omega 3 fatty acids to human therapeutic proteins. The company has successfully demonstrated (news release dated March 16th. 2015) the expression of BMP, a high value therapeutic protein. In addition, the company's platform has successfully produced recombinant viral antigens (immune stimulating proteins,) Cecropins (antimicrobial pepetide/protein). The company has completed a feasibility study for the expression of CBD and THC.as a way to produce CBD and THC in sterile bioreactors.

For further information contact:

Gerri Greenham, Chief Executive Officer

Tel: 416 420 0947 Email: ggreenham@solarvest.ca

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

Copyright (c) 2020 TheNewswire - All rights reserved.

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