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MARKHAM, ON, May 26, 2022 /CNW/ - Pond Technologies Holdings Inc. (the "Company" or "Pond") (TSXV: POND) (OTCQB: PNDHF) (FSE: 400) an ESG company addressing global sustainability challenges of protein shortages and climate change, announces that the unaudited interim condensed consolidated financial statements of the Company for the three months ended March 31, 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 Company's website at www.pondtech.com. Q1 2022 Highlights and a brief business update follow below:
Description of Business and Divisions
The Company is commercializing its patent protected algae growing platform, which converts carbon dioxide (CO2) into algal-based commercial products. Its algae growth platform converts the CO2 found in the untreated stack gas of industrial emitters into animal and human feeds, nutraceuticals, and natural fertilizers. The key to the model is the vertical integration from the initial capturing of the carbon to the growing of algae, to the end sustainable product. In over ten years of R&D, Pond has developed a robust disruptive technology platform based on artificial intelligence, proprietary LED-lights, and patented CO2-Management. Pond has begun to license its technology to third parties for ongoing license fees and royalties.
Pond's algae growth platform, is based upon enclosed, controlled, and monitored photobioreactors, and may provide a significant competitive advantage, and allow the Company to compete effectively on quality, consistency of supply, and price. Pond's strategy is to demonstrate its technological advantage, with its lighting, illumination, and sensor system control technology, as well as its real-time growth optimization technology POND Algaerithm. Pond continues to approach ESG solution seeking businesses with a view toward adopting and licensing its technology.
Pond's Carbon division focuses on absorbing greenhouse gas emissions, transforming these into food, feed, and nutraceutical ingredients. Pond's Biotech division focuses on the growth of unique strains of microalgae to be used as a reproductive medium for the expression of human antibodies and proteins. Pond's Nutraceutical products division is actively pursuing distribution opportunities in the nutraceutical superfood marketplace, and the production of astaxanthin and related products.
Q1 Business Updates (in $000s)
Pond announced it has officially launched Pond Carbon to be the go forward brand during its commercialization efforts. Pond Carbon will be engaged in the sale and licensing of its CO2 abatement technology to project developers, funders, engineering companies, and others in partnership with industrial emitters. Pond has developed a proprietary system that can profitably transform CO2 into valuable products. In large vessels (bioreactors), Pond Carbon grows algae which absorb greenhouse gas emissions, transforming these into valuable food, feed, and nutraceutical ingredients.
The joint commercialization project to produce algae-based animal feed ingredients with Livalta/AB Agri continued to progress. This global partnership with the protein specialists Livalta/AB 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 $1,500 for initialization and milestone payments and has completed initial engineering work. Approximately $4,000 in license and engineering, procurement and construction payments remain to be earned by Pond. Additional project updates will be provided as Pond begins fabrication later this year.
On April 28, 2022, Pond announced it has entered into a research agreement with BioCarbN Inc. and its development partner Cross River Infrastructure Partners LLC, along with Livalta/AB Agri, a subsidiary of Associated British Foods (LSE:ABF), and a second major agri-business, to identify strains of algae that could prove beneficial in reducing enteric methane emissions from cattle when included into animal feed. Pond has identified strains of algae that could prove beneficial in reducing enteric methane emissions from cattle when included into animal feed. Enteric methane emissions are the single largest source of direct greenhouse gas emissions in beef and dairy value chains and a substantial contributor to anthropogenic methane emissions globally.
On May 10, 2022 Pond announced its Biotech division had successful results related to the production of recombinant proteins published in the scientific journal, Nature Scientific Reports. This provided an update on the Pond Biotech project announced in the Fall of 2021 with a major Fortune 500 oil and gas company. As part of the project, Pond has been scaling up the production of recombinant proteins.
Grant Smith President & CEO Pond commented: "We are diligently working to further commercialize our technology in 2022, with our current and future clients, as well as partners globally. We have a network of major companies working with us across multiple sectors including energy, renewables, animal feed, human feed, and biotech, as we move towards sustained commercialization of our technology with a focus on consistent revenue generation. Early commercialization creates lumpiness in revenue, with a high dependence on the timing of signed contracts, but as we further build our scale this is expected to become much more stable over time, and this is the key focus of our management team. It is also worth noting we have seen supply chain disruptions as it relates to Pond Naturals which has impacted the timing of ingredient sales; however, we have seen improvements through the second quarter and look forward to returning to revenue growth in this business segment. We remain extremely excited with our current prospects as we execute on our strategic vision and anticipate updates in the near term."
About Pond Technologies Holdings Inc.:
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/.
Forward Looking Statements
This press release contains forward–looking statements within the meaning of applicable securities laws, including statements regarding strategy, commercialization, project development, and revenue stability. Such forward–looking statements are based on certain key expectations and assumptions made by Pond, including, among others, assumptions regarding the successful negotiation of supply and commercial agreements 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 annual information form and 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.
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