- Focus on the development and distribution of enzymes for starch processing and starch-based ethanol production in Europe -
CAMBRIDGE, Mass. and ASCHEBERG, Germany, June 22 /PRNewswire-FirstCall/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development of next-generation cellulosic ethanol and high-performance specialty enzymes, and Add Food Service GmbH today announced that they have signed a multi-product distribution agreement. Add Food Service is a leading enzyme solutions company for both industrial and food applications primarily in Europe and South America. Under the agreement, Add Food Service will distribute Fuelzyme and Veretase in Europe and other selected geographies outside of North America. In addition, Verenium and Add Food Service GmbH are jointly pursuing the development of additional enzyme products for starch processing and the starch-based ethanol industry in both Europe and North America.
"Verenium welcomes the opportunity to work with Add Food Service for the distribution of Fuelzyme and Veretase," said Janet Roemer, Verenium's Executive Vice President, Specialty Enzymes Business. "By partnering with Add Food, Verenium is working to ensure that our current alpha amylase products are able to achieve maximum global market penetration. "In addition, bringing together the two companies for the development of new innovative enzyme products for starch processing is an opportunity to benefit both businesses over the long-term," she added.
Fuelzyme and Veretase alpha amylases are high performance enzymes for the liquefaction of starch-based mashes and slurries for use in fuel ethanol (Fuelzyme) and food and beverage (Veretase) applications. Verenium will continue to directly market and sell these products in North America.
About Fuelzyme Alpha Amylase
Fuelzyme alpha amylase is a unique high performance enzyme designed to significantly improve the efficiency and economics of fuel ethanol production. Fuelzyme provides exceptional mash viscosity reduction, at a much lower dose, compared to competitive products and is effective over an exceptionally wide temperature and pH range allowing ethanol producers greater operational flexibility. Fuelzyme is an extremely thermostable alpha amylase with a unique mode of action for starch breakdown enabling ethanol producers to achieve significant enzyme dose reductions resulting in sizeable enzyme cost savings. Furthermore, the ability of Fuelzyme to effectively perform mash liquefaction at a much lower pH than competitor products can reduce chemical usage.
About Veretase Alpha Amylase
Veretase alpha amylase is a high performance enzyme designed to significantly improve the efficiency and economics of sweetener and beverage alcohol production. With a unique mode of action this enzyme breaks down starch into a more uniform blend of lower molecular weight oligosaccharides, improving saccharification and fermentation efficiency and consistency. Veretase possesses extreme thermostability and low pH activity, and has been shown to be effective over an exceptionally wide temperature and pH range providing sweetener and beverage alcohol producers greater operational flexibility and reduced processing costs. Veretase also provides exceptional mash viscosity reduction at a much lower dose over competitive products.
Verenium Corporation is a leader in the development and commercialization of cellulosic ethanol, an environmentally-friendly and renewable transportation fuel, as well as high-performance specialty enzymes for applications within the biofuels, industrial, and animal health markets. The Company possesses integrated, end-to-end capabilities and cutting-edge technology in pre-treatment, novel enzyme development, fermentation and project development for next-generation biofuels. Through a joint venture with BP, the Company is moving rapidly to commercialize its proprietary technology for the production of ethanol from a wide array of non-food feedstocks, including dedicated energy crops, agricultural waste, and wood products. In addition to the vast potential for biofuels, a multitude of large-scale industrial opportunities exist for the Company for products derived from the production of low-cost, biomass-derived sugars.
Verenium's Specialty Enzyme business harnesses the power of enzymes to create a broad range of specialty products to meet high-value commercial needs. Verenium's world class R&D organization is renowned for its capabilities in the rapid screening, identification, and expression of enzymes-proteins that act as the catalysts of biochemical reactions. For more information on Verenium, visit http://www.verenium.com.
About Add Food Service GmbH
Add Food Service GmbH, headquartered in Ascheberg, Germany is an enzyme company providing enzyme solutions for both industrial and food applications primarily in Europe and South America. Add Food provides innovative enzyme solutions for fuel ethanol, beverage alcohol and starch processing as well as fruit juice processing and beer and wine production. For more information on Add Food Service, visit http://www.add-food.com.
Forward Looking Statements
Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty. These include, but are not limited to, statements related to the Company's operations, capabilities, commercialization activities, target markets, cellulosic ethanol facilities, and future financial performance, results and objectives, all of which are prospective. Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to the differences include, but are not limited to, risks associated with Verenium's technologies, risks associated with the costs, labor requirements and labor availability associated with Verenium's demonstration plant, risks associated with Verenium's ability to obtain additional capital to support its planned operations and financial obligations, risks associated with Verenium's dependence on patents and proprietary rights, risks associated with Verenium's protection and enforcement of its patents and proprietary rights, technological, regulatory, competitive and other risks related to development, production, and commercialization of cellulosic ethanol and other biofuels and the commercial prospects of those industries, Verenium's dependence on existing collaboration, manufacturing, and/or license agreements, and its ability to achieve milestones under existing and future collaboration agreements, the ability of Verenium and its partners to commercialize its technologies and products (including by obtaining any required regulatory approvals) using Verenium's technologies and timing for launching any commercial products and projects, the ability of Verenium and its collaborators to market and sell any products that it or they commercialize, the development or availability of competitive products or technologies, the future ability of Verenium to enter into and/or maintain collaboration and joint venture agreements and licenses, changes in the U.S. or global energy markets and laws and regulations applicable to them, and risks and other uncertainties more fully described in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's quarterly report on Form 10-Q for the three months ended March 31, 2009. These forward-looking statements speak only as of the date hereof, and the Company expressly disclaims any intent or obligation to update these forward-looking statements.
Verenium Contacts: Kelly Lindenboom Sarah Carmody Vice President, Corporate Sr. Corporate Communications Communications Associate 617-674-5335 617-674-5357 firstname.lastname@example.org email@example.com Add Food Service Contact: Hans de Bie Managing Director +49-2593-919390 firstname.lastname@example.org
|SOURCE Verenium Corporation|
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