CALGARY, ALBERTA–(Marketwired – Sept. 17, 2014) – Sulvaris Inc. (“Sulvaris” or “Company”) is pleased to announce today that Mr. David Sealock has accepted the position of President and Chief Operating Officer (COO). Mr. Sealock comes to Sulvaris from Sunshine Oilsands where he was President and Chief Executive Officer (Interim). As President and COO, Mr. Sealock will lead the company’s efforts to complete the project execution of our first Vitasul fertilizer production facility, be responsible for all day to day operations of the Company and will be a member of the Executive Team.
“We are excited that David has joined Sulvaris,” said Jeff Scott, Executive Chairman. “With over 20 years of leadership experience at a number of major organizations, David brings with him a wealth of business, financing and project experience that will allow him to build on Sulvaris’s proprietary product line and drive to completion our first production facility and execute our long term growth plans.”
Sulvaris is also delighted to announce that the Company has closed a significant amount of equity financing with Alberta Investment Management Corporation (AIMCo) to fund the Company’s Strachan project through to name plate production of over 200,000 tonnes per year of Vitasul fertilizer. “We are very pleased to add a long term strategic partner of AIMCo’s caliber to our team,” said Mr. Scott. “AIMCo’s Alberta roots coupled with their long term investment strategy is a perfect fit for Sulvaris.” Mr. David Goerz, Executive Vice President for AIMCo added, “AIMCo believes Sulvaris and its product Vitasul will change the sulphur fertilizer market space for the better. Their patented technologies have the potential to also provide innovative solutions for the rapidly growing oil and gas industry, including converting sulphur by-products into higher-value sustainable products. We are proud to invest in such a compelling “Made in Alberta” success story like Sulvaris.”
Sulvaris began construction of its first production facility in January, 2014 at Keyera’s Strachan Gas Plant. The original cost estimate proved to be too low and the capital cost on the project increased considerably. As a result of these capital increases, the Company has made changes to its leadership team to augment its project execution strength. The addition of AIMCo as an equity partner, as well as the continuing support of our existing partners in Keyera, ATB and Avrio, has resulted in Sulvaris being well funded to complete and bring onto production its first Vitasul plant.
About Alberta Investment Management Corporation (AIMCo)
AIMCo is one of Canada’s largest and most globally diversified institutional investment managers with assets under management of more than $80 billion. AIMCo was established in 2008 to invest for superior long-term investment results for its 27 pension, endowment and government clients in Alberta, including the Alberta Heritage Savings Trust Fund.
About Sulvaris and Vitasul
Researched and developed by Sulvaris, Vitasul is a proprietary, high-analysis sulphur fertilizer that provides quick response and consistent feeding of sulphate to crops in the season of application. In four years of global field trials on a variety of crops in direct comparison to existing sulphur fertilizers, Vitasul has shown tremendous performance. The product has been extensively tested in North America, China, and India on a variety of crops, including, among others, canola, corn and wheat. It has consistently out-performed other forms of sulphur fertilizer currently available on the global market. Sulvaris is an innovative Calgary-based organization that converts fundamental inputs into essential value added products. The Sulvaris website at www.sulvaris.com provides more details on the Vitasul technology and other innovative conversion technologies currently in development at Sulvaris.
This document contains forward-looking statements based on management’s current expectations and assumptions relating to Sulvaris and the joint venture between Sulvaris and Keyera, including business, the environment in which they operate, anticipated future operations, the performance of the facility, the performance and marketability of Vitasul. As these forward-looking statements depend upon future events, actual outcomes may differ materially depending on factors such as: receipt of regulatory approvals necessary for the construction and operation of the facility; future operating results of the assets; the ability to execute strategic initiatives; construction and input costs; weather conditions; construction scheduling variables; international commodity supply/demand balances and prices; activities of agricultural producers, consumers, competitors, customers, business partners and others; overall economic conditions; access to capital and financing alternatives; operational risks; changes in sulphur and fertilizer markets; the legislative, regulatory and tax environment; and other known or unknown factors. There can be no assurance that the results or developments anticipated will be realized or that they will have the expected consequences for or effects described herein.
Mr. Rick Knoll
(1) 587 390 0852