LOS ANGELES, June 5, 2014 /PRNewswire/ -- Verde Media Group Inc. (OTC: VMGI) through its Biotechnology Division (VMBD) is pleased to announce that it has secured its 40,000-square-foot construction site in Asia with joint venture partner, Phoenix Energy. The joint venture with Phoenix Energy "PXE" is fully financed and involves scaling and co-developing the BTZ omega-3 technology. BTZ has developed a proprietary microbial technology to produce high value omega-3 oils rich in long chain DHA and EPA fatty acids.
The secure boundary wall has been constructed to house the building site for its facility to convert low cost feedstock to organic acids as well as the deep earth fermenters for Omega-3 oil production. As these initial steps are completed, installation of the first 100,000-liter steel and concrete bio-fermenter can commence. Additionally, a highly sophisticated laboratory and housing structure will be constructed.
The large-scale omega-3 project is the first of its kind and represents a tremendous opportunity for the company, with secured access to 300 tons of feedstock per day for the next 25 years. When fully commercialized, the project is expected to generate annual revenues of $25 million. Butazyme will receive a sum of $500,000.00 payment for technology transfer and up to a 10% royalty as an in-licensing fee per annum as part of its contractual agreement with PXE.
Dr. Hussain Abidi, Ph.D., CEO of the Verde Media Biotech Division stated, "We're very excited to be moving along so smoothly with the construction as we progress towards commercialization. It's a big step for us and represents tangible forward motion for our expansion plans throughout Asia and the United States in the coming year."
About Verde Media Group Inc.
Verde Media Group Inc. is a publicly traded company listed on the OTC Markets trading under the stock symbol: VMGI. Verde Media Group Inc. The company consists of three divisions:
Agency Division - The innovative Agency division services- public relations, marketing, and transaction functions for corporate clientele.
BioTech Division - The Biotech Division manages a portfolio of biotech companies and the VMBD division undertakes the business of developing and producing high value bio-products from renewable biomass. The focus and criterion is to develop proprietary microbial technologies with low risk scale-up methods employing low cost feedstock.
Entertainment Division - The Company operates a managed media company with production, distribution, development, and acquisition functions for film and television.
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The results described herein cannot be guaranteed. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions.
SOURCE Verde Media Group Inc.