Biosenta Announces Joint Venture Agreement
TORONTO, ONTARIO–(Marketwired – Feb. 28, 2018) – Biosenta Inc. (CSE:ZRO)(CSE:ZRO.CN)(CNSX:ZRO) announces today that it has signed a five year Joint Venture (JV) agreement with investors to develop, market, and potentially grow the sales of its patented dry product, Tri-Filler.
The JV is based in Parry Sound, Ontario and is owned 51% by the investors and 49% by Biosenta. The investors will contribute funds to operate the JV and at this time contribution will be determined after a formal business plan has been completed. Also the investors will continue funding on-going Biosenta’s operating costs, provide expertise to launch Tri-Filler, and in return Biosenta will license global rights to the intellectual property that pertains to Tri-Filler with no additional funding required by Biosenta.
The investors will receive 60% of operating profits until the amounts invested by the investors in the JV have been repaid. After the amounts already invested by the investors have been repaid, the operating profits will be split 51% to the investors and 49% to Biosenta.
In addition the agreement with New South Biolabs will subsequently be terminated as Biosenta will issue 1,666,666 shares at $0.57 per share in the company which is about 11.9% of total outstanding shares. Outstanding debt of $565,682 already incurred (year-end secured loan) by the investors will then be eliminated.
The lead investors of the JV, Mr. Bill Connor and Mr. Paul Kalata, said, “We are very pleased to be able to fund the progress of the Tri-Filler product as it comes to more markets and work with the team at Biosenta.”
On behalf of the board of directors of Biosenta, Mr. Dene Rogers, the chairman, said, “The JV ensures the funding of Tri-Filler with a team of investors who have supported Biosenta to this point. We look forward to introduce our Tri-Filler product to market as we have been granted the CAS Number and continue further testing requirements on other areas of applications.”
About Biosenta Inc.
Biosenta Inc. develops and manufactures a range of chemical compounds for household and industrial applications using advanced encapsulated nanotechnology.
Other household disinfectants and cleaners possess similar levels of efficacy as traditional disinfectants. But Biosenta products contain significantly lower concentrations of active ingredients resulting in lower toxicity.
Biosenta disinfectants and cleaners will kill 99.9% of potentially deadly mold, fungi, bacteria and viruses on contact and prevent re-growth. Biosenta disinfectants are very safe due to the very low toxicity.
Biosenta industrial compounds are embedded to protect various materials, including drywall, plastic and resins, from microbe formation.
These compounds remain active for decades and protect the drywall of buildings, objects such as resin furniture, and carpet rubber backing and synthetic tufts which contain plastic or resin, as well as textiles and paper from mold, fungi, bacteria and viruses. Both the Biosenta household and industrial products are environmentally safe and biodegradable.
The CSE has in no way passed upon the contents of this news release and further, has neither approved nor disapproved of the contents of this news release. Neither the CSE nor its Regulation Services Provider (as such term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Dene Rogers, President and CEO
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