Monday, 11 September 2017
BioLargo Acquires World-Class Engineering Team to Form a New Engineering Services Subsidiary and Enters into Common Stock Purchase Agreement for Up to $10 Million with Lincoln Park Capital
Westminster, CA , Sept. 11, 2017 (GLOBE NEWSWIRE) -- BioLargo, Inc. (OTCQB:BLGO, “Company”), a sustainable science and technology company that delivers practical solutions for clean water, clean air and advanced wound care, announced today it finalized the terms of employment with seven veteran scientists and engineers to work with and lead its newly formed subsidiary, BioLargo Engineering, Science & Technologies, LLC. While serving clients with its robust environmental engineering capabilities, it will also combine its talents with BioLargo’s existing research team to innovate and commercialize the Company’s technology platforms, including its AOS system. The Company also announced a purchase agreement for up to $10 million with Lincoln Park Capital (“LPC”), pursuant to which it may sell shares of its common stock to LPC as described below and more fully in the Company’s Form 8-K previously filed.
BioLargo’s president, Dennis P. Calvert, commented “With over 200 years of commercial engineering experience serving a wide range of industrial clients, and funding from Lincoln Park Capital, we are well positioned to serve a wide range of clients with environmental engineering services as well propel our AOS technologies from the lab to commercial clients.”
BioLargo’s new engineering team has extensive experience serving a wide range of industrial clients ranging from chemical engineering, wastewater treatment (including design, operations, data gathering and data evaluation), process safety, energy efficiency, air pollution, design and control, technology evaluation, technology integration, air quality management & testing, engineering management, permitting, industrial hygiene, applied research and development, air testing, environmental permitting, HAZOP review, chemical processing, thermal design, computational fluid dynamics, mechanical engineering, mechanical design, NEPDES permitting, RCRA/TSCA compliance and permitting, project management, storm water design & permitting, marine engineering, AutoCAD, bench chemistry, continuous emission monitoring system operator, data handling and evaluation and decommissioning and decontamination of radiological and chemical contaminated facilities.
The new subsidiary will be headquartered in the Knoxville, Tennessee area and its team will be led by Mr. Randall P. Moore. Operations will begin immediately. Mr. Moore is an engineer/executive with more than 30 years of industrial and commercial experience, most recently as Manager of Operations for Consulting and Engineering for the Knoxville, Tennessee office of CB&I Environmental & Infrastructure, Inc. Before that, from February 2013 – May 2017, he was the Manager of Operations at Integrated Environmental Solutions a Consulting and Engineering group within CB&I, Environmental and Infrastructure, Inc. He led the IES Group to identify, develop and commercialize emerging technologies and apply those technologies to recalcitrant environmental issues in the industrial sector. Before that, from September 2006 – September 2012, he was the Office Director Knoxville Tennessee – Responsible for all office functions for 175-person office. From May 2002 – February 2013, Business Line Manager, Commercial Consulting and Engineering at Shaw Environmental & Infrastructure (Shaw E & I). Before that, he served as a technical staff consultant, manager of field engineering and air quality services, and project engineer. From 1980 - 1984, he was a Co-op Engineering Technician at Oak Ridge Gaseous Diffusion Plant, Oak Ridge, Tennessee.
Mr. Moore has worked with the newly recruited team at BioLargo Engineering Science & Technologies for the past 10 plus years while working on behalf of CB&I. Backgrounds for the other employees of BioLargo Engineering can be found here: www.BioLargoEngineering.com
Mr. Moore added, “BioLargo’s various technologies have an important and significant commercial opportunity to serve clients around the world. Our entire team is excited to be part of such an innovative and purposeful company as BioLargo.”
To help provide growth capital to the Company and assist in the new venture, BioLargo has entered into a purchase agreement for up to $10 million of equity capital, subject to certain terms and conditions. According to the terms of this purchase agreement, and subject to a registration statement being filed and declared effective by the Securities and Exchange Commission, BioLargo will have the sole discretion to sell common stock to LPC over a 36-month period at times that are controlled by BioLargo and in amounts as described in the purchase agreement. No warrants, derivatives, financial or business covenants are associated with the agreement and LPC will not cause or engage in any manner whatsoever, any direct or indirect short selling or hedging in BioLargo’s common stock.