For a direct link to the article, by Tamarack Advisors, go here.
separate wastewaters in collaboration with a leading water-engineering firm confirmed not only the commercial viability of the AOS, but also its superior technical and economic performance metrics.
Only a week later, BioLargo made a surprise press release announcing the hiring of a world-class engineering team and the formation of a new services division called BioLargo Engineering, Science & Technologies, LLC.
The new subsidiary will be headquartered in the Knoxville, Tennessee area and its team will be led by Mr. Randall P. Moore, an executive-level engineer 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 Chicago Bridge & Iron (CB&I) Environmental & Infrastructure, Inc. Mr. Moore has worked with the newly recruited team at BioLargo Engineering Science & Technologies for the past 10 plus years while at CB&I. Mr. Moore commented, “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.”
BioLargo’s new engineering team has more than 200+ combined years of industry experience, and will immediately pursue business opportunities to provide engineering services around the world, supported by BioLargo’s new Director of Business Development Dr. Shan Yong. A list of BioLargo Engineering’s offered services can be found on their website. Equally important, the new BioLargo Engineering team provides a valuable bridge to new client relationships for BioLargo.
The question on everyone’s mind: what does this new subsidiary mean for BioLargo’s flagship technology, the AOS?
From all accounts, the new team has the technical experience and know-how to scale-up and engineer the AOS to meet the needs of industrial end-users. Importantly, having this talent in-house rather than outsourcing it means that BioLargo will have increased freedom to expand its intellectual property. BioLargo now has access to robust engineering and design capabilities, and considering the depth of talent at BioLargo Engineering, Science & Technologies, LLC, BioLargo will likely have new opportunities reaching beyond their current technical assets.
To help provide growth capital to the Company and assist in the new venture, BioLargo has entered into a common stock purchase agreement with Lincoln Park Capital for up to $10 million of equity capital, priced at the market, and subject to certain terms and conditions as described in the company’s 8-k. According to the terms of the 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.
BioLargo’s president, Dennis P. Calvert, commented, “With our proven high impact, low cost AOS Water treatment system, and with over 200 combined years of commercial engineering experience serving a wide range of industrial clients, combined with 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.”