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PetroAlgae and Suriname Ministry of Natural Resources Sign Master Framework and Initial License Agreement to Begin Open Growth

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  Published in House and Home on Tuesday, June 14th 2011 at 5:05 GMT by Market Wire
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MELBOURNE, Fla.--([ BUSINESS WIRE ])--PetroAlgae Inc. (OTCPK: PALG) and its operating company PA LLC, a leading renewable energy company that licenses its commercial micro-crop technology globally, today announced that it has finalized a Master Framework and Initial License Agreement with the Ministry of Natural Resources for the Republic of Suriname (Ministry), Staatsolie Maatschappij Suriname N.V. (Staatsolie), and N.V. Verenigde Cultuur Maatschappijen (N.V. VCM) for the phased construction and operation of a commercial-scale, PetroAlgae farm for the production of renewable fuel and protein. Planning and funding for the initial phase is underway utilizing PetroAlgaea™s micro-crop system and licensed technology.

"PetroAlgae is pleased to be partnering with the Suriname government, Staatsolie, and N.V. VCMas this represents a very strong team to license,build and operate a PetroAlgae productionfarm in Suriname"

Under the agreement, Staatsolie will serve as the lead coordinator for the Ministry, while N.V. VCM and Staatsolie will be responsible for construction and operation of the project. PetroAlgae will contribute the use and limited license to certain of its PA intellectual property and technology as well as supporting services and quality assurance.

aThe Ministry is continuously evaluating clean renewable fuel and food production and is very pleased to be working with the PetroAlgae team,the Staatsolie organization and N.V. VCM on this important initiative,a said Mr. Jim Hok, Minister of Resources for the Ministry of Natural Resources for the Republic of Suriname. aWe are veryexcited about the prospects of this partnership for building a new profitable industry that is consistent with maintaining our pristine environment and with our commitment to create green jobs in Suriname. We see this initiative with PetroAlgae as an exampleof Suriname's growing leadership position in the region.a

PetroAlgaea™s micro-crop technology employs indigenous, non-algae, aquatic micro-crops suitable to local climates. It is designed to produce biomass at commercial scale and to enable its licensees to develop a cost-effective alternative to fossil fuels, as well as a high-value protein co-product, while absorbing carbon dioxide from greenhouse gas emissions.

aPetroAlgae is pleased to be partnering with the Suriname government, Staatsolie, and N.V. VCMas this represents a very strong team to license,build and operate a PetroAlgae productionfarm in Suriname,a said Dr. John Scott, Chairman of PetroAlgae. aWe see tremendousopportunity for the clean production of renewable fuels as well as a new source ofprotein. The Ministry of Natural Resourcesand Staatsolie demonstrate a strong visionfor the country as well as the region,and are not only highly diligent in their evaluation process but also efficientintheir decision making process. Additionally, N.V. VCM has verystrong operational anddeployment competencies.We anticipate a highly productive relationship with the entire team.a

About PetroAlgae

PetroAlgae Inc. (OTCPK: PALG), based in Melbourne, Florida, is a renewable energy company that licenses and deploys the leading biomass production platform to address existing and growing unmet needs in the global energy and agriculture markets. The companya™s technology enables the growing and harvesting of a wide variety of non-algae, aquatic micro-crops suitable to local climates in open-pond bioreactors. For more information about PetroAlgae, please visit our website at [ http://www.petroalgae.com ].