Iogen Corporation to review strategic alternatives

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PR Newswire | 15 Sep, 2010
OTTAWA: Iogen Corporation has announced that its Board of Directors has initiated a process to explore strategic alternatives for enhancing shareholder value and funding the deployment of its world leading renewable energy technology. The company has retained Goldman, Sachs & Co. as its exclusive financial advisor.

Iogen Corporation is a joint owner, with Royal Dutch Shell plc, of Iogen Energy, the industry leader in developing commercial technology for making cellulosic ethanol from agricultural residue. Iogen Corporation also owns and operates, through its wholly-owned Iogen Bio-Products subsidiary, a commercial enzyme business and manufacturing facility serving customers globally.

"Iogen Corporation has developed advanced biofuel technology that is ready to be deployed and enjoys a valuable set of commercial development rights for that technology. Fully exploited, these rights offer a tremendous business opportunity," said Clive Mather, Chairman of Iogen Corporation. "At this time, the Board of Directors feels that it is appropriate to examine all alternatives which will allow the company to realize the potential of this technology and thereby maximize shareholder value."

Iogen Corporation (http://www.iogen.ca) is a privately held company located in Ottawa, Canada. In business since 1974, it develops, manufactures and markets enzymes used to modify and improve the processing of natural fibers within the textile, animal feed, pulp and paper, grain processing and brewing industries. Iogen Corporation also owns 50% of Iogen Energy and, like Shell, holds significant independent rights to commercially exploit the Iogen Energy cellulosic ethanol technology.

Iogen Energy, a 50-50 joint venture between Iogen Corporation and Shell, is a leading biotechnology firm specializing in cellulosic ethanol, which it has been producing from wheat straw at its Ottawa demonstration plant since 2004. Development of the Iogen Energy cellulosic demonstration plant as well as strategic research and development in cellulosic ethanol technology was made possible in part with the assistance of the Technology Partnerships Canada Program (now administered by Industry Canada's Industrial Technologies Office).

Iogen Bio-Products, a wholly-owned subsidiary of Iogen Corporation, develops, manufactures and markets enzymes used to modify and improve the processing of natural fibers within the textile, animal feed, pulp and paper, grain processing and brewing industries.

Royal Dutch Shell plc ("Shell") is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam and New York stock exchanges. Shell companies have operations in more than 110 countries and territories, with businesses including: bio-fuels; oil and gas exploration; production and marketing of liquefied natural gas and gas to liquids; and the marketing and shipping of oil products and chemicals.

For further information: For further information: Lisa Hanke, Senior Associate, Public Affairs and Communications, Iogen Corporation, +1-613-733-9830