Pinehurst, NC, April 21, 2011 --(PR.com
)-- Avjet Biotech, Inc. (ABI), a leading developer of small distributive refining systems in the 10 to 15 million gallon per year range and parent company of Red Wolf Refining (http://www.redwolfrefining.com/), has announced that it has concluded a license agreement to secure exclusive rights to a technology portfolio developed at NC State University for producing biofuels from triglycerides (fats), and for producing products from genetically modified marine microalgae. As the exclusive licensee for the commercialization of these technologies, Avjet Biotech will sell stock and use the funds raised to reimburse the university for its investment in patent applications, as well as allocate development capital to create a continuous production model for the biofuel refining system. The license agreement is global in scope and extends to 22 foreign countries where patents have been filed.
“We are delighted to have completed a license agreement with NC State following several months of discussions with the university on its advanced biofuel research,” said Marty Oliver, president of ABI. “We anticipate a major biofuel refining model will be the result of this landmark deal.”
“When I learned what NC State was accomplishing with its biofuels program, and what its ultimate goals were, I knew this project was deserving of financial support to further its research,” said Don Evans, chairman and CEO of ABI. “This agreement is a major piece in our plan to provide aviation biofuels internationally that will benefit the aviation industry world-wide.”
“Following talks with the management of Avjet Biotech, I am happy to announce that we have arrived at an agreement that favors all parties involved,” said Dr. Terry Bray, senior licensing associate at NC State’s Office of Technology Transfer. “On behalf of the university, we look forward to our continuing involvement with Avjet.”
- Red Wolf Refining has developed the RWR System, a unique patented refining technique that uses a thermal catalytic process to refine any triglyceride into aviation biofuels. The RWR System is under development for sale as a small distributive refining system to global entities or foreign governments that aspire to produce aviation biofuels from native feedstocks. Red Wolf has been approached by global corporations and foreign governments for sub-licenses for its RWR System.
- ABI’s other division besides Red Wolf Refining is Pinehurst Biologics, which produces patented enzymes and products from algae selected for development as a feedstock for aviation biofuel.
About Avjet Biotech, Inc. (ABI)
ABI, through its subsidiary, Red Wolf Refining, creates superior transportation biofuels and its microbiology subsidiary, Pinehurst Biologics produces algae based products through genetics. The Pinehurst, N.C.-based firm is dedicated to supporting the U.S. military in its goal to eliminate dependence on foreign oil. For more information, visit http://www.redwolfrefining.com/.
MMI Public Relations