TORONTO, ONTARIO -- (Marketwired) -- 07/16/15 -- BlueOcean NutraSciences Inc. (TSX VENTURE: BOC) ("BlueOcean" or the "Company") announces that effective July 11, 2015, it has agreed to buy the Quinlan Brothers Ltd. ("Quinlan") 50% share of 70717 Newfoundland and Labrador Inc. ("70717" or the "JV") for a nominal amount. After the close of the transaction, 70717 will become a wholly-owned subsidiary of BlueOcean. BlueOcean and Quinlan agree that the purpose and the underlying economics of the current JV structure are not sustainable. Going forward, BlueOcean will be free to source North Atlantic shrimp feedstock from multiple sources without restriction for its proprietary North Atlantic shrimp oil products.
Company Update
BlueOcean is currently marketing shrimp oil sourced from both the North Atlantic and the South Pacific and has provided numerous samples to interested potential customers.
BlueOcean is currently marketing its new sustained-release astaxanthin and Omega-3 shrimp oil tablets to supplement companies. In addition, BlueOcean has formulated sustained release Omega-3 fish oil tablets and is providing samples to a select group of interested supplement companies.
BlueOcean and its joint-venture partner, CMAX Technologies Inc. have also developed an Omega-3 drink which the Company will begin marketing in Q3, 2015.
The Company is still on track to begin bioavailability trials of its sustained release fish oil tablets during Q3, 2015.
About BlueOcean NutraSciences Inc.
BlueOcean NutraSciences Inc. is a Canadian listed public company (TSX VENTURE: BOC) that is focused on developing sustainable Omega-3 shrimp and algae bulk oils and slow release tablets targeted at the rapidly growing Natural Astaxanthin, Omega-3 and Algal oil health and wellness markets.
BlueOcean is developing two specialty oil product lines: AstaShrimp™ and AlgaOmega™, and BlueOcean and its JV partner, CMax technologies, have developed a process to convert shrimp, krill, algae and other fish oils into Extended Release Tablets.
BlueOcean will own 100% of the participating and voting rights in 70717 Newfoundland and Labrador Ltd that was formerly a joint venture with a major Atlantic Canada shrimp processor. This entity will secure the shrimp feedstock for the extraction of Northern AstaShrimp™ oil from its former JV partner or others on a competitive, non-exclusive basis. BlueOcean also wholly owns the rights to produce and sell its Pacific and Southern AstaShrimp™ oils. BlueOcean wholly owns its AlgaOmegaTM product line. BlueOcean owns 50% of the participating and voting rights in 2453969 Ontario Inc., a joint venture with CMax Technologies that has developed extended release Omega-3/astaxanthin tablets.
The natural oils to be used in AstaShrimp™ contain very high levels of naturally occurring astaxanthin, phospholipids, and Omega-3 EPA and DHA. AstaShrimp™ will be targeted at the high value and rapidly growing natural astaxanthin market. AlgaOmegaTM oil is vegetarian, non-GMO Omega-3 algal oil containing high levels of EPA with Polar Lipids and is targeted at the rapidly growing Omega-3 algal oil ingredient market. These extended release tablets target the rapidly growing Omega-3 consumer market and astaxanthin consumer dietary supplements markets.
Forward Looking Statements: BlueOcean
This news release may contain forward-looking statements that are based on BlueOcean's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
BlueOcean NutraSciences Inc.
Gavin Bogle
CEO
416-970-3266
BlueOcean NutraSciences Inc.
Dil Vashi
Director of Corporate Development
416-859-0909
www.blueoceannutra.ca
