Algae International Group, Inc. (AIGI) completed its merger with Savanna East Africa Inc. which will now be known as AIGI.
The merger reflects AIGI’s plans to expand its biofuel market anticipated to reach $60 billion over the next decade, according to the Advanced BioFuel Market Report of 2012.
AIGI is currently in active negotiations with numerous institutional investors to structure the financing of AIGI’s initial commercial production capacity. The anticipated investment of $5 million is expected to include debt and equity components. To facilitate both the issuance of new shares in exchange for the AIGI shares and to accommodate the anticipated new investment to fund production capacity, the company will also be executing a reverse stock split.
The new incoming Board of Directors will be led by Christopher Payne as Chairman as well as John E. Potter as President and Industry Expert John Valencia as Director. The company plans to add a number of highly specialized and skilled experts within the Algae Industry as well as complete a number of pending acquisition and joint venture agreements.
Make sure you visit and click ‘Like’ on our Facebook page to receive even more news and updates from Alternative Energy Africa.