Ceapro Enters Into New Loan Agreement For New Facility
EDMONTON, ALBERTA -- (Marketwired) -- 08/07/13 -- Ceapro Inc. (TSX VENTURE:CZO) is pleased to announce today that it has signed an Offer Letter with Agriculture Financial Services Corporation (AFSC) which would provide Ceapro with commercial financing of up to $1,600,000 for its new manufacturing facility currently under construction in Edmonton. The loan is subject to certain contingent conditions which are expected to be met within the near term. The loan will be for a five year term at an interest rate of 3.91%.
"We are pleased to enter into this agreement with our long term partner AFSC to provide this non-dilutive funding for our new facility located in Edmonton", said Gilles Gagnon, President and CEO of Ceapro. "AFSC has been with us from the beginning and we are thrilled that they will be part of the biggest undertaking in the history of Ceapro. The vote of confidence in our innovative bio-processing technologies and the new technology platforms that will be incorporated in this facility is truly inspiring for all of us at Ceapro. We look forward to continuing to add value to agri-products addressing health needs and help create a bioprocessing centre of excellence in Alberta", added Mr. Gagnon.
About Ceapro Inc.
Ceapro Inc. is a Canadian growth-stage biotechnology company. Primary business activities relate to the development and commercialization of natural products for personal care and cosmetic industries using proprietary technology and natural, renewable resources. The commercial line of natural active ingredients include beta glucan, avenanthamides (colloidal oat extract), oat powder, oat oil, oat peptides, and lupin peptides.
To learn more about Ceapro, visit www.ceapro.com
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Chief Financial Officer
Telephone (Edmonton): (780) 917-8376
Source: Ceapro Inc.
Released August 7, 2013