VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 30, 2012) - As a result of a review by the British Columbia Securities Commission ("BCSC"), - SOLARVEST BIOENERGY INC (TSX VENTURE:SVS) ("Solarvest" or the "Company") is issuing the following press release to clarify our disclosure.
Solarvest today filed on SEDAR amended and restated interim financial statements, together with an amended and restated Management Discussion and Analysis ("MD&A"), for the period ended April 30, 2012.
The BCSC has completed its review of the Company's interim financial statements and MD&A for the three months ended April 30, 2012, which were originally filed on June 29, 2012. The results of the review can be summarized as follows: the amended and restated interim financial statements update the presentation of certain information in compliance with IAS and IFRS requirements and now provide additional disclosure with respect to the Company's operations, including related party transactions, the commitment to issue shares as related to its intellectual property development milestones and the ongoing analysis of the value of its intellectual property. The amended and restated MD&A revises the presentation of certain information in compliance with National Instrument 51-102 - Continuous Disclosure Obligations and now provides additional disclosure with respect to research & development costs and related party transactions.
In addition, the Company has filed updated certificates of the Chief Executive Officer and the Chief Financial Officer for the interim period ended April 30, 2012, as required under National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings.
About Solarvest: Solarvest is committed to the development of sustainable and renewable energy sources to meet growing energy demands and environmental challenges. Solarvest's intellectual property is a biologically-based hydrogen producing technology, which provides a method for controlling key genes in algae resulting in the continuous production of hydrogen gas. Solarvest's bio-energy production system utilizes light and carbon dioxide to produce hydrogen leaving a clean positive environmental footprint.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither 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.