NZ MEDIA RELEASE

August 1, 2007

NZ Algae Biofuel Developer Secures Cornerstone Investor

Algae biofuel developer, Aquaflow Bionomic Corporation of Nelson has secured a cornerstone investment from one of Asia’s most active renewable energy companies, Pure Power Asia.

“Pure Power Asia brings a wealth of experience and a diversified range of expertise to the company. They have an established international network and are a good culture fit with Aquaflow. Pure Power Asia is on a major expansion path and it has the capacity to manage this rapid growth. We thoroughly enjoy working with them and they add significant value, “says Aquaflow director Vicki Buck.

Pure Power Asia is building a renewable energy business that spans the Asia Pacific region and is currently investing in a number of sustainable energy technologies that it plans to implement and operate across the region and beyond. The company’s operations headquarters are in Singapore and it also has an office in Hong Kong.

David Milroy, chairman and chief executive of Pure Power Asia remarked, “We are extremely optimistic about our investment in Aquaflow. The biofuels industry is at the dawn of a very exciting phase of developing renewable and sustainable energy sources from algae, and Aquaflow is leading the way with exciting breakthroughs in algae harvesting and conversion technologies.”

Aquaflow is currently looking to employ additional staff as it expands.

www.aquaflowgroup.com

ENDS

Gordon Campbell: On John Key’s Agenda For The Nation

There seemed to be three main components to John Key’s speech :

a) tax cuts largely paid for by a hike in GST
b) mining in national parks and on conservation land, while building more roads.
c) giving firms easier access to the r&d from Crown Research Institutes, so that business can continue to get the taxpayer to pick up the tab for the research that keeps them competitive.

After all, corporate welfare is always such a blessed thing – its only social welfare that corrodes enterprise and ambition. More>>