GreenAngel inks deal with Mazza to develop phytochemical extraction technology
Mazza, based in Summerland, British Columbia and founded a year ago, is developing a novel pressurized low polarity water extraction technology to acquire high-value phytochemicals from plants that can be incorporated into products such as cosmetics.
Sustainable and cost effective
According to the company, it enables manufacturers to produce innovative, high-quality products that are environmentally sustainable and with energy and cost savings.
"GreenAngel is well-positioned to take a disruptive technology like Mazza's and work with the inventor to commercialize the extraction technology and get it to market quickly,” added Michael Volker, chairman of GreenAngel.
“This patented process is expected to reduce current energy demands and produce a healthier end-product for final consumers."
Terms of the deal
GreenAngel entered into the advisory agreement to assist Mazza in its corporate finance and technology commercialization activities in exchange for up to 480,000 Mazza shares, representing approximately 10 percent of the issued shares in the company.
As part of the new relationship, GreenAngel is leading an effort to raise an initial angel financing round for Mazza totaling $300,000, including an initial commitment of $100,000 combined from GreenAngel Technology Ventures (VCC) Corp and WUTIF Capital (VCC) Inc.
On top of that, GreenAngel board member, Al Werenko, will be joining the board of Mazza to provide governance and to lead the GreenAngel contribution to Mazza's growth.
International experience
"GreenAngel brings a vast amount of international strategic experience and business acumen, especially in Cleantech commercialization, and will certainly be an invaluable addition to Mazza as we scale our working demonstration to early commercial sales,” said Mazza founder and CEO, Dr Joe Mazza.
“I am delighted to have this opportunity to join the GreenAngel family and fully leverage the experience and network of the GreenAngel team."
