Solazyme, Inc. (NASDAQ: SZYM) announced today that it has agreed with Roquette Frères, S.A. to dissolve their joint venture, Solazyme Roquette Nutritionals, LLC, in accordance with their Joint Venture and Operating Agreement dated November 3, 2010, by and between Roquette and Solazyme. The parties expect the formal dissolution to occur in the coming weeks.
The decision to terminate the joint venture was driven by divergent views on an acceptable commercial strategy and timeline for the manufacturing and marketing of joint venture products. As a result, Solazyme intends to accelerate commercialization of its suite of innovative microalgal food ingredients.
The Joint Venture and Operating Agreement was filed by Solazyme with the Securities and Exchange Commission as Exhibit 10.10 to Amendment No. 2 to its Form S-1 Registration Statement on April 13, 2011.
About Solazyme, Inc.
Solazyme, Inc. (SZYM), is a renewable oil and bioproducts company that transforms a range of low-cost plant-based sugars into high-value oils and innovative microalgal food ingredients. Headquartered in South San Francisco, Solazyme's renewable products can replace or enhance oils derived from the world's three existing sources — petroleum, plants and animal fats. Initially, Solazyme is focused on commercializing its products into three target markets: (1) chemicals and fuels, (2) nutrition and (3) skin and personal care.
Solazyme®, the Solazyme logo and other trademarks or service names are trademarks of Solazyme, Inc.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Solazyme, including statements that involve risks and uncertainties concerning: the timing of the formal dissolution of the joint venture; and Solazyme’s commercialization plans and commercialization timetable for microalgal food ingredients. When used in this press release, the words "will", "expects", "intends" and other similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statement may be influenced by a variety of factors, many of which are beyond the control of Solazyme, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this press release due to a number of risks and uncertainties. Potential risks and uncertainties include, among others: Solazyme's limited operating history; its limited history in commercializing products; implementation risk in deploying new technologies; its limited experience in constructing and operating commercial manufacturing facilities; and market acceptance of its products. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Solazyme. In addition, please refer to the documents that Solazyme, Inc. files with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q, as updated from time to time, for a discussion of these and other risks. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. Solazyme is not under any duty to update any of the information in this press release.