BioLargo announces the purchase of one half interest in award winning isan system to solve food safety issues
LA MIRADA -- BioLargo, Inc. (OTCBB: BLGO), creator of patented iodine technologies, today announced that it had entered into a joint venture relationship whereby it purchased a 50% interest in the patents and other intellectual property surrounding the Isan system.
BioLargo’s prior license agreement with Ioteq Inc., relating to the Isan system, was formally terminated on October 3, 2011. As a result of the transaction, the Isan system technology is now owned on an equal basis between BioLargo and Peter Holdings Pty. Ltd., which was the principal source of capital that funded the development and commercial efforts related to Ioteq IP Pty.
Ltd. and the Isan system. The intellectual property was purchased by Peter Holdings and BioLargo from Ioteq IP Pty. Ltd., which has now ceased operations and is in process of liquidation.
“BioLargo’s existing iodine technologies are synergistic with the Isan system, stated BioLargo President and CEO, Dennis Calvert. “The Isan system has received patents in multiple countries, and regulatory approval in Australia and New Zealand. Currently there are approximately 150 installations being serviced by a local Australian distributor with an emphasis in hydroponics, irrigation supply and post harvest wash related uses.”
“The patented Isan system is a proven iodine based disinfection system for use across many industries. It has a robust history and commercial proof of claims that have been advanced in Australia over the past nine years. It has been referred to as one of the most important technical advancements in food safety in the past 20 years, and won a ‘top 50 water company award’ by the Artemis Project in 2010. We believe its role in sustainable water recycle and reuse programs will be of global interest as we work to position it as a staple technology in agriculture production, processing and food safety programs. We have been encouraged by the feedback and interest we have received from key global industry participants since we began working with the Isan system in 2008.
Recent food borne illness and even death from dangerous pathogens like listeria, salmonella and E. coli all point to the need for the traceability and reliability for disinfection performance that the Isan system offers. We are thankful for our relationship with Peter Holdings and the Isan system and we have high expectations for its future.”