06 July 2011 19:44 [Source: ICIS news]
“The combination of AE Biofuels and Zymetis enables the launch of new specialty chemical and renewable fuels products at an accelerated rate compared to the normal product development and construction cycle of three years or more,” said Eric McAfee, CEO of AE Biofuels.
The company did not disclose the purchase price but said it issued 6.67m common shares to Zymetis shareholders as part of the deal. AE's shares were down 22% to US 25 cents/share on OTC Markets at 13:06 Eastern Standard Time (17:06 hours GMT).
Cupertino, California-based AE Biofuels operates a 55m gal/year ethanol plant in
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