SOLAZYME INC Solazyme, Inc. (NASDAQ:SZYM) announced today that after successfully completing the build out of a series of important operating capabilities, President David Cole is transitioning from an executive operational role back to the advisory role he occupied prior to January 2014. His advisory responsibilities will be broadened to include leadership of the Company’s strategic advisory boards. Mr. Cole will be stepping down from the Board of Directors as part of the transition.
Solazyme CEO Jonathan Wolfson noted, “I want to express sincere gratitude to David for his positive and high impact leadership. Over a year ago, we asked David to step up from his long-standing advisory role to help the Company build out its management systems and expand its leadership team, all of which he did very effectively. David has also enhanced our advisory network, improved our operational structure and helped position Solazyme to scale commercial operations.”
Business Update
The Company continues to make progress in its commercial ramp-up, with three production facilities now in various stages of operations. The Company is consistently producing and shipping product from Peoria for its AlgaVia™ food business. It is also consistently producing and shipping product from Clinton/Galva where there has been continued customer growth, with sales of different oils and products to more than thirty customers. Progress continues at the Solazyme Bunge JV Brazilian production facility at Moema. The company is pleased to report that construction of the plant is complete and the third party engineering, procurement and construction (EPC) firm is no longer on site.
Solazyme’s core fermentation technology is performing well at Moema, with ongoing successful large-scale fermentations of two different products in multiple full-scale production vessels. Although the key downstream unit operations are functional all the way to oil production, and modest quantities of finished product continue to be produced and shipped, downstream processes at Moema require further optimization and are not yet operating on a fully integrated basis. This is an area of significant focus and ongoing improvement.
These and other developments will be discussed on Solazyme’s investor conference call for the third quarter of 2014, which as announced separately today will be held on November 5, 2014.
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. 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 four target markets: (1) fuels and chemicals, (2) nutrition, (3) oil field services and (4) consumer products.
Solazyme®, the Solazyme logo, AlgaVia™ 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: its commercialization and production plans; the commissioning of equipment, the ramping up of facilities and the scaling of commercial operations; meeting commercialization and technology targets; successful product trials and market acceptance of its products; and Solazyme’s ability to maintain its relationships with its partners. 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, ramping up and operating commercial manufacturing facilities; its ability to sell its products at a profit; delays related to construction, start-up and ramp-up of production facilities; its ability to manage operational costs at production facilities; its ability to enter into and maintain strategic collaborations; successful product trials by its customers and market acceptance of its products by end-users; its ability to obtain requisite regulatory approvals; and its access, on favorable terms, to any required financing. 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 Report 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.
