Amyris Meets Major Milestone at Its Farnesene Production Facility
Amyris CEO to Speak at Advanced Biofuels Leadership Conference on Strong
Performance of Amyris's Renewable Hydrocarbon Production in Brazil
EMERYVILLE, Calif., Oct. 11, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc.
(Nasdaq:AMRS), a leading renewable chemicals and fuels company, announced that
its farnesene plant in Brazil has achieved the production run rate of 1
million liters over a 45-day period. Amyris's Chief Executive Officer John
Melo will speak later today at the Advanced Biofuels Leadership Conference
(ABLCNext) today in San Francisco, California.
"Our farnesene plant in Brazil is operating well, meeting our technology,
volumetric and cost targets. With all six fermentors running as planned and
with our ongoing production rate, we are on track to achieve our year-end cost
targets. Our plant at Brotas is expected to produce more farnesene this year
than we produced in our entire prior contract manufacturing operations
combined. All told, we have surpassed the 5 million liter production mark,"
said John Melo in his prepared remarks.
"More importantly, we are growing the market with new, innovative products.
Using a blend of renewable diesel, public transit buses in Brazil's largest
cities have logged well over 15 million miles, improving performance while
reducing emissions. Our cosmetics business has grown over 80% year-on-year
following the introduction of Neossance^® Squalane, our renewable version of
this premium emollient," Amyris's CEO added.
The Amyris production facility, located adjacent to the Paraiso sugarcane mill
in Brotas, Sao Paulo in Brazil, began commercial operations at the beginning
of 2013 and had all six fermentors running in July to align with commercial
volume needs. Amyris's farnesene is a renewable hydrocarbon molecule
addressing growing demand in a broad range of applications, from diesel and
jet fuel to high-performance materials.
ADDITIONAL FUNDING RECEIVED
Amyris's CEO also noted the Company's successful efforts to secure financing
saying, "As we announced earlier this week, we received a $35 million loan to
provide bridge financing until the closing of the first tranche of our pending
convertible note financing, which we expect in the coming weeks."
"By producing 1 million liters of farnesene in a 45-day period, we have
surpassed the production performance milestones under the purchase agreement
for the financing and are on track to meet the remaining milestones," Melo
In August 2013, Amyris entered into an agreementfor a private placement of
senior convertible promissory notes for approximately $60 million in cash
proceeds. Two of Amyris's leading stockholders committed to purchase the notes
in two tranches. By achieving 1 million liters of production in a 45-day
period, Amyris satisfied one of the two conditions required to avoid a
reduction in the conversion price of the first-tranche notes (the other being
a target for gross margins from product sales) and one of the key closing
conditions for the second tranche. Additional information regarding the terms
of the financing, including detailed discussion of the triggers for conversion
price adjustments and additional closing conditions, is provided in Amyris's
Amyris is participating in the Advanced Biofuels Leadership Conference taking
place from October 9-11 in San Francisco.
Amyris's CEO John Melo will make a presentation at 9:45 AM PT (12:45 PM ET) on
Friday, October 11 at the Intercontinental Hotel in San Francisco regarding
the Company's performance. The remarks will be webcast on Amyris's Investor
Relations website at http://investors.amyris.com.
A replay of the webcast will be available in the Investor Relations section of
the Company's website approximately two hours after the conclusion of the
event and will remain available for approximately 60 calendar days.
Amyris (Nasdaq:AMRS) is an integrated renewable products company focused on
providing sustainable alternatives to a broad range of petroleum-sourced
products. Amyris uses its industrial synthetic biology platform to convert
plant sugars into a variety of hydrocarbon molecules—flexible building blocks
that can be used in a wide range of products. Amyris is commercializing these
products both as No Compromise^® renewable ingredients in cosmetics, flavors
and fragrances, polymers, lubricants and consumer products, and also as No
Compromise renewable diesel and jet fuel. Amyris Brasil Ltda., a subsidiary of
Amyris, oversees the establishment and expansion of Amyris's production in
Brazil. Amyris also has fuel distribution capabilities in the United States
through its subsidiary, Amyris Fuels, LLC. More information about Amyris is
available at www.amyris.com.
Amyris Forward-Looking Statements
This release contains forward-looking statements, and any statements other
than statements of historical facts could be deemed to be forward-looking
statements. These forward-looking statements include, among other things,
statements regarding future events (such as achieving production cost and
volume targets and closing of a pending financing) that involve risks and
uncertainties. These statements are based on management's current expectations
and actual results and future events may differ materially due to risks and
uncertainties, including those associated with any delays or failures in
development, production or commercialization of products, liquidity and
ability to fund capital expenditures, Amyris's reliance on third parties to
achieve its goals, and other risks detailed in the "Risk Factors" section of
Amyris's Form 10-Q, as filed on August 9, 2013. Amyris disclaims any
obligation to update information contained in these forward-looking statements
whether as a result of new information, future events, or otherwise.
Amyris, the Amyris logo and No Compromise are trademarks or registered
trademarks of Amyris, Inc.
CONTACT: Amyris, Inc.
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