GreenAngel Energy Corp reported today that it has entered into an advisory agreement to assist BCIC-New Ventures Regional 2nd Place finisher Mazza Innovation in its corporate finance and technology commercialization activities in exchange for up to 480,000 Mazza shares. GreenAngel’s equity will represent approximately 10% of the issued shares in the company.
Based in Summerland, BC, Mazza is developing a novel pressurized low polarity water (PLPW) extraction technology to acquire high-value phytochemicals from plants that can be incorporated into products such as foods, pharmaceuticals and cosmetics. Mazza enables manufacturers to produce innovative, high-quality products that are environmentally sustainable and with energy and cost savings.
As part of the new relationship, GreenAngel is leading an effort to raise an initial angel financing round for Mazza totaling $300,000, including an initial commitment of $100,000 combined from GreenAngel Technology Ventures (VCC) Corp and WUTIF Capital (VCC) Inc. In addition, GreenAngel board member, Al Werenko, will be joining the board of Mazza to provide governance and to lead the GreenAngel contribution to Mazza’s growth.
“GreenAngel brings a vast amount of international strategic experience and business acumen, especially in Cleantech commercialization, and will certainly be an invaluable addition to Mazza as we scale our working demonstration to early commercial sales. I am delighted to have this opportunity to join the GreenAngel family and fully leverage the experience and network of the GreenAngel team,” said Mazza founder and CEO Dr. Joe Mazza.
Comments Michael Volker, Chairman of GreenAngel, “GreenAngel is well-positioned to take a disruptive technology like Mazza’s and work with the inventor to commercialize the extraction technology and get it to market quickly. This patented process is expected to reduce current energy demands and produce a healthier end-product for final consumers.”