SAN FRANCISCO, CA, May 01, 2012 (MARKETWIRE via COMTEX) -- Vista Partners announced today that it has initiated coverage on Algae.Tec Limited (asx:AEB) (otcqx:ALGXY) ("The Company" or "AEB") with a twelve month target price of AUD $1.08. Ross Silver, Principal Analyst at Vista Partners, stated, "The Company has numerous memorandums of understanding (MOU), one of which is with European airline giant Lufthansa. The Company and Lufthansa plan to jointly evaluate the potential for algae oil from AEB's bio-reactors to be developed into a sustainable source of aviation biofuels." Mr. Silver continues, "In addition, AEB signed a collaboration contract to build its first algae biofuels production facility in Asia. The facility is being built in Sri Lanka with the local subsidiary of industrial giant Holcim, the world's second largest cement and building materials company." Mr. Silver concludes, "Venture Beat recently stated that Solazyme, Algae.Tec, and Sapphire Energy all dominate the global algae to biofuels space, trying to edge out not only each other but oil companies as well."
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AEB Price at posting:
40.0¢ Sentiment: LT Buy Disclosure: Held
