Algae International and American Seed & Oil Announce DTC Eligibility
Hemp and Marijuana Business Strategy Continues To Expand
DALLAS, March 19, 2015 /PRNewswire/ -- Algae International Group, Inc. (ALGA) and its operating subsidiary American Seed & Oil Company, announced today that the Company has become eligible for the book-entry delivery and depository services of The Depository Trust Company (the "DTC") to facilitate electronic settlement and transfer of its common shares.
The DTC, a subsidiary of the Depository Trust & Clearing Corporation (DTCC), manages the electronic clearing and settlement process of publicly traded companies. Securities approved for electronic clearance and settlement through the DTC are considered "DTC eligible." This electronic method of clearing securities streamlines the settlement process for investors and brokers. DTC eligibility enables stock to be traded over a wider selection of brokerage firms that require DTC eligibility as a prerequisite.
The DTC approval comes swiftly on the heels of the development of a number of recent projects designed to broaden the Company's presence in its rapidly expanding marketplace.
CEO Steve Rash stated, "We are very pleased to have obtained DTC eligibility. Please join me in thanking VStock Transfer for their management of our Company’s DTC application process. DTC eligibility greatly simplifies the process of trading our common stock, and enables trading over a broader range of brokerage firms. DTC eligibility enhances trading efficiency and security, and lowers transaction cost and risk. I hope all reading here will take some time to learn more about the Company’s hemp and marijuana rapid growth business strategy starting first with a review of my recent shareholder update."
About Algae International Group, Inc.
Algae International Group, Inc. (ALGA), through its operating subsidiary American Seed & Oil Company, Inc., is in the business of hemp production in Vermont to supply seed to the expanding hemp farming market, hemp based consumer products market, and hemp based construction material market. The Company is also piloting a number of other cannabis related products. For more information please visit www.americanseedandoil.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.