Algae Intl, Savanna East Africa agree on reverse merger

Nov 6, 2012 - US advanced biofuels developer Algae International Group Inc (AIGI) and oil and gas reserves recovery firm Savanna East Africa (PINK:NVAE) have closed a reverse merger agreement enabling AIGI to become a public company.

The public company will change its name to Algae International Group Inc and will have a new ticker symbol and cusip number, US investment company Regus Advisors, which is providing advisory services to AIGI, said in a statement today.

AIGI is a development-stage company focused on the development of advanced biofuels through cultivating algae close to waste water and fuel cell facilities to use free methane, carbon dioxide, nitrates and phosphates to produce alternative fuel energy.

AIGI seeks to cooperate in a larger partnership to take a stake in a biofuel manufacturing operation adjacent to a fuel cell and waste water treatment plant in California.

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