All Resolutions Approved at AlgaeBio’s Annual Shareholders Meeting

Calgary, Alberta--(Newsfile Corp. - December 20, 2012) - Algae Biosciences Corporation (TSXV: ABV) (“AlgaeBio”) is pleased to announce that its shareholders have approved all resolutions at the Annual Shareholders’ Meeting in Phoenix, Arizona, USA on Wednesday, Dec. 19, 2012. The following resolutions were approved:

  • Appointment of Hein & Associates, Certified Public Accountants and Advisors, as Auditors of the Company for the year ending Sept. 30, 2013;

  • Re-election of four members of the Board of Directors to serve until the next Annual Shareholders Meeting;

  • Amendment of the Corporation’s existing stock option plan; and

  • Approval for the issuance of 10,255,463 Common Shares at a deemed price of $0.19 in connection with the purchase of the interests of International IP Holdings, LLC.

Approximately 25 million votes were represented and cast by proxy and in person at the meeting.

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ABOUT ALGAE BIOSCIENCES CORPORATION: AlgaeBio is a Canadian biotechnology company that researches, develops, and manufactures ultra-pure products from micro and macro algae such as nutraceuticals, food additives, and pharmaceuticals. AlgaeBio owns and operates production facilities near Holbrook, Ariz., and is listed on the TSX Venture Exchange (TSX.V:ABV).

For more information:
Robert J. Thompson
Chairman of the Board
Algae Biosciences Corporation
Phone: 602.909.9728
E-mail: r.thompson@algaebio.com

Gordon Aldcorn
Investor Relations
Algae Biosciences Corporation
Phone: 403.618.6507
E-mail: g.aldcorn@algaebio.com

Cautionary Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although the Corporation believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to the Corporation. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation or its financial or operating results or (as applicable), their securities.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

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