BIC, LSQ partner to commercialize new technologies

June 25, 2014, Sarnia, Ont. – Bioindustrial Innovation
Canada (BIC) has agreed to partner with Life Sciences Queensland Ltd. (LSQ) in
accelerating the commercialization of high-tech projects. The partners will
strive to facilitate the internationalization of their research, development,
technological results and innovation.

“Our organizations will work together to advance
technologies in the area of conversion of biomass and renewable raw materials
into value-added bio-based products,” said Dr. Murray McLaughlin, Executive
Director of BIC. “This partnership recognizes the key elements of the Canadian
and Queensland innovation strategies, including the concept of regional
innovation clusters and development of an industry around sustainable
products.”

A formal Memorandum of Understanding (MOU) between BIC and
LSQ calls for collaboration on such priority areas as chemicals from sugars,
lignin based materials and composites. The MOU, effective June 22, 2014,
extends for a three-year period.

“We are situated in two western jurisdictions with the
ability to grow and develop vast quantities of biomass,” said Mario Pennisi
Chief Executive Officer of LSQ. “It makes strategic and economic sense that LSQ
and BIC work together to leverage the know-how, interest and innovations of the
respective stakeholder groups for mutual benefits and outcomes with global impact.”

BIC and LSQ agree to work together to exchange information
and establish business relations between their networks and members. They will
promote the human capital agenda and develop research, development and
demonstration projects for technologies that convert sustainable feedstock into
energy and value-added chemicals and materials.