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Evogene Subsidiary Casterra Ag: Castor Seeds Benefiting From Changes In EU Laws

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Ricinus communis, aliases Castor lipid plant

Ricinus communis, aliases Castor lipid plant

picture Umar/iStock via Getty Images

Casterra's logo

Casterra logo (Casterra's website www.casterra.co)

On January 19, 2023, Evogene Ltd's (NASDAQ:EVGN) wholly-owned subsidiary Casterra Ag. Ltd. announced that it had entered into an statement with a yet unnamed awesome power institution to proviso its proprietary varieties of castor seeds (to turn castor lipid plant, known arsenic Ricinus communis) and castor plant/castor lipid know-how, connected a commercialized scale.

As group retired connected its website, Casterra's ngo is to,

...provide nan astir genetically precocious castor legume seed varieties, tailored to humanity's eco-friendly power needs of today, pinch a complete broad ag-service solution to castor cultivators and manufacturers." Source: Casterra's website

Casterra's attraction is connected Biobased products:

  • Biopolymers- derived from castor oil; and
  • Biofuel- castor lipid arsenic an additive to nan diesel mixture.

Israeli-based Evogene Ltd. [TASE: EVGN] is utilizing its AI-driven computational predictive biology platforms to create life subject products some internally and done its 5 subsidiary corporations, including Casterra.

Evogene Corporate Summary:

Evogene Ltd.'s marketplace headdress is astir $35 million. Its shares waste and acquisition successful nan $0.85 range.

Liquidity: As of September 30, 2022, Evogene had rate of $38 cardinal (no debt). Its rate pain was astir $7.3 cardinal successful Q3 (approximately $4.7 cardinal excluding Lavie Bio). Management believes its rate position arsenic of September 30, 2022, was capable to money nan institution and its subsidiaries until precocious 2024, if not longer. Management has besides indicated it plans to effort to raise costs astatine nan subsidiary level successful bid to minimize dilution astatine nan genitor level astatine slightest while Evogene's stock value is truthful low. (Source: Q3 Financial Statements arsenic reported successful Evogene's November 17, 2022 property release.)

Since its November 17th property release, Evogene has announced that it will beryllium paid nan sum of $3.5 cardinal by Bayer arising retired of its seed collaboration (announced December 8, 2022). As good Evogene's subsidiary Biomica announced that it has entered into an statement nether which it will beryllium receiving an further $10 cardinal from Shanghai Healthcare Capital taxable to regulatory support successful China (announced December 21, 2022). The foregoing announcements are referred to later successful this article.

Assuming nan $3.5 cardinal costs and $10 cardinal backing into Biomica are received, that should consequence successful Evogene having capable superior into early 2025.

Shares Outstanding: As of September 30, 2022, Evogene had 41,215,944 shares outstanding.

Description of Evogene's Assets: Evogene's assets see AI-driven computational predictive biology platforms (ChemPast AI, GeneRator AI and MicroBoost AI), CRISPR technology, proprietary genomic databases, intelligence property, soul and outer collaborations pinch awesome multi-nationals including Bayer, Corteva, ICL and others, proprietary genetically modified seed varieties, and 5 life subject subsidiaries including:

  1. Biomica (microbiome therapeutics successful quality health);
  2. Lavie Bio (Ag-biologicals including bio-stimulants and bio-pesticides), pinch number liking owned ag-tech multi-national Corteva Inc. (CTVA) and ICL (ICL);
  3. AgPlenus (next-generation Ag Chemicals including herbicides, insecticides and fungicides);
  4. Canonic (medical cannabis); and
  5. Casterra Ag, Ltd. (proprietary castor lipid seeds and related cultivation products).

My Previous Articles connected Evogene:

Since August 2020 my erstwhile articles written astir Evogene focused connected nan first 4 named subsidiaries (Biomica, Lavie Bio, AgPlenus and Canonic), including my past article published connected Seeking Alpha connected March 22, 2022 which provided an update connected Biomica, Lavie Bio and AgPlenus.

Until precocious I considered Evogene's 5th subsidiary Casterra Ag, Ltd. to beryllium of small value. My position is now changed. For nan reasons articulated successful this article, Casterra whitethorn person important worth for Evogene and its shareholders.

Based upon nan renewed liking successful castor oil, pinch tailwinds generated by European Union laws banning thenar lipid and soyabean lipid arsenic a biofuel successful proscription substance successful particular, nan request for castor lipid arsenic a biofuel successful Europe is skyrocketing. Casterra's proprietary castor lipid seeds and its exertion is now successful demand.

Based upon my caller discussions pinch Casterra's CEO, Casterra's castor lipid seed varieties are champion successful people and tin of importantly expanding castor legume and castor lipid yields successful difficult ungraded and increasing conditions.

Casterra Ag, Ltd. (Producing Genetically Advanced Castor Bean Seed Varieties)

Castor oil, produced from nan castor beans grown connected nan castor works (Ricinis communis), was recently described by Casterra to beryllium a carbon-neutral fuel, dissimilar different rootlike oils specified arsenic thenar lipid aliases soyabean oil.

Casterra is processing an industrialized cultivation attack to castor legume farming by processing a castor bean-specific mechanical harvesting instrumentality successful collaboration pinch Italian specialty instrumentality shaper Fantini Italia S.r.l. group, arsenic good arsenic a proprietary high-capacity dehulling machine. However, nan cardinal driver and root of worth for Casterra is its expertise to create proprietary and vastly superior castor seed varieties utilizing Evogene's works genomic capabilities and GeneRator AI tech motor and its postulation of much than 300 varieties collected from 40 countries, creating a immense 'playground' for superior development.

The occurrence of Casterra's genomically modified castor seed varieties besides helps validate Evogene's GeneRator AI technology.

Casterra's Management

Casterra's management group (source: Casterra's website) includes:

Eyal Ronen, CEO and General Manager of Casterra. Mr. Ronen is besides nan precocious appointed CEO of Evogene's subsidiary Canonic, and Executive Vice President of Business Development for Evogene.

Dr. Michi Brog, PhD, Head of seeds improvement of Casterra, and Director of breeding of Evogene’s Medical Cannabis subsidiary Canonic.

Mr. David Schvartzman, Product & Market Development Agronomist of Casterra, pinch acquisition successful Latin America and African markets. Mr. Schvartzman was formerly caput of Evogene's plants’ section wherever he led nan improvement of biofuel crops.

Mr. Ziv Halamish, Director of operations of Casterra, and Evogene's Director of Greenhouse Research Center responsible for experimental and agrotechnical activities.

Casterra's Agreement pinch a World Leading Energy Company for Casterra's Castor Varieties and Broad Know How

While Casterra's January 19, 2023 property release did not disclose nan personality of nan "leading energy" institution it did disclose that,

... Casterra will supply its unsocial castor varieties and its wide know-how successful nan cultivation of castor astatine a commercialized standard for biofuel production.

...

the first attraction is nan acquisition statement of castor seed varieties from Casterra for increasing castor successful circumstantial African territories and nan proviso of method support. The statement besides allows for nan imaginable for semipermanent practice successful castor cultivation betwixt this customer and Casterra, pinch nan imaginable for description into further territories connected nan African continent. ..."

In preparing to constitute this article I said to Casterra's CEO Eyal Ronen connected February 2 and February 16, 2023.

As Mr. Ronen explained, during nan past fewer years location has been expanding nickname of nan usage of castor lipid arsenic a "green" biofuel aliases biodiesel feedstock successful nan accumulation of diesel fuel, peculiarly successful Europe to trim nan usage of fossil fuels.

Low ILUC (Indirect Land Use Change) Crops:

As well, nether European Union regulations, starting successful 2023, each bio-feedstock must beryllium certified arsenic being Low ILUC (Indirect Land Use Change) Crops by either demonstrating output summation (improved seeds, screen crops) aliases by onshore betterment (being capable to turn nan harvest successful unused, abandoned aliases severely degraded land.) Casterra's castor legume seeds are capable to nutrient castor lipid which tin beryllium certified arsenic a Low ILUC Crop.

14% Biofuels successful European Transportation Fuels by 2030:

Furthermore, nan European Union regulations require that a information of each proscription fuels including diesel, incorporate a definite minimum information (approximately 10%) of biofuel, expanding to 14% by 2030.

Until recently, biodiesel feedstock successful Europe came chiefly from renewable rootlike oils specified arsenic thenar oil, soyabean lipid and different edible oils.

In September 2022 nan European Parliament passed laws to prohibition nan importation of various products linked to deforestation, including thenar oil. The prohibition is being phased successful opening successful January 2023; palm-oil-based biofuels will beryllium wholly banned successful Europe by 2030. The rationale has been that thenar lipid arsenic a biofuel led to an tremendous magnitude of deforestation and nonaccomplishment of arable onshore to turn thenar oil, which successful move has contributed to ambiance change.

Over nan past number of years, a number of awesome lipid and state companies supplying Europe had begun uncovering alternatives to thenar lipid arsenic a biofuel during nan past years pinch Castor lipid being 1 specified viable solution.

Castor lipid is produced from castor lipid works beans (Ricinus communis) which are non-edible. Unlike different edible lipid plants specified arsenic thenar lipid and soybean oil, Castor lipid plants tin beryllium grown successful non-arable lands successful very difficult conditions, including lands that were different abandoned. The thought is that nan accumulation of castor lipid plants could beryllium grown connected antecedently non-arable lands which would alteration nan betterment of earthy habitats where, for example, thenar lipid was antecedently cultivated.

As well, Castor lipid is renewable, biodegradable, has debased toxicity, contains negligible sulphur contented and mostly generates cleanable exhaust emissions. The European Union considers "castor oil" arsenic a greenish substance suitable arsenic a biofuel aliases biodiesel satisfying European regulatory requirements.

BASF Group, a elephantine multi-national chemic company, appears to beryllium nan largest castor lipid refiner successful nan world and is actively engaged successful processing sustainable castor lipid legume projects successful India and elsewhere. See BASF's firm position relating to its support and promotion of castor legume lipid projects successful India tin beryllium found here.

As well, ample power companies, specified arsenic Italy-based ENI S.p.A. (NYSE:E), are aggressively expanding castor lipid works production, peculiarly successful Africa, for usage arsenic a biofuel successful Europe.

On 1 of ENI's web pages pinch nan title, "Seeds for Energy", ENI describes various castor lipid works projects it has been advancing successful Africa during nan past fewer years to nutrient castor lipid arsenic a biofuel, including:

a. an ENI task successful nan Republic of Congo,

... which started successful November 2021, involves nan cultivation of agri-feedstock wrong 5 ample concessions and nan engagement of agrarian communities successful nan area of interest, pinch an expected output of 200,000 tonnes per twelvemonth by 2030. Oil will first beryllium produced from castor-oil works cultivations and it is expected to beryllium disposable successful 2023. For this purpose, an agri-hub pinch a capacity of 30,000 tonnes will beryllium built.";

b. an ENI task successful Kenya,

... which started successful December 2021, involves astir 25,000 section farming families successful nan accumulation of 200,000 tonnes per twelvemonth of agri-feedstock by 2026, starting pinch nan cultivation of castor beans, nan harvesting of croton and nan improvement of co-products of nan section fabric industry, for which an output of 30,000 tonnes per twelvemonth is expected successful 2023.".

The Superiority of Casterra's Genomically Modified Castor Bean (Ricinus communis) seeds

Casterra's CEO, Mr. Ronen, explained that complete 80% of nan castor lipid plants are grown successful India and that astir 95% of nan castor seed genetics travel from India. Castor lipid plants successful India, according to Mr. Ronen, are characterized by a deficiency of uniformity pinch nary circumstantial genetics being dominant.

Most castor lipid plants are grown successful mini family land successful India, Brazil and various countries wrong Africa including Kenya and nan Congo and nutrient comparatively debased castor legume yields.

Ronen explained that accepted castor lipid plants (grown from Indian originated seeds) are typically tall, grown plantation style and person debased atom yields: 500 kg/Hectare aliases Ha (approximately 2.2 acres) successful non-irrigated soils and 700 kg/Ha successful irrigated soils pinch little than 50% lipid content, generating 250 kg to 350 kg of castor lipid per Hectare.

In contrast, Casterra's proprietary castor lipid seeds consequence successful castor lipid plants which are smaller, pinch a denser architecture, shorter maturation rhythm and overmuch higher output of 2,000 kg to 3,000 (or higher) per hectare per cycle, generating 1,000 to 1,500 kg of castor oil, pinch nan imaginable to summation nan number of castor legume harvest plant/harvest cycles each twelvemonth from 2 to three.

In fact, Ronen indicated that successful remarkably optimized conditions, he has seen reports of Casterra's castor legume seeds producing 5,000 kg of castor beans per hectare yields generating astir 2,500 kg of lipid per hectare (per increasing cycle).

The existent marketplace value for unrefined castor lipid is astir $1,800 US FOB per metric ton.

For castor legume farmers and lipid and state institution extremity users, utilizing Casterra's higher-yield castor seeds tin materially amended yields and economical returns successful increasing castor lipid plants, peculiarly if they are capable to mechanize nan increasing and harvesting process.

Castor lipid plants' expertise to beryllium grown successful sub-optimal soils, and successful drought conditions, successful lands that mightiness different beryllium considered non-arable aliases abandoned lands, is an tremendous use to nan farmers and countries involved, and nan castor lipid manufacture generally.

Casterra Markets Three Proprietary Castor Bean Seed Varieties

Casterra presently markets 3 types of castor legume seed varieties it developed genomically (using Evogene's AI GeneRator technology) including:

1. EVF712 (see Fact expanse beneath published by Casterra)- Average works tallness 100 cm to 150 cm, 120 to 140 days from sowing to harvest, Medium drought tolerance, 48% to 50% lipid content, and 2.0 to 3.0 tons/Ha atom output potential.

Casterra's EVF712 Castor Bean Seed

Casterra's EVF712 Castor Bean Seed (Casterra)

2. EVF716 (see Casterra's Fact expanse below) - Average works tallness 70 cm to 120 cm, 100 to 115 days from sowing to harvest, Low drought tolerance, 48% to 50% lipid content, 2.0 to 3.0 tons/Ha atom output potential.

Casterra's EVF716 Castor Bean seed specifications

Casterra's EVF716 Castor Bean seed specifications (Casterra)

3. EVF701 - (See Casterra's truth expanse below)- Average works tallness 120 cm to 170 cm, 125 to 145 days from sowing to harvesting, High drought tolerance, 48% to 50% lipid content, 2.0 to 3.0 tons/Ha atom output potential.

Casterra's EVF701 Castor legume Product Fact Sheet

Casterra's EVF701 Castor legume Product Fact Sheet (Casterra)

Commercial Potential of Casterra's Castor Bean Seeds

According to Casterra's CEO, (although he did not supply immoderate circumstantial gross guidance aliases forecasts), nan existent trading value of its proprietary castor lipid seeds is astir $24.00 US/Kg; each Hectare requires astir 12 to 14 kg of seeds (equivalent of $288.00 to $336.00 US per Hectare per planting/harvest cycle). Conservatively, if we presume 2 increasing cycles per year, that would make complete $500.00 US per hectare per annum successful castor legume seeds alone.

The imaginable marketplace for Casterra's castor seeds (assuming a attraction connected nan castor legume markets successful Africa, Brazil and Latin America) is estimated by Ronen to perchance beryllium a fewer cardinal hectares of castor lipid plants by 2030. Based upon nan foregoing figures, nan imaginable marketplace for high-yield genetically superior castor legume seeds could beryllium astir $500 cardinal US for each 1 cardinal hectares of castor lipid plants grown. Casterra's imaginable is to seizure a information of this market. Ronen advises that while location is immoderate title successful nan castor legume space, Casterra plans to support its separator and proceed to beforehand caller and amended castor seed varieties.

While Casterra has already announced castor legume lipid agreements pinch 2 awesome parties including Titan Castor Farms Limited, arsenic good arsenic a starring power company, Casterra is cautiously optimistic that it will beryllium capable to discuss further supply/ JV aliases different collaboration agreements successful nan coming years pinch awesome energy, chemic and different companies for Casterra's castor seeds, and related know-how and equipment.

Evogene's Other Recent Announcements: The January 19th announcement regarding Casterra's statement pinch an power awesome is 1 of a number of important property releases issued by Evogene and its 5 subsidiaries during nan past 6 months including:

  1. August 16, 2022: Evogene's subsidiary Lavie Bio announced a $10 cardinal finance by ICL Group nether a multi-year, strategic, collaboration statement to create caller biostimulants.
  2. September 13: Evogene's subsidiary Canonic Ltd. announced it signed a non-exclusive licensing statement pinch GroVida Lda to marketplace and waste Canonic's cannabis varieties successful Europe and nan United Kingdom.
  3. October 12: Lavie Bio Ltd. announced "submitting nan registration package for LAV.311, its caller bio-fungicide targeting consequence rots and powdery mildews, to nan United States Environmental Protection Agency (EPA)".
  4. November 15: Evogene's subsidiary Casterra announced that it signed a semipermanent royalty statement pinch Titan Castor Farms Limited nether which Casterra will, "...provide Titan pinch its precocious castor seeds for cultivation, arsenic good arsenic processing equipment, know-how, and method support arsenic needed, astatine cost. This will alteration Titan pinch afloat end-to-end capabilities from maturation to manufacturing castor oil. Titan will supply Casterra royalties connected income of its castor lipid products, which are expected passim Zambia and nan surrounding South-Eastern Africa region, starting successful 2023."
  5. December 8: Evogene announced that Bayer (OTCPK:BAYZF)(OTCPK:BAYRY) will salary Evogene nan sum of $3.5 cardinal nether their associated seed collaboration agreement, arsenic elaborate successful Evogene's December 8, 2022 property merchandise recovered here;
  6. December 21, 2022: Evogene's subsidiary Biomica announced it entered into a $20 cardinal backing statement including $10 cardinal backing led by Shanghai Healthcare Capital, taxable to Chinese Regulatory approval, to beforehand Biomica's pipeline of microbiome therapeutics including its ongoing Phase 1 BMC128 objective proceedings successful oncology and backing its pre-clinical activity for BMC333 successful IBD. The remaining $10 cardinal is being funded by Evogene. For much specifications spot Biomica's December 21, 2022 property merchandise recovered here;
  7. January 19, 2023: Casterra announced its statement pinch a starring (unnamed) power institution to supply Castor legume seeds and exertion to cultivate castor beans connected a commercialized standard successful Africa. The particulars of this announcement are discussed successful much item below;
  8. February 21, 2023: Evogene's subsidiary Canonic announced nan "launch of six second-generation cannabis products pinch higher THC and rich | terpene profiles." These caller cannabis products were "developed utilizing caller familial markets and Evogene's GeneRator AI tech-engine."

Evogene's Share Price Volatility Since Summer 2020

Evogene's stock value has been highly volatile since nan summertime of 2020 erstwhile its shares were trading successful nan $1.00 scope erstwhile I first began penning astir nan company. Evogene's stock value subsequently skyrocketed to a highest of astir $10.00 successful February 2021 for a number of reasons including a $10 cardinal finance by ARK Invest. Since peaking successful February 2021, Evogene's stock value has fixed up each of its gains and now trades successful nan $0.85 range. Evogene's marketplace headdress is small much than its rate connected hand.

The 3-year stock value charts beneath for Evogene and nan S&P Biotech ETF (XBI) propose that portion of nan Evogene stock value meltdown since February 2021 parallels nan wide disfavour successful nan biotech space, peculiarly successful nan mini and microcap biotech assemblage which had been severely affected.

Apart from nan stock value demolition itself, Evogene and its subsidiaries look to proceed to make progress.

ChartData by YCharts
ChartData by YCharts

Analyst Reports connected Evogene (Source: Bloomberg arsenic of February 15, 2023)

  1. Cantor Fitzgerald (Kristen Kluska) - $7.00 value target - Report date: February 2, 2023
  2. Roth (Brian Wright)- $1.00 value target- Report date: January 3, 2023
  3. Aegis Capital (Nathan Weinstein) - $8.00 value target - Report date: September 12, 2022

I person not seen Roth's study dated January 3, 2023 (referred to successful nan Bloomberg printout) successful which a $1.00 stock value target for Evogene is referenced, truthful cannot remark connected nan study aliases why it whitethorn beryllium truthful retired of statement pinch Cantor Fitzgerald's $7.00 stock value target and Aegis' $8.00 target.

While I americium not qualified to supply a circumstantial valuation connected Evogene that I would beryllium comfortable sharing, my ain individual position is that connected a "sum of parts" valuation (taking into relationship nan valuation of nan genitor institution and its 5 subsidiaries), Evogene's existent stock value and marketplace headdress of astir $35 cardinal represents a worldly undervaluation. My family and I ain a afloat position successful Evogene shares.

At a stock value successful nan $0.85 range, Evogene (EVGN) whitethorn supply a bully introduction constituent for risk-tolerant investors. See Investment Risks below.

Casterra Summary

Evogene's subsidiary Casterra (and nan genomically superior castor legume seeds it produces) is nan beneficiary of changes nether European Union laws relating to nan banning of thenar lipid and soybean oils arsenic biofuels successful proscription fuel. Casterra's castor legume seeds person been developed utilizing Evogene's GeneRator AI exertion to nutrient superior castor lipid plants pinch substantially higher yields successful lands that whitethorn beryllium different non-arable aliases abandoned.

As well, Casterra's castor lipid plants (grown from Casterra's castor legume seeds) suffice nether EU laws arsenic a Low ILUC Crop and are different capable to comply pinch nan EU's regulatory requirements for biofuels for proscription fuels, and biodiesel.

Casterra expects income of its castor legume seeds (particularly to power companies trading proscription diesel fuels successful Europe) to statesman ramping up successful H2 2023. Sales will hopefully accelerate during nan adjacent number of years arsenic nan prohibition connected thenar lipid arsenic a biofuel successful Europe takes effect and nan minimum request of biofuels arsenic a percent of proscription fuels successful Europe increases to 14% successful 2030.

Assuming that a mates of cardinal hectares of castor lipid plants will beryllium grown successful Africa, Brazil and Latin America by 2030, nan imaginable marketplace for Casterra's Castor lipid seeds successful Africa, Brazil and Latin America could beryllium arsenic precocious arsenic $500 cardinal (my estimate). Casterra's imaginable is to seizure a information of this marketplace if each goes well.

Casterra's precocious announced contracts pinch Titan arsenic good arsenic a awesome power institution corroborate nan important increasing commercialized request for Casterra's castor seed varieties, castor legume works expertise and related products. Casterra expects that income revenues will statesman this twelvemonth and accelerate successful nan years to come.

While Casterra has not provided gross guidance, I expect that we will person greater penetration into Casterra's economical imaginable later this year. With nan European Union regulatory tailwinds astatine its back, and its best-in-class castor legume seeds uncovering a important market, Casterra has nan imaginable to importantly lend to nan worth of its genitor institution Evogene.

Investment Risks

Casterra Ag, Ltd. is 1 of 5 subsidiaries owned by Israel-based Evogene Ltd. and is presently wholly owned by Evogene, a nationalist institution trading connected nan NASDAQ and Tel-Aviv banal exchanges.

Evogene and its subsidiaries stay early shape and revenues are still comparatively small. Evogene is suitable for investors pinch a high-risk tolerance.

There is nary assurance that Casterra will win aliases that it will summation a worldly magnitude of castor seed marketplace share. There is nary assurance that castor lipid will proceed to beryllium a favoured feedstock for biofuels aliases biodiesel successful Europe, aliases elsewhere, aliases that location whitethorn beryllium different regulatory aliases ineligible changes that could make castor lipid little desirable arsenic a biofuel.

Before investing successful Evogene, you should do your ain owed diligence and/or get master proposal to find whether it is an due finance for you and nan sizing of specified an investment.

For further specifications of nan imaginable risks involved, spot nan consequence factors group retired successful nan company's astir caller nationalist SEC filings disposable connected nan Company's website and connected EDGAR.

Editor's Note: This article discusses 1 aliases much securities that do not waste and acquisition connected a awesome U.S. exchange. Please beryllium alert of nan risks associated pinch these stocks.

This article was written by

Steven Goldman floor plan picture

Steven H. Goldman, biotech enthusiast. Steven is simply a commercialized litigation lawyer, retired from progressive believe successful January 2021, and was a founding personnel of nan Toronto rule patient of Goldman Hine LLP. He graduated pinch a B.A., President's Medal recipient (1976, Carleton University, Ottawa, Ontario) and J.D. (1980, Queen's University, Kingston, Ontario). He is besides nan President and CEO of Comstock Metals Ltd. (TSX.V: CSL.V) a mining exploration institution pinch a golden deposit successful Saskatchewan, Canada. Steven is simply a personnel of nan committee of board and audit committee of Select Sands Corp. (TSX.Venture: SNS.V and OTCQX: SLSDF). He is an advisor to E3 Lithium Limited (TSX. Venture: ETL.V) (OTC: EEMMF), an emerging lithium developer and lithium extraction exertion innovator based successful Alberta, Canada. He is presently a personnel of nan Law Society of Upper Canada, an Executive personnel of nan Ontario Bar Association, Franchise Law Section arsenic good arsenic a personnel of nan American Bar Association, Franchise Forum (Associate Member). Steven was President & CEO of Speedy AutoService and Minute Muffler from December 2007 to December 31, 2009 (with astir 160 locations crossed Canada). He was besides a erstwhile head of Tribute Pharmaceuticals for astir 10 years wherever he served connected nan audit committee arsenic good arsenic nan M&A committee.

Disclosure: I/we person a beneficial agelong position successful nan shares of EVGN either done banal ownership, options, aliases different derivatives. I wrote this article myself, and it expresses my ain opinions. I americium not receiving compensation for it (other than from Seeking Alpha). I person nary business narration pinch immoderate institution whose banal is mentioned successful this article.

Editor: Naga



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