Seambiotic, a global leader in the development and production of marine
microalgae for the nutraceuticals and biofuel industries using flue gas from
electric power plants, has announced that it has signed a License Agreement
and a Joint Venture Agreement with Yantai Hairong Electricity Technology Ltd.
and Penglai Weiyuan Science & Trading Ltd., companies associated with China
Guodian Corporation, to establish a Chinese joint venture for the commercial
cultivation of microalgae.

China Guodian (http://www.cgdc.com.cn) is one of China\'s largest power
companies with over 100 power stations. The joint venture with Seambiotic
will utilize Seambiotic\'s unique technology for the cultivation of a number
of types of microalgae for use in the animal and fish foodstock and
nutraceutical industries. The first commercial farm of 12 hectares is
expected to cost $10 million, will be situated in Penglai utilizing carbon
dioxide from the Penglai power station and is planned to become operational
during 2010. The agreement contemplates additional farms to be established
based upon a pre-agreed timetable.

\"The joint venture with Yantai Hairong and Penglai Weiyuan is a major
development for Seambiotic,\" said Daniel Chinn, Seambiotic CEO. \"Partnering
with such significant companies validates our model of working with important
power companies around the world, and we look forward to working with our
Chinese partners in establishing the first farm and commercializing our
product.\"