PetroSun and Shanghai Jun Ya Yan move into algae commercialization in China

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PetroSun, Inc. (PINKSHEETS: PSUD) announced today that the recent meetings held in Shanghai between PetroSun and Shanghai Jun Ya Yan Technology Development Co., Ltd. resulted in the completion of an agreement to move the parties into the initial stage of the commercialization of the algae-to-biofuel industry in China.

The terms of the agreement between PetroSun and Shanghai Jun Ya Yan include a forty million dollar sole funding commitment by Shanghai Jun Ya Yan for the construction and equipping of the initial algae farm system. The profits from the algae-to-biofuel operations will be disbursed on a 50/50 basis between the parties. PetroSun China, Inc., a wholly owned subsidiary of PetroSun, Inc., will manage the field operations.

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