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Algae.Tec directors top-up shareholding

Biofuels company Algae.Tec (ASX: AEB, FWB: GZA:GR, ALGXY:US) executive chairman Roger Stroud indirectly acquired 48,000 shares at $0.30 per share on July 1 in on market purchases.
 
The shares were acquired for a consideration of A$14,423 and Stroud now holds 321,549 shares through Mere View Investments Ltd and 200,000,001 shares through Teco Bio LLC, with 200 million escrowed until 13 January 2013.

Also, company secretary Peter Hatfull indirectly acquired 90,000 shares at $0.32 per share on June 29 in on market purchases.

The shares were acquired for a consideration of A$28,823 and Hatfull now holds 1,237,797 shares indirectly and 8,158,500 shares directly, with 8 million escrowed until 13 January 2013.

On June 28 Algae.Tec signed a collaboration contract with the Manildra Group for the construction of the company's Shoalhaven One demonstration facility in Nowra, New South Wales.

The deal represents an exciting new chapter in the company's story since listing on the ASX in January 2011. Construction of the demonstration facility is expected to commence in August and startup is scheduled for the first quarter 2012.

The company is building the full-scale demonstration plant for third-party validation, process optimisation and marketing of the company's high-yield enclosed algae growth and harvesting system, producing biofuels designed to replace increasingly expensive fossil fuels.

Algae.Tec is currently trading at $0.30 per share.