VALCENT PRODUCTS INC.
Management Discussion and Analysis as of August 27, 2009
The following information, prepared as of August 27, 2010, should be read in conjunction with unaudited
consolidated financial statements for the three months ended June 30, 2010 and 2009 and the audited
consolidated financial statements for the twelve month periods ended March 31, 2010 and 2009 and the
accompanying Management’s Discussion and Analysis (“the Annual MD&A”) for these fiscal periods.
The referenced consolidated financial statements have been prepared in accordance with Canadian generally
accepted accounting principles (“GAAP”).
All amounts are expressed in Canadian dollars unless otherwise indicated.
By certificate of amendment dated April 15, 2005, we changed our name from Nettron.com, Inc. to Valcent
Products Inc. to reflect a newly adopted business plan.
On May 3, 2005 we delisted from the TSX Venture Exchange and effected a consolidation of our common
shares on a one-for-three basis. We maintained our OTC Bulletin Board listing, however, our trading symbol was
changed to “VCTPF”, which it remained through to July 15, 2009.
Due to economic circumstances and to make our Company more conducive to investment the shareholders of
the Company approved a special resolution to reorganize the capital structure of the Company by a share
consolidation of its common shares on the basis of one new share for each eighteen old shares. This share
consolidation became effective July 16, 2009. Also effective July 16, 2009 our trading symbol changed to
“VCTZF” and our CUSIP number changed to 91881 20 2. Our website is located at www.valcent.net
Unless otherwise noted, all references to the number of common shares are stated on a post-
Our common share authorized share capital remains unlimited.
All amounts are stated in Canadian dollars unless otherwise noted.
Forward-looking statements look into the