VANCOUVER, British Columbia--(BUSINESS WIRE)--April 19, 2004--Penn Biotech Inc. (‘PBI’ or the ‘Company’) (OTCBB: PBOTF), announced today that it is in the process of completing a non-brokered $2 million (USD) private placement of its shares with a group of accredited investors. PBI will issue 2,666,666 units at a price of $0.75 cents per unit. Each unit consists of one common share plus one A share purchase warrant attached to each share that allows the purchase of an additional common share at $1.00 within a 1 year period from the date of closing of this transaction. Closing is expected by May 10, 2004. Immediately after closing the private placement, the Company will have 20,498,910 issued and outstanding common shares.
The Company is currently expanding to global regions and will be producing their seed potatoes for key markets such as China and North America. The Company is completing the financing of shares to supplement its global expansion. A portion of the financing will also be used for the immediate liquidity and working capital requirements of the Company including proceeds required for the due diligence and acquisition of Traffic ITS Co., Ltd as detailed in the Company’s prior news release dated March 16, 2004.
Penn Biotech Inc. is a Canadian company that intends to become the leader in the potato industry by using innovative agricultural biotechnology. PBI produces high quality, vigorous seed potatoes using a cost effective system that enables higher yields and higher grade potatoes.
Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties, which may cause the Company’s actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company’s customers, competition and other factors discussed from time to time in the Company’s filings with the Securities & Exchange Commission. No securities regulatory authority has approved or disapproved of this news release.
Contacts
Penn Biotech Inc.
Ray Porcellato (604) 647-0044 Fax: (604) 633-9440 Email: ray@penn-bio.com Website: www.penn-bio.com