JUPITER, Fla.--(BUSINESS WIRE)--Dyadic International, Inc. (AMEX:DIL) announced today that on January 2, 2008, Dyadic International (USA), Inc. (“Dyadic Florida”), a wholly-owned subsidiary of Dyadic International, Inc. (the “Company”), received a purported declaration of default (the “2008 Default Notice”) from the Mark A. Emalfarb Trust under agreement dated October 1, 1987 (“Emalfarb Trust”) relating to Dyadic Florida’s Revolving Note in favor of the Emalfarb Trust dated as of May 29, 2003 with a maturity date of January 1, 2009 (as amended to date, the “Note”). Principal under the Note bears interest at the rate of 8% per annum (14% following a default under the Note); the Note has a principal balance of approximately $2.4 million and is secured by certain of Dyadic Florida’s assets. The Emalfarb Trust has as its trustee and beneficiary Mark A. Emalfarb, a director of the Company and the former Chief Executive Officer and President of the Company. According to a Schedule 13D filing (filed on November 13, 2007) (the “13D Filing”), Mark Emalfarb, through the Emalfarb Trust, owned 5,822,125 shares (or approximately 19.4%) of the Company’s outstanding shares of common stock as of November 9, 2007. In addition, according to the 13D filing, the Francisco Trust under agreement dated February 28, 1996, whose beneficiaries are the spouse and descendants of Mark Emalfarb, owned 4,844,578 shares (or approximately 15.9%) of the Company’s outstanding shares of common stock as of November 9, 2007.
