SARASOTA, Fla., Jan. 24 /PRNewswire-FirstCall/ -- Industrial Biotechnology Corporation (IBC) announced today the purchase of certain assets from and the assumption of certain liabilities of Bio-Flavorance Technologies and Research, Inc., a Delaware company, as of January 18, 2006. This asset purchase gives IBC the exclusive worldwide license, limited to the flavors and fragrances industry, to three patents issued and two patents pending, all of which were developed by The University of Oxford and British Gas plc. The license rights are granted for approximately 17 years or the life of the patents. The patents are filed in both the United States and internationally and cover technology related to an all-natural and in most cases a one-step enzymatic process, which evolved from 25 years of research and development by a team of leading chemists at The University of Oxford and British Gas plc. This process, involving the Cytochrome P-450 enzymes, and the subsequent creation of "designer enzymes," enables the biological production of more than 15,000 commercially available chemicals. Many of those are used in the $18 billion worldwide flavor and fragrance industry.
Dr. Gary Howell, VP of Business Development, states, "This exciting breakthrough technology will enable us to provide lower-cost, higher-purity flavor and fragrance products that are safer for our environment. The food and beverage industry, flavor and fragrance companies and consumers worldwide all stand to benefit from our application of these new biotechnology methods to chemical production processes."
Dr. Mark Truei, VP of Production and Manufacturing, also added, "Based upon my personal experience with biotechnology research and development, process development, and manufacturing projects with such companies as Merck & Co., Inc., Pfizer Inc., Serono Laboratories, Roche Carolina Inc., Sandoz Inc., Lederle-Praxis and Eisai USA, I am highly confident of the scalability of the process and of securing the systems necessary to produce our targeted chemicals in large bulk quantities for distribution worldwide."
IBC's management is currently evaluating specific chemicals that meet its economic and scientific criteria to commercialize and distribute globally.
About Industrial Biotechnology Corporation
Industrial Biotechnology Corporation (IBC) commercializes proprietary technologies and intellectual property in the emerging field of biologically produced chemicals. We believe these technologies enable IBC to more efficiently manufacture high-value chemicals at significantly lower costs, with a substantially lower environmental impact than traditional methods, and with a higher purity. Through licensing, partnerships, and direct sales via multiple distribution channels to several industries, IBC will bring to market new and established chemicals that are in high demand for use in flavors and fragrances, and fine chemicals, and pharmaceutical, agricultural, environmental and bio-energy applications. IBC's pioneering and state-of-the- art biological production methods can replace large manufacturing facilities, many of which employ hazardous processes and toxic materials in their chemical production. These innovative methods involve fewer production steps, and through the use of "designer" enzymes and proprietary production systems, may enable IBC to produce greater yields of high-purity, natural compounds at significantly lower costs. We believe these processes can be readily scaled up to large commercial production levels. IBC's core intellectual property utilizes patented technologies exclusively licensed from Rice University and The University of Oxford. These technologies enable the biological production of over 15,000 commercially available chemicals, many of which are used in the flavor and fragrance industry. The company has assembled a team of leading scientists, management and industry leaders to implement these new technologies. IBC has a comprehensive technology and licensing acquisition strategy, and will seek to establish research and development partnerships with leading universities and corporations in the industrial biotechnology field to develop commercially viable, biological-based solutions and related intellectual property patents. For more information about Industrial Biotechnology Corporation, please visit its website at http://www.industrialbiotechnology.com .
Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words such as "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe Industrial Biotechnology Corporation's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of Industrial Biotechnology Corporation, as appropriate, which could cause actual results to differ materially from those currently anticipated. Although Industrial Biotechnology Corporation believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and Industrial Biotechnology Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Industrial Biotechnology CorporationCONTACT: David West, Industrial Biotechnology Corporation, +1-941-925-2500
Web site: http://www.industrialbiotechnology.com/
