Tech transfer completed
05 September 2006 - 5:00PM
UK Regulatory
RNS Number:4047I
UTEK Corporation
05 September 2006
FOR IMMEDIATE RELEASE 5 September 2006
UTEK CORPORATION
TECHNOLOGY TRANSFER TO INDUSTRIAL BIOTECHNOLOGY CORPORATION
Transfer includes a licence for a method to produce an effective aphid repellant
Tampa, FL & Sarasota, FL - UTEK Corporation (AMEX & LSE-AIM: UTK), a specialty
finance company focused on technology transfer, and Industrial Biotechnology
Corporation (Pink Sheets: IBTY), a company dedicated to new biotechnologies and
innovations in the chemicals industry, have completed a technology transfer in a
stock-for-stock transaction.
The technology transferred includes a licence to patents developed at Washington
State University (WSU) for the isolation and expression of a sesquiterpene
synthase that produces the aphid alarm pheromone (E)-B-Farnesene. Aphids, also
known as the greenfly, blackfly or plant lice, are minute soft-bodied insects
found worldwide that suck the sap from the stems and leaves of various plants
and cause damaging effects to crops, fruit trees, gardens, house plants and
more. This industrial chemical product may be an effective aphid repellant as
well as an attractant for aphid predators, which includes the seven-point lady
bug.
"The results of our work suggest that using the Farnesene Synthase gene may be
an effective way to produce (E)-B-Farnesene. (E)-B-Farnesene may help to protect
agricultural plants from aphid infestation" said Dr. Rodney Bruce Croteau, one
of the inventors of the technology developed at Washington State University.
"This adds another biological solution to our unique technology that, when
implemented with the ALCHEMx Production PlatformsTM, may enable us to generate
innovative and environmentally friendly solutions for the natural pesticide
market." said Dr. Gurinder Shahi, Chief Technologist for Industrial Bio
technology Corporation.
"UTEK is pleased to consummate this technology transfer with Industrial Bio
technology Corporation and we look forward to continuing our efforts to provide
additional technology acquisition opportunities for their consideration," says
Jeff Bleil, Ph.D. Chief Technology Officer of UTEK Corporation.
Terms of the transaction
Advanced Pheromone Technologies, Inc., a company established by UTEK
specifically for this transaction, has been acquired by Industrial Biotechnology
Corporation, in a tax-free stock-for-stock exchange. Industrial Biotechnology
Corporation issued 4,642,857 shares of unregistered common stock to UTEK
Corporation in exchange for 100% of the issued and outstanding shares of
Advanced Pheromone Technologies, Inc. The shares acquired in the exchange are
restricted and may only be resold pursuant to the requirements of the Securities
Act of 1933. The value of the consideration will be determined based on a
valuation in accordance with UTEK's valuation policy as of the closing date of
the transaction.
About Washington State University Research Foundation
The Washington State University Research Foundation (WSURF) is a non-profit
Washington Corporation that facilitates the efficient transfer of technology,
proprietary information, and materials from Washington State University to the
private sector for the purpose of increasing the impact of research conducted at
WSU. The WSURF functions under the mandate of the dissemination of knowledge
created at WSU and fostering and promoting the public, scientific, and
commercial value of inventions, discoveries and processes developed at WSU. For
more information about WSURF, please visit its website at http://
wsurf5.respark.wsu.edu.
About Industrial Biotechnology Corporation
Industrial Biotechnology Corporation (IBC) commercialises proprietary
technologies and intellectual property in the emerging field of biologically
produced chemicals. We believe these technologies may enable IBC to more
efficiently manufacture high-value chemicals at significantly lower costs, with
a higher purity and with a substantially lower environmental impact than
traditional methods. Through licensing, partnerships, and direct sales via
multiple distribution channels to several industries, IBC will seek to bring to
market new and established chemicals that are in high demand for use in flavors
and fragrances, fine chemicals, pharmaceutical, cosmeceuticals, agricultural,
biopesticides, bioenergy, biomaterials and biopolymer industries. 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.
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. For more
information about Industrial Biotechnology Corporation, please visit its website
at www.industrialbiotechnology.com.
About UTEK Corporation
UTEK(R) is a specialty finance company focused on technology transfer. UTEK
enables companies to acquire innovative technologies from universities and
research laboratories worldwide. UTEK facilitates the identification and then
finances the acquisition of external technologies for clients in exchange for
their equity securities. This unique process is called U2B(R). In addition to
its U2B(R) service, UTEK offers companies the tools to search, analyse and
manage university intellectual properties. UTEK is a business development
company with operations in the United States, United Kingdom and Israel. For
more information about UTEK, please visit its website at www.utekcorp.com.
CONTACT:
Industrial Biotechnology Corporation
Jack Hensley + 941-925-2500 x3082
Washington State University Research Foundation
Keith Jones, Ph.D. +1 509-335-4363
UTEK Corporation
USA:
Tania Bernier +1 813-754-4330 x223
Consulting for Strategic Growth 1
Stan Wunderlich +1 800-625-2236
UK: Bankside +44 20-7367-8888
Steve Liebmann or Simon Bloomfield
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 UTEK or
Industrial Biotechnology Corporation "expects," "should," "believes,"
"anticipates" or words of similar import. Similarly, statements that describe
UTEK's or 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 UTEK or Industrial Biotechnology Corporation, as appropriate, and the
valuation of UTEK's investment portfolio, which could cause actual results to
differ materially from those currently anticipated. Although UTEK and Industrial
Biotechnology Corporation believe 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, and some of these factors are discussed below. 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 both UTEK and Industrial Biotechnology Corporation do not undertake any
obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.
UTEK's operating results could fluctuate significantly due to a number of
factors. These factors include the small number of transactions that are
completed each quarter, the value of individual transactions, the timing of the
recognition and the magnitude of unrealised gains and losses, UTEK's dependence
on the performance of companies in its portfolio, the possibility that advances
in technology could render the technologies it has transferred obsolete, the
loss of technology licences by companies in its portfolio, the degree to which
it encounters competition in its markets, the volatility of the stock market and
the volatility of the valuations of the companies it has invested in as it
relates to its realised and unrealised gains and losses, the concentration of
investments in a small number of companies, as well as other general economic
conditions. As a result of these and other factors, current results may not be
indicative of UTEK's future performance. For more information on UTEK and for a
more complete discussion of the risks pertaining to an investment in UTEK,
please refer to UTEK's filings with the Securities and Exchange Commission.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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