Industrial Biotechnology Corporation (OTC Pink Sheets: IBTY) ("IBC" or the "Company"), a company committed to the principles of sustainable development by commercializing technologies that enable biological chemical production, is pleased to announce a reduction in the total number of shares outstanding simultaneously with a strategic round of financing led by selected biological manufacturers and process development and scale-up partners.
The financing will provide up to 2,000,000 dollars in working capital and services necessary for process development, scale-up and rollout of selected chemicals for mass production and manufacturing via the issuance of a restricted Series B preferred stock. IBC has signed agreements representing a substantial portion of the 2,000,000 dollars and has letters of intent for the balance remaining.
In connection with this strategic investment, certain members of IBC management have turned in for cancellation share certificates representing 17,500,000 shares of common stock, which is returned to the treasury of the Company.
Ron Doran, President and Director, stated, "This strategic round of investment and partnership makes perfect sense for us at this time. Our consortium of production and scale-up partners stand to benefit over the long term greatly from our technology, via the development and manufacturing of biological chemicals over the life of our patents. This commitment by our process manufacturing and production partners validates the value of our intellectual property that reinvents chemical production methods at lower costs and is better for our environment. This allows IBC to obtain financing from entities that have a vested interest and a longer-term perspective and prevents the company from having to seek financing from traditional capital financial market sources."
"IBC management is committed to building shareholder value. The retirement in the number of shares outstanding in conjunction with this financing demonstrates our team's commitment to the long-term success of the company," said Dave West, CFO.
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, 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. 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, email us: email@example.com
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 Industrial Biotechnology Corp. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe Industrial Biotechnology Corp.'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 Corp., as appropriate, which could cause actual results to differ materially from those currently anticipated. Although Industrial Biotechnology Corp. 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, 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 Industrial Biotechnology Corp. does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Industrial Biotechnology Corporation
David L. West, 941-925-2500