AMBI Sells Wipe Out Dairy Wipe Business to ImmuCell.

Health/Medical Writers

PURCHASE, N.Y.--(BW HealthWire)--January 3, 2000

AMBI Inc. (Nasdaq: AMBI) reported it sold its Wipe Out(tm) Dairy Wipe business to ImmuCell Corporation of Portland, Maine (Nasdaq: ICCC) on December 30, 1999 for approximately $550,000.

Gerald A. Shapiro, AMBI's Vice President Finance & Administration and Chief Financial Officer, said, "This divestiture of our nisin-based antibacterial technology for the animal health industry follows our previous sale of nisin-based technology for the food preservative industry, and is another milestone in the transformation of AMBI into a company that develops and markets proprietary nutrition products. We retain our nisin-based technology for all other purposes, including the use of nisin as a dietary supplement to help maintain or restore a healthy microbial balance in the intestine and colon."

Mr. Shapiro continued, "We expect to report a small gain on the transaction that will be included in the results for the second quarter of fiscal 2000 that ended December 31, 1999. As part of the transaction with ImmuCell, AMBI has preserved an ongoing source of nisin in support of our programs to develop nisin as a dietary supplement. We are pleased that Wipe Out has gone to a company that specializes in marketing products to the dairy industry, where the product will receive appropriate attention."

AMBI develops and markets proprietary nutrition products.

This press release contains certain forward-looking statements, including without limitation, statements concerning the Company's operations, economic performance and financial condition, including in particular, the integration of acquisitions into the Company's existing operations. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties, including risks and uncertainties set forth in "Risk Factors" and elsewhere in AMBI's Registration Statement on Form S-3 and the Prospectus dated June 10, 1999 and AMBI's Form 10-K for the year ended June 30, 1999.

The words "believe," "expect," "anticipate" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based largely on the Company's current expectations and are subject to a number of risks and uncertainties, including without limitation: the effect of the expiration of patents; regulatory issues; uncertainty in the outcomes of clinical trials; changes in external market factors; changes in the Company's business or growth strategy or an inability to execute its strategy due to changes in its industry or the economy generally; the emergence of new or growing competitors, various other competitive factors; and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this press release will in fact occur. Additionally, the Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements.