CellFor announces Closing An Incremental $6.3 Million of Series C Financing; Total Financing Tops $38,000,000; Funds Earmarked for Strategic Expansion.VANCOUVER, British Columbia -- CellFor Inc. (www.cellfor.com), the leading provider of elite tree seedling varieties for reforestation Reforestation
The reestablishment of forest cover either naturally or artificially. Given enough time, natural regeneration will usually occur in areas where temperatures and rainfall are adequate and when grazing and wildfires are not too frequent. , announced the closing of incremental investment of $6.3 million. This brings the total proceeds to more than $38 million, a record amount for a private agriculture-biotechnology company.
"Following CellFor's successful financing in the fall of 2005 and the significant progress we have made in our business plan, we have seen considerable additional interest from the equity markets in our company. The Board of Directors decided to re-open the Series C round to a select group of strategic financial investors with resources that will help accelerate CellFor's growth," commented Tom Urban, CellFor's President and Chief Executive Officer. "This is a very exciting time for CellFor as our core business is growing rapidly and we are beginning to pursuing new strategic opportunities."
Jonathan Malkin, Chairman of CellFor, noted, "We welcome these new investors to CellFor and look forward to collaborating with them both domestically and abroad. In particular, we will be substantially increasing our activities in South America."
CellFor supplies naturally selected, varietal pine seedlings that deliver exceptional yield, disease resistance and wood quality characteristics to its customers. The Company's initial markets are pine plantations in the southern United States The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive region in the southeastern and south-central United States. and South America. CellFor's customers, including 15 of the 20 largest timberland owners in the U.S., as well as mid size companies, consultants, and private landowners. All forest landowner can grow more and better wood on less land by planting CellFor seedlings. With increased yields of 30 to 40% over existing seedlings along with a greater proportion of valuable sawlogs, landowners can expect substantially higher revenues, land valuations, and rates of return.
Today, CellFor is the world's only commercial-scale supplier of high yielding, varietal seedlings for reforestation. The Company's proven and patented propagation technology--in conjunction with somatic somatic /so·mat·ic/ (so-mat´ik)
1. pertaining to or characteristic of the soma or body.
2. pertaining to the body wall in contrast to the viscera.
adj. embryogenesis--has enabled it to build on decades of traditional tree improvement to produce uniform, fast-growing varieties with highly desirable characteristics.
CellFor has produced and CellFor customers have planted over ten million elite conifer seedlings in the southeastern U.S., Canada, Chile, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and Australia. In addition to varieties currently in production, CellFor has more than 100 trial locations and thousands of conifer varieties in multi-year field trials that will continue to yield improved results.
CellFor's principal institutional investors are ATP ATP: see adenosine triphosphate.
in full adenosine triphosphate
Organic compound, substrate in many enzyme-catalyzed reactions (see catalysis) in the cells of animals, plants, and microorganisms. Capital, CSFB CSFB Credit Suisse First Boston
CSFB Cyclically Shifted Filter Bank Private Equity, GrowthWorks Capital, and BDC (Backup Domain Controller) In a Windows NT server, a copy of the Primary Domain Controller (PDC). The BDC is periodically synchronized with the PDC. See PDC.
BDC - Backup Domain Controller Venture Capital. Headquartered in Vancouver, British Columbia, CellFor has U.S. offices in Georgia, Arkansas and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures
Area, 52,586 sq mi (136,198 sq km). Pop. .