DNA PLANT TECHNOLOGY UNVEILS SECOND GENERATION GENETICALLY-MODIFIED TOMATO.
In a presentation which included providing product samples for tasting by the meeting's attendees, Robert Serenbetz, Chairman and CEO of DNA Plant Technology, indicated that the newest version of the tomato is essentially identical to the Company's current version, which is in test market. He stated, "The superior taste, color and longevity of our tomato remains the same. The only difference is that it replaces the marker and promoter technology which is currently the subject of a dispute with Monsanto Corporation (NYSE: MTC)." Mr. Serenbetz indicated that the Company expects to begin production of the second generation genetically-modified tomato in September for initial launch into retail stores in December.
DNAP also announced that it is engaged in discussions with several parties relating to securing additional capital and is hopeful that it will be able to successfully conclude negotiations in the near future in order to obtain sufficient funds for its operating needs. As previously announced, DNAP recently concluded a private placement of 750,000 shares of its common stock and received approximately $1.4 million in net proceeds.
DNA Plant Technology Corporation is a leading agribusiness biotechnology company focused on developing and marketing premium fresh and processed fruits and vegetables using advanced breeding, genetic engineering and other biotechniques. FreshWorld Farms, Inc., a wholly-owned subsidiary of DNAP, markets a line of premium vegetables under the FreshWorld Farms(R) brand name, including tomatoes, carrot bites (baby whole carrots), sweet red mini-peppers and VegiSnax(R) carrot sticks. DNAP's two-track strategy uses advanced breeding to develop and market improved premium products today, while using genetic engineering to improve flavor and shelf-life of its products for tomorrow.
CONTACT: DNA PLANT TECHNOLOGY
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