Penn Biotech Inc. Signs Contract with Canadian Potato Breeder.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- The Board of Directors of Penn Biotech Inc. (PBI PBI protein-bound iodine. PBI abbr. protein-bound iodine PBI, n See iodine, protein-bound. PBI protein-bound iodine. ) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :PBOTF) is pleased to announce that it has signed an agreement with a Canadian potato breeder who has contracted PBI to produce 10,000 microtubers in two yellow flesh German varieties, Rinegold (Ulla) and Selma, registered with Agriculture and Agri-Food Canada The Department of Agriculture and Agri-Food, also referred to as Agriculture and Agri-Food Canada (AAFC) (French: Agriculture et Agroalimentaire Canada), is the department of the government of Canada with responsibility for policies governing agriculture . PBI has recently received plantlets from the breeder at its lab in Olds, Alberta Olds is a small town in central Alberta, Canada. It is located km ( mi) south of Red Deer, the nearest large community, along Highway 2A and the Canadian Pacific Railway tracks. . The contract stipulates that PBI delivers its microtubers in time for the spring planting season in 2005. It should be noted that without PBI's innovative technology it is impossible to have plantlets in the fall ready for planting in the following spring. Until recently the Russet rus·set n. 1. A moderate to strong brown. 2. A coarse reddish-brown to brown homespun cloth. 3. A winter apple with a rough reddish-brown skin. 4. A russet Burbank. adj. variety of potatoes has dominated the marketplace in the production of french fries in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . PBI's customer believes the Rinegold variety is well suited for the french fries market and the Selma ideal for potato salad - both have strong resistance to late blight. They further intend to market them in both China and North America with PBI's cooperation. The PBI technology has a significant competitive advantage to other technologies used in the propagation of seed potatoes. It is the only technology, which allows the mass production of high quality, pathogen-free seed potatoes. With the production of over 500,000 microtubers in PBI's laboratory in Alberta, PBI is now the largest producer of nuclear seed potato laboratory in Canada. For more information please visit our web site at www.penn-bio.com. Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities & Exchange Commission. No securities regulatory authority has approved or disapproved of this news release. |
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