SOURCE: Indsutrial Biotechnology Corporation

November 15, 2006 07:00 ET

Industrial Biotechnology Corporation Signs Partnership Agreement for Laboratory and Process Development With Leading Chinese University

SARASOTA, FL -- (MARKET WIRE) -- November 15, 2006 -- Industrial Biotechnology Corporation (PINKSHEETS: IBTY) (IBC), a company dedicated to new biotechnologies and innovations in the chemical industry, announces the commencement of a laboratory and development partnership alliance with Tianjin University. Terms of the agreement specify that the University will provide biological system design, vectoring, strain development, bio-transformation, separation/purification for targeted compounds prior to large scale manufacturing. IBC shall pay for lab costs and have first rights of priority for services. Upon completion of project milestones related to process development success of targeted compounds, the department of Bioengineering and School of Chemical Engineering at Tianjin University will receive IBC equity in the form of stock.

Prof Rui Ban, Department Head of Bioengineering, School of Chemical Engineering of Tianjin University, said:

"We are the oldest University in China and have a great deal of reputation and history in advanced technologies. The labs identified by IBC for partnership are also the governmental funded labs designed specifically for advanced biotechnologies and production of useful commercial compounds. We are very pleased to share the same mission with IBC and strongly feel the synergy between IBC and us. We are confident this partnership will strengthen the leading positions of both parties."

Andy Badolato, CEO of IBC, added, "This relationship enables us to develop, scale up and commercialize compounds at very low costs. Tianjin possess the expertise, know how, and geographic location in close proximity to our large scale manufacturers. This lab will serve as the hub of our ALCHEMx production platform technologies as we develop an efficient cost effective bio assembly line and centralize compound development and scale up efforts creating scientific, economic, and critical mass synergies. We have a distinct time to market advantage with our intellectual property to introduce biologically derived chemicals at lower costs with less impact on the environment. We have shown proof of concept with several compounds and will be distributing them into the marketplace next fiscal year. We are now poised to commence rapid compound development in association with the chemical industry partnerships we have formed."

About Tianjin University

Tianjin University, established in 1895 with the name of "Peiyang University," is the first educational institution of higher learning in China. Over a hundred years, more than 150,000 students have graduated from Tianjin University and made great contributions in every walk of life. At present, Tianjin University has grown into a National Key University directly under the administration of the Ministry of Education of China. With the tradition of diligence and modesty, Tianjin University is prepared to meet challenges in the 21st century.

Since the first engineering research institute was set up in 1933, the University has committed itself to pioneering research. The University has established a rational scientific research system integrating basic research with application. There are 15 academic schools, more than 80 laboratories, 110 research institutes and 15 engineering centers for experiments and research development on campus. At present, the University has become an important high-tech development base in China. In collaboration with many leading universities and research institutions, the University has won international recognition through its original research of great industrial potential.

Sticking to the motto of "Seeking Truth from Facts," our researchers are devoting themselves to knowledge advancement and expecting cooperation and exchanges with counterparts from home and abroad.

Co-established by Tianjin University and Tianjin Economic-Technological Development Area (TEDA) in 1999, Tianjin University National University Science Park is one of the first 15 national university science parks and a high-tech R&D center, aiming at facilitating technology transfer, business incubation, talent training and industrial advancement. More is located at www.tju.edu.cn

About Industrial Biotechnology Corporation

Industrial Biotechnology Corporation (IBC) enables the biological production of chemicals through a combination of licensed patents, intellectual property and proprietary systems. We accomplish this through our ALCHEMx Productions Platforms™ which are a systematic, streamlined approach to biologically manufacture chemicals more efficiently, at significantly lower costs, and with substantially lower environmental impact than traditional methods. IBC and its partners plan to produce and market new and established biologically produced chemicals to the pharmaceutical, bio-energy, agricultural, biopesticides, fine chemicals, flavors and fragrances, cosmaceuticals, biomaterials and biopolymer industries. For more information about Industrial Biotechnology Corporation, please visit its website at www.industrialbiotechnology.com.

Forward-Looking Statements

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 "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe Industrial Biotechnology Corporation'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 Corporation, as appropriate, which could cause actual results to differ materially from those currently anticipated. Although Industrial Biotechnology Corporation 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 Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

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    2033 Main Street
    Sarasota, FL 34237
    941-925-2500
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