SOURCE: EDEN BIOSCIENCE CORPORATION

February 26, 2007 13:09 ET

Eden Bioscience Shareholders Approve Asset Sale

BOTHELL, WA -- (MARKET WIRE) -- February 26, 2007 -- Eden Bioscience Corporation (NASDAQ: EDEN) today announced that it has received all shareholder approvals required to proceed with its previously announced sale of the Company's harpin protein technology and substantially all of the assets related to its agricultural and horticultural markets to Plant Health Care, Inc., a subsidiary of Plant Health Care, plc (AIM: PHC). The Company will retain the exclusive worldwide right to sell its harpin protein-based plant health products in the home and garden market. The proposed sale was approved by over two-thirds of the approximately 8.1 million shares entitled to vote on the proposal. As a result, the Company expects to close the sale on or about February 27, 2007.

About Eden Bioscience, Inc.

Eden Bioscience is a plant technology company focused on developing, manufacturing and marketing innovative, natural protein-based products for agriculture. The Company believes that its technology and products provide growers with new tools to improve crop production and plant protection. The Company's products are based on naturally occurring proteins called "harpins," which activate a plant's intrinsic ability to protect itself through growth and stress-defense responses. These responses enhance overall plant health, improve plant vigor and stamina, and result in improved crop quality, yield, and/or shelf life. The Company's headquarters are at 11816 North Creek Parkway N., Bothell, WA 98011, 425-806-7300; www.edenbio.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations as to the completion date of the sale. The Company's actual results may differ materially from those anticipated in these forward-looking statements based on a number of factors, including uncertainties associated with the intent and ability of the Company, Plant Health Care, Inc. and/or Plant Health Care, Inc.'s parent to satisfy or waive conditions required to be performed prior to completion of the transaction and the other risks and uncertainties described in Eden Bioscience's annual report on Form 10-K for the year ended December 31, 2005 and its most recent quarterly report on Form 10-Q, and in the Company's other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon these forward-looking statements, which speak only as to the date of this release. Eden Bioscience undertakes no obligation to update any forward-looking statements.

Contact Information

  • Contact:
    Bradley S. Powell
    Eden Bioscience
    425-806-7300