SOURCE: Applied DNA Sciences

October 21, 2008 07:30 ET

President & CEO Increases Personal Investment in Applied DNA Sciences by $500,000

STONY BROOK, NY--(Marketwire - October 21, 2008) - Applied DNA Sciences, Inc. (OTCBB: APDN), a provider of DNA-based security solutions, today announced that it's President & CEO, Dr. James Hayward, will invest an additional $500,000, increasing his total financial commitment in the company to $1.35 million. This financing underlies Dr. Hayward's continuing confidence and optimism in the future of the company. The funding is in the form of a secured convertible promissory note and warrants to purchase shares of the company's common stock.

"With four consecutive quarters of increasing revenues under our belt and new business opportunities at our doorstep, I am pleased to be able to invest in the future of Applied DNA Sciences," stated Dr. Hayward.

Most recently, APDN announced that new business and revenue generation has begun with the supply of its BioActive Ingredients to a global marketer of intimate apparel, the launch of SigNature DNA to mark Yorkshire textiles and fabric, and the ability to authenticate American Pima cotton using proprietary, patent-pending DNA assays that outperform conventional forensic tests.

Dr. Hayward added, "We have come a long way as a company. Our team has also been very resourceful in utilizing our underlying DNA expertise and generating revenue in areas where the sales cycle is shorter, and simultaneously adding value to our shareholders by generating valuable intellectual property. We are making progress on a daily basis on all fronts, and we are on target to see that our potential is realized."

"It's motivational when you see a CEO that is investing his own money and demonstrating his confidence in the future. It's great to see his commitment to the company," commented Kurt Jensen, CFO of APDN. "With this cash infusion, the company is well positioned to weather the ongoing stock market fluctuations without the need to go outside the company to raise additional capital. APDN is nearing break even and I believe that this investment could carry the company toward this momentous milestone," Mr. Jensen continued.

About Applied DNA Sciences, Inc.

Applied DNA Sciences product portfolio includes SigNature™ DNA, BioMaterial™ Genotyping and BioActive™ Ingredients. Its SigNature DNA encrypted and embedded solutions and BioMaterial Genotyping are available to assist in the protection of brands and intellectual property and can be forensically authenticated by machine-readable devices. The company's BioActive™ Ingredients are custom manufactured for use in the personal care industry. APDN's common stock is listed on the Over-The-Counter Bulletin Board under the symbol "APDN."

The statements made by APDN may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe APDN's future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of APDN. Actual results could differ materially from those projected due to our short operating history, limited financial resources, limited market acceptance, market competition and various other factors detailed from time to time in APDN's SEC reports and filings, including our Annual Report on Form 10-KSB, filed on January 15, 2008 and our subsequent quarterly reports on Form 10-QSB. APDN undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

Contact Information

  • INVESTOR CONTACT:
    Debbie Bailey
    631-444-8090
    fax: 631-444-8848

    MEDIA CONTACT:
    Deanne Eagle
    Cameron Associates
    212-554-5463

    FCMN Contact:
    Email Contact
    Web site: http://www.ADNAS.com