Toxin Alert Inc.
TSX VENTURE : TOX

Toxin Alert Inc.

August 23, 2006 18:40 ET

Toxin Alert Receives U.S. Government Funding

TORONTO, ONTARIO--(CCNMatthews - Aug. 23, 2006) - The first of two U.S. Department of Commerce grants for the development of Toxin Alert's Toxin Guard™ biosensor system has been awarded pursuant to a U.S. Congressional appropriation made in November, 2005. These appropriations, but not the awards, had been previously announced.

Today, the University of Southern Mississippi notified Toxin Alert Corporation, a wholly-owned subsidiary of Toxin Alert Inc. (TSX VENTURE:TOX), of the award from the National Oceanographic and Atmospheric Administration. The award is for US $1 million for the current fiscal year of the U.S. government.

There is a similar appropriation from the Small Business Administration that should be awarded shortly pending final review. These awards are to the University of Southern Mississippi, which has employed Toxin Alert Corporation as the prime contractor on this project, and Toxin Alert Corporation expects to receive approximately one-half of the awards in the next few months.

These two appropriations are in addition to a US $1 million appropriation granted through the Department of Defense, which had previously been awarded but not announced, and Toxin Alert has not yet received funding from this award.

The proceeds from these awards will be utilized for the commercialization of Toxin Alert's patented Toxin Guard™ system in the State of Mississippi. Present plans are to construct facilities in Mississippi to manufacture the biochemical reagents necessary to employ the Toxin Guard™ system.

Toxin Alert's Chairman, the Honorable Mike Espy, a former Member of the Budget Committee of the US House of Representatives, described the federal funding and appropriations process as "protracted and cumbersome". "Toxin Alert Corporation had been anticipating this award since President Bush signed the relevant appropriations bill into law in December 2005. Nonetheless, we are very pleased to have received word today that the funds have now been authorized, and are available for product research and application.

Espy further said, "we would like to thank the Members of the Mississippi congressional delegation, officials of the University of Southern Mississippi, federal agency staffers, and everyone else who had a hand in procurement of these funds. Because of their good work, the development of Toxin Guard, a product which enjoys strong National security potential can be accelerated, which will also create beneficial employment opportunities in Mississippi.

About The University of Southern Mississippi

The University of Southern Mississippi is a Carnegie research extensive university with a student body of more than 15,000. With two campuses and five teaching and research sites across south Mississippi as well as in France, Mexico, England, and Spain, The University of Southern Mississippi serves the state, the Southeastern U.S. region, and the entire nation. The university is nationally recognized for its programs in polymer science, marine science, education, psychology, international studies, arts, hydrography and economic development. For more information, please visit www.usm.edu.

About Toxin Alert

Toxin Alert is a biotechnology company dedicated to bringing its Toxin Guard™ technology to market. Toxin Guard™ is a patented system of placing antibody-based tests on polymer packaging films to detect pathogens or other selected micro organisms. The company aims to leverage its patented technology into a commercialized food safety product. The technology has numerous potential applications in several other fields. For more information, please visit www.toxinalert.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.

Contact Information

  • Toxin Alert Inc.
    William T. Bodenhamer
    President & CEO
    (416) 213-0990