September 15, 2006 07:30 ET

US BioTec Update on Financials

GLEASON, TN -- (MARKET WIRE) -- September 15, 2006 -- US BioTec, Inc. (PINKSHEETS: USBO), an emerging player in the rapidly growing bio-chemical sector of the annual multi-billion dollar industries related to agriculture, lawn and garden, and golf course products, today announced it has contracted with a Tennessee-based SEC-certified CPA firm to perform the company's tax preparation, generate its quarterly and year-end reports and perform due diligence on acquisition candidates and joint ventures.

USBO has retained the firm of Alexander - Thompson - Arnold (ATA) to compile the company's initial consolidated financials for use in the SEC auditing process. After several weeks of preparation, ATA has completed the 2004 and 2005 financials. Financials for the first two quarters of 2006 are on schedule to be available next week.

"By pre-paying the accounting services back in May, we have expedited the company's goal of securing a full two years plus two quarters of financials, which are now ready to be audited and filed with a 15C211. Completion of these items will allow the company to apply for Over-the-Counter Bulletin Board status. The goal of becoming a fully reporting OTCBB company has been ongoing for over 12 months. Compiling the initial integrated financials for our two subsidiaries and the parent has allowed us to achieve a major accounting milestone," says Jimmy Joyner, CEO of US BioTec, Inc.

ATA will also assist in the acquisition of EARTHTECH, Inc. and is helping to evaluate other potential acquisition targets.

All of US BioTec's products are non-toxic, non-carcinogenic and biodegradable alternatives to the toxic and sometimes carcinogenic agrichemicals that have been widely used by farmers for decades. The agrichemical market, which is measured in the tens of billions of dollars annually, is controlled primarily by a handful of large multi-national corporations such as DuPont, Syngenta, Bayer, BASF, Dow Chemical and Monsanto.

About US BioTec

US BioTec was established to profitably develop, manufacture, market and distribute bio-degradable, non-toxic and non-carcinogenic products to agriculture, the commercial turf industry, forestry, golf courses, professional landscapers, nurseries and mass market retail lawn and garden markets. USBO is striving to be the U.S. market leader in the expanding bio-chemical sector of the annual multi-billion dollar agricultural chemical marketplace. It has already begun taking the necessary steps to negotiate distribution and joint venture contracts to facilitate its nationwide expansion over the next few years. The Company's products are designed to rehabilitate soils, repel insects and increase crop (plant) yields through environmentally friendly alternatives to toxic man-made pesticides and caustic synthetic fertilizers and herbicides. To learn more about US BioTec and its products, please visit

Certain statements in this news release may contain forward-looking information within the meaning of the Federal securities laws. All statements, other than statements of fact, included in this release may include forward-looking statements that may involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.

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