|
October 19, 2004
Senesco Technologies, Inc.
("Senesco" or the "Company") (AMEX:SNT) announced today that it
has licensed its proprietary gene technology to the
Broin Companies ("Broin") to
improve aspects of their ethanol production capabilities. If
research and development is successful, Senesco expects that its
technology will be implemented throughout all of Broin's ethanol
production facilities.
Though specific
financial details will remain confidential, Senesco will receive
an annual payment for each Broin facility that incorporates the
Company's technology. Adoption of the technology in all of
Broin's plants could lead to annual payments in excess of $1
Million to Senesco.
Jeff Broin, CEO of the
Broin Companies commented, "Our 20 year history has been marked
with many biotechnical advances in ethanol production technology
pioneered by our staff of researchers, scientists and engineers.
We are excited to expand our vision for the future in
partnership with Senesco. We look forward to enabling a new
generation of processing solutions and adopting new technologies
to achieve increased ethanol production and operating
efficiencies. This relationship is consistent with our mission
to be the leader in the ethanol industry."
Bruce Galton,
Senesco's President and CEO continued, "Recent world events,
coupled with consistent annual growth, have shown that ethanol
production has an emerging prominent role in the energy
industry. We are proud to participate with one of North
America's largest ethanol producers at this important time in
their industry's history. Broin has proven to be an aggressive
adopter of cutting edge technologies and we believe that our
technology will improve their production capability."
The Broin Companies are a highly specialized and integrated
technology development, production and marketing company in the
ethanol industry. As the second largest producer in the industry
the Broin Companies have constructed 19 operating ethanol plants
and currently have five more under construction or development.
The primary scope of the Broin Companies includes an integrated
approach to ethanol plant project development, design/build &
engineering, process and product research & development, plant
management and product marketing.
Senesco takes its name from the scientific term for the aging of
plant cells: senescence. The Company has developed technology
that regulates the onset of cell death. Delaying cell breakdown
in plants extends freshness after harvesting, while increasing
crop yields, plant size and resistance to environmental stress
for flowers, fruits and vegetables. The Company believes that
its technology can be used to develop superior strains of crops
without any modification other than delaying natural plant
senescence. Senesco has begun to explore ways to trigger or
delay cell death in mammals (apoptosis) to determine if the
technology is applicable in human medicine. Accelerating
apoptosis may have applications to development of cancer
treatments. Delaying apoptosis may have applications to certain
diseases such as Alzheimer's, glaucoma, ischemia and arthritis,
among others. Senesco partners with leading-edge companies and
earns research and development fees for applying its
gene-regulating platform technology to enhance its partners'
products. Senesco is headquartered in New Brunswick, New Jersey,
and utilizes research laboratories at the University of Waterloo
in Ontario, Canada and the University of Colorado in Denver,
Colorado, as well as other institutions. |
