The Grains Research & Development Corporation (GRDC) and Canadian firm Philom Bios Inc. (PBI) are pleased to announce the formation of Philom Bios Australia Pty Ltd (PBA).

"PBA is a sales, marketing and technology development company delivering to Australia's agricultural market high value inoculants," said GRDC Chairman Terry Enright.

Philom Bios and GRDC will each hold a 50% interest in the new company and have jointly committed to provide approximately $AUS 1 million to support the start up phases of operations.

Mr Enright said, "The GRDC are pleased to partner with internationally recognised Philom Bios in this new joint venture.

"PBA is not only an excellent way to introduce Philom Bios' inoculant products to the Australian grower, but it is also an optimum development vehicle to commercialise the growing list of emerging technologies supported by GRDC and its research partners.

"Importantly, PBA will bring long-term pay back to the Australian grains industry by introduction of these technologies to all markets."

Mr. Sanford Gleddie, PBI's Vice President Research and Business Development, comments, "This investment is the logical next step to our collaborative R&D efforts with GRDC and a further measure of our resolve to pursue growth in global markets.

"Our field trials in Australia have established the efficacy of our current inoculant products, and we are excited about the benefits our current and future inoculant technologies will bring to farmers in Australia."

GRDC Executive Manager New Products, Vince Logan, states, "Under the terms of the agreement, PBA will hold an exclusive license to market and sell all Philom Bios products in Australia as well as selected other markets.

PBI receives an exclusive right to manufacture and commercialise all PBA technologies in Canada, the United States, and other world markets.

RELATED RELEASE:
- Philom Bios and GRDC announce CEO for Australian joint venture (June 06)
- GRDC and Philom Bios join forces to develop high-value inoculents in Australia (June 06)