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Bothell, Washington
November 19, 2001
EDEN Bioscience Corporation (Nasdaq:EDEN), which develops,
manufactures and markets innovative, natural products for
improving crop production and protecting plants, today announced
the resignation of Jerry Butler, President and Chief Executive
Officer and a member of the board of directors, effective
immediately.
Butler has served as President, CEO and a member of the board
since EDEN was incorporated in July 1994.
EDEN's board of directors named Bradley S. Powell, VP and Chief
Financial Officer, as acting President while the company
conducts a search for Butler's replacement. Powell has served as
EDEN's CFO since July 1998. The board also promoted Dr. Zhongmin
Wei to the new position of Chief Scientific Officer. Dr. Wei has
served as VP of Research since May 1998.
"We greatly value Jerry's many contributions to EDEN
Bioscience(R) and thank him for helping the company get to its
current stage of development," said Dr. William Weyerhaeuser,
chairman of EDEN's board of directors. "Jerry has played a
significant role in building this Company's technology platform,
and we wish him all the best in his future endeavors. We are
confident that
as we begin the search for a new President and CEO, Brad's and
Zhongmin's experience will enable EDEN to continue to drive
forward in its growth cycle." The Company expects to record a
$480,000 charge in the fourth quarter of 2001 related to Mr.
Butler's employment agreement.
Mr. Butler said, "I feel blessed to have been a part of EDEN's
successes in bringing this technology forward from a scientific
discovery to a commercial product that we believe will provide
significant benefits to agriculture. I wish Brad, Zhongmin and
the entire EDEN team every success as they build upon the
foundation I am leaving."
EDEN Bioscience is a plant technology company focused on
developing, manufacturing and marketing innovative natural
products for agriculture. EDEN believes its technology and
initial product, Messenger, allow it to offer superior
alternatives to existing crop yield enhancement and plant
protection products in terms of both performance and safety and,
importantly, to avoid the substantial public resistance to many
chemical pesticides and genetically modified plants. Messenger,
which received EPA approval for full commercial use in April
2000, is based on naturally occurring proteins called "harpins,"
which activate natural plant defense systems to protect against
disease and pests, and simultaneously activate plant growth
systems, improving crop yield and quality. It has been
extensively tested in hundreds of field trials in four countries
and on more than 40 crops including: citrus, cotton,
strawberries, tomatoes, peppers, melons, wheat, rice, corn,
peanuts, tobacco, grapes and others. EDEN Bioscience's
headquarters are at 3830 Monte Villa Parkway, Bothell, WA 98021,
(425) 806-7300; www.edenbio.com.
Company news release
N3966
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