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[news 2003-2004]
Performance
Plants completes $1.4 million financing round
For immediate
release
Sept 23, 2003
KINGSTON,
ON -- Performance
Plants Inc., a Canadian agricultural biotechnology
company, has announced the completion of $1.45 million
in financing to advance the company's technologies
for improved performance in crop plants.
The funding, from the VentureLink Brighter Future (Equity)
Fund Inc. and VentureLink Fund Inc., supports Performance
Plants through its next round of field trials for its
yield- stabilizing drought-tolerance trait. The deal
builds on a previous investment of $1.4 million, made
by VentureLink in June 2002.
Results from the company's second season of field
trials, conducted this past summer in Western Canada,
will be available in November. Field trials allow researchers
to test their plant growth technologies under actual
farming conditions. Performance Plants' successful
high-yielding drought-tolerant technology is available
for commercial development in many crop species.
"This funding takes us through the next calendar
year and allows us to establish commercial partnerships
to produce enhanced corn, soybean, canola and cotton
varieties," says David Dennis, President &
CEO of Performance Plants. "It propels us into
a very exciting phase of our development."
"It is encouraging to see the confidence that
existing investors have in this very exciting company,"
says John Molloy, President and CEO of PARTEQ Innovations,
the technology-transfer arm of Queen's University.
Performance Plants is Canada's leading agricultural
biotechnology company focused on the modification of
plant metabolism to produce new and improved plant varieties.
Its technologies are based on genetic enhancements that
will allow crop species to maintain high yields under
adverse environmental conditions.
Founded in 1995 with the assistance of PARTEQ Innovations
of Queen's University, Performance Plants has already
established several commercial alliances. The company
has offices in Kingston, ON and Saskatoon, SK and employs
30 people.
Contact: David Dennis
President & CEO
Performance Plants
613.545.0390
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