[news 2001 -2002]

Performance Plants announces $4.28 million financing deal

Dec. 19, 2001

KINGSTON, ON -- Performance Plants Inc. has announced the completion of $4.28 million in additional financing to support its plant biotechnology program for the development of genetically enhanced crop plants.

Supporting partners are the VentureLink Fund of Toronto, Dynex Capital Limited Partnership of Kingston, the Saskatchewan Opportunities Corporation, and Queen's University's PARTEQ Innovations.

The funding will be used to support Performance Plants' research operations. The focus of the company is to increase the yields of significant agricultural crop plants and to develop drought-tolerant corn, soybeans, canola, cotton and other crops. The company supports the Performance Plants/NSERC Industrial Research Chair of Plant Biotechnology at the University of Toronto, established in July 2000.

"Performance Plants has made great progress over the past two years," says David Dennis, President and CEO of Performance Plants. "It now has a first-rate gene discovery program, both in its own laboratories, and in collaboration with the University of Toronto."

The company also has the capacity to evaluate the agronomic potential of new genes, Dr. Dennis says. "With our partners we can now take exciting technologies developed from these genes through field trials to market." Performance Plants is one of only a few plant biotechnology companies, worldwide, with this capacity, he notes.

"Performance Plants' two advanced technologies show enormous promise," says John Molloy, President and CEO of PARTEQ Innovations. "This new funding will allow the company to advance its technologies while enhancing its value to both investors and the agricultural industry."

Performance Plants was founded in collaboration with PARTEQ Innovations in 1995. The company focuses on the modification of plant metabolism to produce new and improved plant varieties. Its technologies include genetic enhancement for crop protection against environmental stresses such as drought and heat, and for increased productivity, particularly in soybeans, corn, canola, cotton and other crops.

Performance Plants currently employs 25 people, and has offices and laboratories in Kingston and Saskatoon.

Contacts:

David T. Dennis, FRSC,
President and CEO, Performance Plants
(613) 545-0390
www.performanceplants.com

John Molloy,
President & CEO, PARTEQ Innovations
(613) 533-2342
www.parteq.queensu.ca/