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Exhibit 99.1
FOR IMMEDIATE RELEASE Contact: William S. Ballas
(804) 754-2714
[email protected]
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Commonwealth Biotechnologies, Inc. Announces Closing of $2.6 Million Private
Placement of Common Stock
RICHMOND, VA (September 27, 2000) - Commonwealth Biotechnologies, Inc., (NASDAQ
Small Cap Exchange; CBTE) announced today that it has completed a $2.6 million
private placement of common stock and warrants to purchase common stock. The
proceeds are to be used to put in place new technologies and capabilities in
support of the company's strategy of offering complete, customized project
support for its clients.
"These new resources will allow the company to augment and expand our genomics
technology base and further enhance our ability to support the increasingly
sophisticated technologies required by our clients," said Robert B. Harris,
Ph.D., President of CBI. "This will make us an even more attractive company
with which to partner on technically challenging projects," added Harris.
"In addition, we are looking to add to our service and consulting capabilities
to allow us to expand the business laterally into the area of client regulatory
support," added Richard J. Freer, Ph.D., Chairman of CBI. "This is a growth
area in our industry and one that CBI should be in," he added.
This private placement is the latest in a string of recent positive
announcements. The company has posted record revenues for the first two
quarters of 2000. In addition, CBI entered into a strategic alliance with Kemp
Biotechnologies, Inc. to offer large scale bioprocessing services. A number of
new contracts with public and private organizations have also been signed.
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CBI Announces Closing of $2.6 Million Private Placement of Common Stock
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Founded in 1992, CBI is located in Gateway Centre, Chesterfield County at 601
Biotech Drive, 23235 (1-800-735-9224). CBI occupied this 32,000 square foot
facility in December 1998 and currently employs a staff of 40 including twelve
doctoral scientists. CBI provides comprehensive research and development
services to more than 1,500 private, government, and academic customers in the
global biotechnology industry. For more information, visit CBI on the web at
www.cbi-biotech.com.
Any statements contained in this release that relate to future plans, events or
performance are forward-looking statements that involve risks and uncertainties
as identified in the Company's filings with the Securities and Exchange
Commission. Actual results, events or performance may differ materially.
Readers are cautioned not to place undo reliance on these forward-looking
statements, which speak only as the date hereof. Specifically, the company
cannot guarantee that the technologies or services referenced herein will
perform and generate revenues. The company undertakes no obligation to publicly
release the results of any revisions to these forward-looking statements that
may be made to reflect the events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
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