Monday September 24, 11:04 am Eastern Time
Press Release
Paracelsian & NYSERDA Announce Contract
ITHACA, N.Y., Sept. 24 /PRNewswire/ -- Paracelsian (OTC Bulletin Board: PRLN - news) and the New York State Energy Research and Development Authority (NYSERDA) announced today a joint $360,000 contract for the development of extraction kits for the company's Ah-IMMUNOASSAY® Kit. The Kit would offer a faster and more economical way to detect a wide class of toxics, including Polychlorinated biphenyls (PCBs) and dioxins.
Paracelsian's Ah-IMMUNOASSAY® Kit is a unique technology for the screening of environmental samples extracted, by various means, and then submitted to the Ah-IMMUNOASSAY® Kit where they are allowed to react in a matter of a few hours.
This kit would be beneficial for fast field-testing of samples for PCBs, continuing on-site testing of smoke stack emissions from incineration, including waste-to-energy plants. It also holds promise for detecting minute traces of these toxins in foods and blood.
``With this contract, Paracelsian will develop cost effective extraction methods, suitable for various emerging markets, that are compatible and can be sold with existing Ah-IMMUNOASSAY (R) Kits, thus enhancing the marketability of our technology,'' said NoriYoshi Inoue, President & CEO.
``We look forward to working with Paracelsian on this project, which will help lower the cost of pollution detection including emissions from waste to energy facilities and many manufacturers,'' said William M. Flynn, President of NYSERDA. ``Additionally, the development of efficient environmental media extraction kits that are faster and cheaper will make environmental monitoring more affordable,'' continued Mr. Flynn.
NYSERDA is a public benefit corporation created in 1975 by the New York State Legislature. NYSERDA uses innovation and technology to solve some of New York's most difficult energy and environmental problems in ways that improve the State's economy. They place a premium on objective analysis, as well as collaboration, reaching out to solicit multiple perspectives and share information, and are committed to public service, striving to be a model of what taxpayers want their government to be: effective, flexible, responsive, and efficient.
Paracelsian is a unique biotechnology company with three primary areas of focus. Paracelsian develops technologies useful in the detection and monitoring of environmental contaminants such as dioxin. Second, Paracelsian develops functional bioassays, which are the basis of its BioFIT(TM) Quality Assurance program for herbs, botanicals and other dietary supplements. And finally, Paracelsian's Internet business leverages extensive relationships in China, along with expertise in nutritional science, to provide an exchange of unique health products and research services.
Notice: This news release may contain forward-looking statements. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development, commercialization and technological difficulties, and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission.
No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.
SOURCE Paracelsian and New York State Energy Research and Development
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